U.S. Congress - S.2296 Mortgage Disclosure Enhancement Act of 2007
S.2296 - Mortgage Disclosure Enhancement Act of 2007
A bill to provide for improved disclosures by all mortgage lenders at the loan approval and settlement stages of all mortgage loans. view all titles (2)
All Bill Titles
- Short: Mortgage Disclosure Enhancement Act of 2007 as introduced.
- Official: A bill to provide for improved disclosures by all mortgage lenders at the loan approval and settlement stages of all mortgage loans. as introduced.
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Official Summary
11/1/2007--Introduced.Mortgage Disclosure Enhancement Act of 2007 - Amends the Truth In Lending Act to require additional mortgage loan disclosures by a creditor to a consumer, including: (1) ) the percentage of the loan, as compared to the appraised value of the property; (2) the term ofOfficial Summary
11/1/2007--Introduced.Mortgage Disclosure Enhancement Act of 2007 - Amends the Truth In Lending Act to require additional mortgage loan disclosures by a creditor to a consumer, including:
(1) ) the percentage of the loan, as compared to the appraised value of the property;
(2) the term of the loan;
(3) the monthly income of the borrower, as relied upon in making the loan;
(4) the annual percentage rate of interest for loans that are fixed, and for loans that are variable;
(5) prepayment fees; and
(6) balloon payments. Amends the Real Estate Settlement Procedures Act of 1974 to conform with this Act.
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Recent News Coverage
Educating Mortgage Consumers
Charles E. Schumer's bill, S. 2296, introduced in November. Let's hope we really do create short, clear, straightforward mortgage disclosures. ...
Refinancing the Mortgage Bust
... "Basic Facts About Your Mortgage Loan," to achieve this, and would like to thank Senator Schumer for introducing S. 2296 with the same goal. ...
Recent Blog Coverage
American General Finance
Mr. Chairman, thank you for introducing S. 2296, which would implement this idea, which everybody should be able to agree on. I hope it will be included in any . American General Finance American General Finance Huron REO properties. ...
Regulatory Implications of the Housing and Mortgage Bubble and Bust
Chairman, thank you for introducing S. 2296, which would implement this idea, which everybody should be able to agree on. I hope it will be included in any final mortgage legislation. And thank you, Vice Chair Maloney, for your interest ...
S. 2296: Mortgage Disclosure Enhancement Act of 2007 (GovTrack.us)
A bill in the US Congress: A bill to provide for improved disclosures by all mortgage lenders at the loan approval and settlement stages of all mortgage loans.
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