s 47855 1197435600 false 1197435600 2452 962 110 300034

12/12/2007--Introduced.<br/>Home Ownership Preservation and Protection Act of 2007 - Amends the Truth in Lending Act to redefine high-cost mortgages and attendant lending practices. Sets forth a new formula for points and fees for open-end loans, and provides for bona fide discount points. Prohibits: (1) prepayment penalties; (2) balloon payments; (3) yield spread premiums; (4) acceleration or debt; (5) evasions, structuring of transactions, and reciprocal arrangements; and (6) modification and deferral fees. Prohibits creditors from financing, in connection with a high-cost mortgage, any prepayment fee or penalty, or any points or fees. Prohibits an originator from making or arranging a high-cost mortgage loan that involves a refinancing of a prior existing home mortgage loan unless the new loan will provide a net tangible benefit to the consumer. Sets forth prerequisites for subprime and nontraditional home loans, including: (1) an assessment of ability to pay; (2) a requirement of tax and insurance escrows; (3) prohibition of prepayment penalties and yield-spread premiums; and (4) a requirement of net tangible benefit to the consumer in the case of a subprime or nontraditional mortgage loan transaction that involves refinancing of an existing home mortgage. Imposes a duty of care and a duty of good faith and fair dealing upon mortgage brokers and lenders, appraisers, and lenders and loan servicers. Empowers state Attorneys General to enforce this Act. Subjects lenders, loan servicers, creditors and mortgage brokers to civil liability for violations of this Act. Increases the amount of the penalty that may be awarded. Amends the Real Estate Settlement Procedures Act of 1974 to require a transferor of loan servicing before the transfer tonotify the borrower of the status of the account and its full payment history. Amends the Housing and Urban Development Act of 1968 to revise requirements for foreclosure prevention counseling. Amends the Truth in Lending Act to expand from three to six years an obligor's right of rescission. Imposes liability for monetary damages upon assignees of subprime or nontraditional loans for violations of this Act.<br/>Sets forth a remedy in lieu of rescission for certain violations.<br/>Prohibits mandatory arbitration. Subjects a lender to liability for certain actions, omissions, and representations made by a mortgage broker in connection with a high-cost mortgage, a subprime mortgage, or a nontraditional mortgage. Amends the Federal Trade Commission Act to require the federal banking agencies and the National Credit Union Administration Board each to establish a separate division of consumer affairs protection and regulations with respect to depository institutions and federal credit unions. Authorizes appropriations to employ additional agents of the Federal Bureau of Investigation and additional dedicated prosecutors at the Department of Justice to coordinate prosecution of mortgage fraud efforts with the offices of the U.S. Attorneys.<br/>

1197435600 2007-12-12 Fri Nov 07 17:23:50 -0600 2008 introduced 47855 'act':9 'bill':2 'cost':21 'high':20 'lend':8 'loan':22 'amend':4 'truth':6 'consum':14 'provid':11 'purpos':26 'certain':18 'protect':12 'respect':16 'high-cost':19 55425 false official introduced 47855 'act':6 '2007':8 'home':1 'preserv':3 'protect':5 'ownership':2 56744 false short action 47855 1197435600 Wed Dec 12 00:00:00 -0600 2007 139620 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. D000388 1944-05-27 448 Russell Senate Office Building http://dodd.senate.gov/index.php?q=node/3130 202-228-1083 Christopher 'd':4 'ct':5 'sen':1 'dodd':3,7,9 'christoph':2,6,8 M 300034 Dodd Christopher_Dodd J. Sen. Christopher Dodd [D, CT] N00000581 14665 Democrat 202-224-2823 Roman Catholic CT Chris Christopher Dodd 1.93548387096774 http://dodd.senate.gov SenChrisDodd A000069 1924-09-11 141 Hart Senate Office Building http://akaka.senate.gov/public/index.cfm?FuseAction=Contact.Home 202-224-2126 Daniel 'd':4 'hi':5 'sen':1 'akaka':3,7,9 'daniel':2,6,8 M 300001 Akaka Don_Cazayoux Kahikina Sen. Daniel Akaka [D, HI] N00007653 9742 Democrat 202-224-6361 Congregationalist HI Daniel Akaka 2.42857142857143 http://akaka.senate.gov/public/index.cfm B000711 1940-11-11 112 Hart Senate Office Building http://boxer.senate.gov/contact/email/policy.cfm 202-224-0454 Barbara 'd':4 'ca':5 'sen':1 'boxer':3,7,9 'barbara':2,6,8 F 300011 Boxer Barbara_Boxer Sen. Barbara Boxer [D, CA] N00006692 28287 Democrat 202-224-3553 Jewish CA Barbara Boxer 2.46875 http://boxer.senate.gov SenatorBoxer B000944 1952-11-09 713 Hart Senate Office Building http://brown.senate.gov/contact/ 202-228-6321 Sherrod 'd':4 'oh':5 'sen':1 'brown':3,7,9 'sherrod':2,6,8 M 400050 Brown Sherrod_Brown Sen. Sherrod Brown [D, OH] N00003535 13192 Democrat 202-224-2315 Lutheran OH Sherrod Brown 3.57575757575758 http://brown.senate.gov/ SherrodBrownOhio C001070 393 Russell Senate Office Building http://casey.senate.gov/contact/ 202-228-0604 Robert 'd':4 'pa':5 'sen':1 'casey':3,7,9 'robert':2,6,8 M 412246 Casey Robert_P._Casey,_Jr. P. Sen. Robert Casey [D, PA] N00027503 11581 Democrat 202-224-6324 PA Bob Robert Casey 2.61904761904762 http://casey.senate.gov/ C001041 1947-10-26 Hillary 'd':4 'ny':5 'sen':1 'clinton':3,7,9 'hillari':2,6,8 F 300022 Clinton Hillary_Clinton Rodham Sen. Hillary Clinton [D, NY] N00000019 25198 Democrat Methodist NY Hillary Clinton 3.33846153846154 D000563 1944-11-21 309 Hart Senate Office Building http://durbin.senate.gov/contact.cfm 202-228-0400 Richard 'd':4 'il':5 'sen':1 'durbin':3,7,9 'richard':2,6,8 M 300038 Durbin Richard_Durbin J. Sen. Richard Durbin [D, IL] N00004981 16467 Democrat 202-224-2152 Roman Catholic IL Dick Richard Durbin 3.92929292929293 http://durbin.senate.gov F000062 1933-06-22 331 Hart Senate Office Building http://feinstein.senate.gov/public/index.cfm?FuseAction=ContactUs.EmailMe 202-228-3954 Dianne 'd':4 'ca':5 'sen':1 'diann':2,6,8 'feinstein':3,7,9 F 300043 Feinstein Dianne_Feinstein Sen. Dianne Feinstein [D, CA] N00007364 19992 Democrat 202-224-3841 Jewish CA Dianne Feinstein 1.97044334975369 http://feinstein.senate.gov/public/ SenatorFeinstein H000206 1939-11-19 731 Hart Senate Office Building http://harkin.senate.gov/c/index.cfm 202-224-9369 Thomas 'd':4 'ia':5 'sen':1 'tom':8 'thoma':2,6,9 'harkin':3,7,10 M 300051 Harkin Tom_Harkin Sen. Thomas Harkin [D, IA] Tom N00004207 9288 Democrat 202-224-3254 Roman Catholic IA Tom Thomas Harkin 3.22222222222222 http://harkin.senate.gov/ SenatorTomHarkin K000105 1932-02-22 317 Russell Senate Office Building http://kennedy.senate.gov/senator/contact.cfm 202-224-2417 Edward 'd':4 'ma':5 'sen':1 'ted':8 'edward':2,6,9 'kennedi':3,7,10 M 300059 Kennedy Edward_Kennedy M. Sen. Edward Kennedy [D, MA] Ted N00000308 19389 Democrat 202-224-4543 Catholic MA Ted Edward Kennedy 3.58715596330275 http://kennedy.senate.gov/ K000148 1943-12-11 218 Russell Senate Office Building