Home Ownership Preservation and Protection Act of 2007

A bill to amend the Truth in Lending Act to provide protection to consumers with respect to certain high-cost loans, and for other purposes.

12/12/2007--Introduced.
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.
Sets forth a remedy in lieu of rescission for certain violations.
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.


... morehide bill summarySee Full Bill Text

Sponsor

• Sen. Christopher Dodd [D, CT]
• and 19 Co-Sponsors
  • Sen. Daniel Akaka [D, HI]
  • Sen. Barbara Boxer [D, CA]
  • Sen. Sherrod Brown [D, OH]
  • Sen. Robert Casey [D, PA]
  • Sen. Hillary Clinton [D, NY]
  • Sen. Richard Durbin [D, IL]
  • Sen. Dianne Feinstein [D, CA]
  • Sen. Thomas Harkin [D, IA]
  • Sen. Edward Kennedy [D, MA]
  • Sen. John Kerry [D, MA]
  • Sen. Amy Klobuchar [D, MN]
  • Sen. Frank Lautenberg [D, NJ]
  • Sen. Claire McCaskill [D, MO]
  • Sen. Robert Menendez [D, NJ]
  • Sen. Barbara Mikulski [D, MD]
  • Sen. Barack Obama [D, IL]
  • Sen. John Reed [D, RI]
  • Sen. Charles Schumer [D, NY]
  • Sen. Sheldon Whitehouse [D, RI]
  close

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.2452

Number	Status	Purpose

Bill Status

Make a Bill Status Widget (Close help)

OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
December 12, 2007

Show All Actions (3 actions)Hide Actions

All Bill Actions

• Dec 12, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Dec 12, 2007: Sponsor introductory remarks on measure. (CR S15235-15236)
• Introduced on Dec 12, 2007.

---

Related Bills:

• S.1299

Related Issue Areas:

• Taxation
• Settlement costs
• Restrictive trade practices
• Real estate appraisal
• 35 more
• Public prosecutors
• Prosecution
• Property tax
• Property insurance
• National Credit Union Administration
• Mortgages
• Mortgage interest rates
• Mortgage guaranty insurance
• Loan defaults
• Liability (Law)
• Law
• Insurance premiums
• Housing
• Government employees
• Government corporations
• Fraud
• Foreclosure
• Fees
• Federal reserve system
• Federal law enforcement officers
• Federal Deposit Insurance Corporation
• Federal Bureau of Investigation (FBI)
• Executive reorganization
• Executive departments
• Department of Justice
• Damages
• Criminal justice
• Credit unions
• Consumers
• Consumer protection
• Consumer credit
• Commercial arbitration
• Business
• Administrative procedure
• Finance

Data from the Congressional Research Service

Users tracking S.2452 (3) are also tracking:

In the News

We are not currently finding any news articles on this topic using our daily automated search of Google News. However, if you know of a relevant news article to display here, OpenCongress site editors have the ability to add it manually. Simply e-mail us the web address of this page and the web address of your suggested news article: We'll post relevant links as quickly as possible. Also, if this topic is important to you, you could write a letter to the editor -- if a news article refers this specific topic by name, a link to that news article is likely to appear here soon.

Blog Coverage

June 30, 2008 The Bank Of New York

S.2452 introduced by Senator Dodd, Chairman and Ranking Member of the Senate Committee on . The four indices currently available, for New York, Philadelphia, Richmond and Kansas, together indicate an ISM at 43.4 in June versus 48.6 in ...

Was this article useful? Yes or No

Source: The Bank Of New York

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

June 27, 2008 Apella?s Vendor Voice Post ? Apella Revisits S.2452 In Light Of ...

Over the last couple of days Apella has been conversing with appraisers with in the appraiser vendor network and others that have been friends for several years. The motivation for the conversations stems from calls as appraisers learn ...

Was this article useful? Yes or No

Source: appraisethis: The Best Real Estate and...

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

June 27, 2008 Apella’s Vendor Voice Post – Apella Revisits S.2452 In Light Of ...

The piece does wonders in explaining how bonds work and what type of bond the E&O (Errors and Omissions) insurance provider perceives as being discussed in Senate Bill S.2452 as well as getting the word out. Not a pretty picture by any ...

Was this article useful? Yes or No

Source: Table Talk With Apella

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

43 more posts...
See most useful blog posts

Information made available by: