U.S. Congress - S.1299 Borrower's Protection Act of 2007
S.1299 - Borrower's Protection Act of 2007
A bill to establish on behalf of consumers a fiduciary duty and other standards of care for mortgage brokers and originators, and to establish standards to assess a consumer's ability to repay, and for other purposes. view all titles (2)
All Bill Titles
- Short: Borrower's Protection Act of 2007 as introduced.
- Official: A bill to establish on behalf of consumers a fiduciary duty and other standards of care for mortgage brokers and originators, and to establish standards to assess a consumer's ability to repay, and for other purposes. as introduced.
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Official Summary
5/3/2007--Introduced.Borrower's Protection Act of 2007 - Amends the Truth in Lending Act to deem a mortgage broker, in the case of a home mortgage loan, to have a fiduciary relationship with the consumer. Subjects each such mortgage broker to all federal and state requirements for fidOfficial Summary
5/3/2007--Introduced.Borrower's Protection Act of 2007 - Amends the Truth in Lending Act to deem a mortgage broker, in the case of a home mortgage loan, to have a fiduciary relationship with the consumer. Subjects each such mortgage broker to all federal and state requirements for fiduciaries. Requires each mortgage originator, in addition to the duties imposed by federal and state requirements, to act with respect to each home mortgage loan:
(1) with reasonable skill, care, and diligence; and
(2) in good faith and with fair dealing in any transaction, practice, or with associated course of business. Requires a mortgage originator, before entering into or otherwise facilitating a home mortgage loan, to verify the borrower's reasonable ability to pay the principal and interest, real estate taxes, and homeowners insurance fees and premiums. Prescribes a formula for determining ability to pay variable mortgage rates. Makes the lender liable for acts, omissions, and representations of a mortgage broker in connection with any rate spread mortgage loan the broker sells or delivers to the lender. Prohibits a mortgage originator from steering a consumer to home mortgage loan rates, charges, principal amount, or prepayment terms not reasonably advantageous to the consumer. Prescribes mortgage originator duties to consumers. Prohibits specified mortgage originator conduct, especially entering into a home mortgage loan when the originator has reason to believe that the appraiser of the property securing the loan failed to act in good faith and fair dealing in its appraisal. Prohibits a mortgage originator from:
(1) seeking to influence an appraiser or otherwise to encourage a targeted value; or
(2) selecting an appraiser on the expectation that the appraiser would provide a targeted value. Requires the mortgage originator to provide a copy of the appraisal report to a home mortgage loan applicant, whether credit is granted, denied, or the application was withdrawn.
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Recent News Coverage
Mortgage Madness
One leading proposal is a bill called S. 1299, offered by Sen. Chuck Schumer of New York. Mr. Schumer is a senior Democrat on the Banking Committee and the ...
Recent Blog Coverage
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Unsere Goldene Regel « Harry Amonâs Weblog
(Sikhismus, Guru Grath Sahib, S. 1299). âLade keiner Seele Lasten auf, die du selbst nicht tragen möchtest â¦!â (Baháâi, Gleanings from the Writings of Baháâu'lláh 66:8). â⦠tue nichts, was du nicht möch
Dienstag, 11. November 2008: Durcheinander
(Johnson, aa O., S. 1299) - Doch hier irrt der Dichter. Neben dem sterbenden Robert Kennedy kniete keine Frau, sondern der mexikanische Hoteldiener Juan Romero (17); und er war es, der seinen Rosenkranz aus der Tasche zog, ...
Reporting Issues Under the Home Mortgage Disclosure Act: Open CRS ...
Bills introduced in the 110th Congress, such as S. 1299 (Senator Charles Schumer et al.) and S. 2452 (Senator Christopher Dodd et al.) would seek to remedy perceived abuses particularly with higher-priced mortgage lending. ...
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