http://kerry.senate.gov/contact/email.cfm 202-224-8525 John 'd':4 'ma':5 'sen':1 'john':2,6,8 'kerri':3,7,9 M 300060 Kerry John_Kerry Forbes Sen. John Kerry [D, MA] N00000245 13996 Democrat 202-224-2742 Roman Catholic MA John Kerry 2.64 http://kerry.senate.gov/ K000367 1960-05-25 302 Hart Senate Office Building http://klobuchar.senate.gov/emailamy.cfm 202-228-2186 Amy 'd':4 'mn':5 'ami':2,6,8 'sen':1 'klobuchar':3,7,9 F 412242 Klobuchar Amy_Klobuchar Sen. Amy Klobuchar [D, MN] N00027500 11190 Democrat 202-224-3244 MN Amy Klobuchar 3.30188679245283 http://klobuchar.senate.gov/ L000123 1924-01-23 324 Hart Senate Office Building http://lautenberg.senate.gov/contact/routing.cfm 202-228-4054 Frank 'd':4 'nj':5 'sen':1 'frank':2,6,8 'lautenberg':3,7,9 M 300064 Lautenberg Frank_Lautenberg R. Sen. Frank Lautenberg [D, NJ] N00000659 11421 Democrat 202-224-3224 Jewish NJ Frank Lautenberg 2.125 http://lautenberg.senate.gov/ franklautenberg M001170 1953-07-24 717 Hart Senate Office Building http://mccaskill.senate.gov/contact/ 202-228-6326 Claire 'd':4 'mo':5 'sen':1 'clair':2,6,8 'mccaskil':3,7,9 F 412243 McCaskill Claire_McCaskill Sen. Claire McCaskill [D, MO] N00027694 11463 Democrat 202-224-6154 MO Claire McCaskill 3.33333333333333 http://mccaskill.senate.gov/ M000639 1954-01-01 528 Hart Senate Office Building http://menendez.senate.gov/contact/contact.cfm 202-228-2197 Robert 'd':4 'nj':5 'bob':8 'sen':1 'robert':2,6,9 'menendez':10 'menéndez':3,7 M 400272 Menéndez Robert_Menendez Sen. Robert Menéndez [D, NJ] Bob N00000699 13698 Democrat 202-224-4744 Roman Catholic NJ Robert Menendez 2.11764705882353 http://menendez.senate.gov/ SenatorMenendezNJ M000702 1936-07-20 503 Hart Senate Office Building http://mikulski.senate.gov/Contact/contact.cfm 202-224-8858 Barbara 'd':4 'md':5 'sen':1 'barbara':2,6,8 'mikulski':3,7,9 F 300073 Mikulski Barbara_Mikulski A. Sen. Barbara Mikulski [D, MD] N00001945 9650 Democrat 202-224-4654 Roman Catholic MD Barbara Mikulski 2.68888888888889 http://mikulski.senate.gov/ O000167 1961-08-04 Barack 'obama':2,4,6 'barack':1,3,5 M 400629 Obama Barack_Obama Barack Obama N00009638 54336 Democrat United Church of Christ Barack Obama 3.72651356993737 R000122 1949-11-12 728 Hart Senate Office Building http://reed.senate.gov/contact/contact-share.cfm 202-224-4680 John 'd':4 'ri':5 'sen':1 'jack':8 'john':2,6,9 'reed':3,7,10 M 300081 Reed Jack_Reed F. Sen. John Reed [D, RI] Jack N00000362 8764 Democrat 202-224-4642 Roman Catholic RI Jack John Reed 2.875 http://reed.senate.gov/ S000148 1950-11-23 313 Hart Senate Office Building http://schumer.senate.gov/new_website/contact.cfm 202-228-3027 Charles 'd':4 'ny':5 'sen':1 'charl':2,6,8 'schumer':3,7,9 M 300087 Schumer Charles_Schumer E. Sen. Charles Schumer [D, NY] N00001093 20288 Democrat 202-224-6542 Jewish NY Chuck Charles Schumer 2.24468085106383 http://schumer.senate.gov/ senatorschumer W000802 502 Hart Senate Office Building http://whitehouse.senate.gov/contact/ 202-228-6362 Sheldon 'd':4 'ri':5 'sen':1 'sheldon':2,6,8 'whitehous':3,7,9 M 412247 Whitehouse Sheldon_Whitehouse Sen. Sheldon Whitehouse [D, RI] N00027533 8896 Democrat 202-224-2921 RI Sheldon Whitehouse 3.5 http://whitehouse.senate.gov/ SenatorWhitehouse action 47855 1197435600 Wed Dec 12 00:00:00 -0600 2007 139620 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. introduced 47855 1197435600 Wed Dec 12 00:00:00 -0600 2007 139619 action 47855 1197435600 Wed Dec 12 00:00:00 -0600 2007 143594 Sponsor introductory remarks on measure. (CR S15235-15236)