H.Res.526 - Supporting home ownership and responsible lending.

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  • Official: Supporting home ownership and responsible lending. as introduced.

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Introduced
 
House
Passed
 
Resolution
Passed

 
06/28/07
 
07/11/07
 
07/11/07

 

Latest Vote

Result: Passed - July 11, 2007

Roll call number 609 in the House

Question: On Motion to Suspend the Rules and Agree: H RES 526 Supporting home ownership and responsible lending

 

Official Summary

Declares the sense of the House that specified government action should be taken that protects buyers from unscrupulous mortgage brokers and lenders. Declares that such action should: (1) enforce rules to eliminate unfair and deceptive practices in sub-prime mortgage lending; (2) encourage

Official Summary

Declares the sense of the House that specified government action should be taken that protects buyers from unscrupulous mortgage brokers and lenders. Declares that such action should:
(1) enforce rules to eliminate unfair and deceptive practices in sub-prime mortgage lending;
(2) encourage lenders to evaluate a borrower's ability to reasonably repay any mortgage loan;
(3) establish clear minimum standards for mortgage originators;
(4) require that disclosures clearly and effectively communicate necessary information about any mortgage loan to the potential borrower;
(5) reduce or eliminate abuses in prepayment penalties;
(6) address appraisal and other mortgage fraud;
(7) raise public awareness regarding mortgage originators whose loans have high foreclosure rates; and
(8) increase opportunities for loan counseling.

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