H.R.1728 - Mortgage Reform and Anti-Predatory Lending Act

To amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to provide certain minimum standards for consumer mortgage loans, and for other purposes. view all titles (5)

All Bill Titles

  • Short: Expand and Preserve Home Ownership Through Counseling Act as introduced.
  • Official: To amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to provide certain minimum standards for consumer mortgage loans, and for other purposes. as introduced.
  • Short: Mortgage Reform and Anti-Predatory Lending Act as introduced.
  • Short: Mortgage Reform and Anti-Predatory Lending Act as passed house.
  • Short: Expand and Preserve Home Ownership Through Counseling Act as passed house.

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  • Zee 03/31/2009 6:06am

    Look at all the dirty little socialist rats seeking to limit, yet again, what Americans are permitted to earn. The housing debacle is due, not to predatory lenders, but predatory poverty pimps like Barney Freaking Franks and his butt boy “community organizing” Obama.

  • mikemcdermott 04/30/2009 7:53am

    This is a sham. While some of this legislation is understandable considering where the housing industry was in recent years, to rape us ethical and long-time mortgage originators on our earnings potential is seriously wrong. Its obvious Frank and his co-horts do not know a lick about how the mortage pricing market works. Further, this is a blow to consumers who understand when to say no to a bad loan offer.

    If I’m unable to make a living at the job I’ve been doing well for 19 years, what the freak else am I supposed to do?! Its us loan originators in the wholesale sector that drive 60% or more of all loan volume. This Bill will kill wholesale lending, put thousands upon thousands out of work, and will destroy the recovery process of the housing market.

    Just love our governments move towards socialism.

  • Comm_reply
    g4ready 10/27/2010 2:06pm

    when i went for my first home and had to apply for a mortgage, i was told

    1. four separate mortgage brokers insisted that with my 770credit score there is no way to qualify me for a 30year fixed.
    1. i was told that after being in my home for 12 months i could re-finance so whats the problem.

    well i fell for it. after being in the home for 12 months nobody would touch me for a re-fi even though i had just over 40k in equity [i wanted to start my own biz] —at the 24month mark my monthly payments went from $865/month to $1380/month .. i struggled with this for 6months then my payments went up to $1980/month and the bank wouldnt take partial payments. THIS WAS JUST INTEREST THAT DIDNT TOUCH THE PRINCIPAL OF THE LOAN.

    some people are fenced into taking what they think is the best possible deal and then they GET TOOK. just letting the market rape people who feel that they dont have another option is very very afganistanish of us. we can do better.

  • daringone 05/08/2009 3:10am

    This bill would be entirely unnecessary if we would just let businesses fail when they make terrible business decisions. I like the clause where (paraphrasing here) it states that a bank can’t make a loan to someone that can’t afford it. Well DUH! But since we’re in the 2nd age of bailouts (Don’t forget the S&L’s! How soon history repeats itself!) we have to make these laws to prevent the government from pissing away more of our money to save these institutions. And of course as the above poster said, we have the government yet again setting limits on people’s ability to succeed. Not that anyone in Washington is listening, but vote no on this bill in the Senate!

  • mrlargo 05/11/2009 10:10am

    This is only an increase in government. I don’t think anyone should be bailed out. I understand going after predatory lenders but I’m sure this can be done with existing law. There are consequences to every decision and if someone makes the bad decision to buy a house that is going to stress their budget, then they pay the rice. Freedom means being responsible for your actions and decisions. When the government takes care of it for you, you no longer have that freedom. Period.

  • sbharkness 05/12/2009 8:54am

    What absolutely amazes me is how little our elected leaders understand how the banking system works. They are against Yield Spread Premium because the Mortgage Bankers Lobbest whispered in there ear that it’s a bad thing. To bad the same lobbyest didn’t tell them that big banks make Yield Spread Premium too, except they call it a Servicing Release Premium, and that their is nothing evil about either! That it’s simple compensation paid to the Banker/Broker when they sell their loan into secondary market(s), but then again, they dont understand anything other than who has the deepest pockets to afford the biggest lobbying group and the biggest political contributions toward their re-election fund.
    We better wake up America because we are in deep trouble as a Country

  • Erwi31 05/12/2009 2:00pm

    Ok, I am confused? What did the house pass?
    When looking at the bill, before any changes, I see a who bunch of nonsense.
    Then when I check to see what changes have been made, accepted and etc… All I see is EVERYTHING REDLINED.
    Did they even pass a bill?

  • skymaker6 06/12/2009 8:27am

    This bill would stop me in my tracks, as an investor it would stop me from.

    Selling properties with owner-carryback or wrap-around mortgages
    Selling properties using land contracts or contracts for deed
    Selling properties using lease/option
    And, possibly, borrowing private money to buy properties

    The way things are today, a person working 40 to 50 hours a week, can not buy a home unless the can do it in one of the ways above.

    For the issues why they created this bill, there are already laws on the books. Why not use them?

  • patchyboy 08/02/2009 4:46pm

    I am waiting for a bill that would repeal most, if not all (if there are even any, but i am sure there are) federal regulations on home mortgages and the like. That way the markets can solve the problem.

    Furthermore I am wondering when a bill will come up that will outlaw fractional reserve banking; which is the thing that conjured up this mess in the first place. It is banks lending out money they don’t have to grow and inflate the economy so that it can burst, like it just did. In other words, banks are giving you “nothing” for you to repay that nothing back with something.

  • Comm_reply
    CliffordJHarris 12/09/2009 3:36pm

    Patchyboy,

    You thought you had everything figured, but you are wrong.

    Are you a child? You’d have to be to think that predatory lenders will just quit doing what they do on their own. Its like when I was in a firefight a few years ago and my long time friend Philant Johnson was shot down by debt collectors after his subprime mortgage went toxic. Regulations have a purpose; they stop idiots from taking advantage of niggas.

    If I saw you in person I would probably break your pinkies you fat white boy.

    -Regards

    T.I.P.

    GRAND HUSTLE RECORDS

  • derrellwood 10/19/2009 5:20pm

    This bill cast a broad net. At a glance it seems to limit predatory financial practices. But its practical effect will limit property owners freedom. If I own ten properties free and clear today, I can freely take ten mortgages from ten buyers, and deed the properties to the respective buyer. This freedom to sell the properties, without the use of a bank, will vanish. This bill puts banks not people in control of their properties. I can’t believe our government would seriously consider violating our property rights like this. I oppose H R 1728


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