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H.R.1728 Mortgage Reform and Anti-Predatory Lending Act, 111th Congress

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Official Bill Info

  • Latest Action: May 12, 2009 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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    I know the most recent action for this bill is as follows: "Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs." on May 12, 2009
  • Committee Assignment: House Committee on Financial Services

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    This bill has been assigned to the House Committee on Financial Services committee.
  • Committee Assignment: Senate Committee on Banking, Housing, and Urban Affairs

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    This bill has been assigned to the Senate Committee on Banking, Housing, and Urban Affairs committee.
  • This bill's most-recent vote occurred on May 07, 2009, with a roll call of 300 ayes, 114 nays, and 19 not voting.

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    This bill's most-recent vote occurred on May 07, 2009, with a roll call of 300 ayes, 114 nays, and 19 not voting.

Bill Statistics on OpenCongress

  • 53% of users support H.R.1728

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    53% of users on OpenCongress.org, a free, non-partisan resource, support H.R.1728.
  • H.R.1728 has been viewed 99,510 times

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    H.R.1728 has been viewed 99,510 times on OpenCongress.org, a free, non-partisan resource.
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    OpenCongress Bill Summary

    • In the context of residential mortgages, this bill would place federal restrictions on loan providers, servicers, brokers, and appraisers in order to limit predatory and irresponsible lending practices. For example, the bill prohibits mortgage loan originators from offering consumers mortgages that they don't have a "reasonable ability to repay," and prohibits them from encouraging consumers to refinance when it is not in their benefit to do so. To keep bad loans from weighing down the secondary mortgage markets, it require loan originators to retain at least 5% of the risk in each loan they make. The bill also spells out a number of disclosure requirements for loan originators, including any relevant conflicts of interest, the comparative cost benefits of the kinds of loans a consumer is eligible for, and the amount of compensation they would be receiving for each type of loan they are offering. More info from the House Financial Services Committee here.

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      Here's a summary from OpenCongress.org: In the context of residential mortgages, this bill would place federal restrictions on loan providers, servicers, brokers, and appraisers in order to limit predatory and irresponsible lending practices. For example, the bill prohibits mortgage loan originators from offering consumers mortgages that they don't have a "reasonable ability to repay," and prohibits them from encouraging consumers to refinance when it is not in their benefit to do so. To keep bad loans from weighing down the secondary mortgage markets, it require loan originators to retain at least 5% of the risk in each loan they make. The bill also spells out a number of disclosure requirements for loan originators, including any relevant conflicts of interest, the comparative cost benefits of the kinds of loans a consumer is eligible for, and the amount of compensation they would be receiving for each type of loan they are offering. More info from the House Financial Services Committee here.

    Supporting Organizations

    • National Association of Realtors

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      I know that the organization National Association of Realtors supports H.R.1728
    • National Community Reinvestment Coalition

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      I know that the organization National Community Reinvestment Coalition supports H.R.1728
    • Appraisal Institute

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      I know that the organization Appraisal Institute supports H.R.1728
    • American Society of Appraisers

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      I know that the organization American Society of Appraisers supports H.R.1728

    Opposing Organizations

    • Public Citizen

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      I know that the organization Public Citizen opposes H.R.1728
    • U.S. Public Interest Research Groups

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      I know that the organization U.S. Public Interest Research Groups opposes H.R.1728
    • Woodstock Institute

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      I know that the organization Woodstock Institute opposes H.R.1728
    • National Council of La Raza

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      I know that the organization National Council of La Raza opposes H.R.1728
    • Conference of State Bank Supervisors

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      I know that the organization Conference of State Bank Supervisors opposes H.R.1728
    • National Consumer Law Center

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      I know that the organization National Consumer Law Center opposes H.R.1728
    • National Association of Consumer Advocates

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      I know that the organization National Association of Consumer Advocates opposes H.R.1728
    • AFL-CIO

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      I know that the organization AFL-CIO opposes H.R.1728
    • Communications Workers of America

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      I know that the organization Communications Workers of America opposes H.R.1728
    • Consumer Action

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      I know that the organization Consumer Action opposes H.R.1728
    • American Bankers Association

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      I know that the organization American Bankers Association opposes H.R.1728
    • Mortgage Bankers Association

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      I know that the organization Mortgage Bankers Association opposes H.R.1728
    • National Apartment Association

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      I know that the organization National Apartment Association opposes H.R.1728
    • National Multi Housing Council

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      I know that the organization National Multi Housing Council opposes H.R.1728
    • Americans for Fairness in Lending

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      I know that the organization Americans for Fairness in Lending opposes H.R.1728
    • Association of Community Organizations for Reform Now

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      I know that the organization Association of Community Organizations for Reform Now opposes H.R.1728
    • Consumer Federation of America

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      I know that the organization Consumer Federation of America opposes H.R.1728
    • Consumers Union

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      I know that the organization Consumers Union opposes H.R.1728
    • International Brotherhood of Teamsters

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      I know that the organization International Brotherhood of Teamsters opposes H.R.1728
    • National Fair Housing Alliance

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      I know that the organization National Fair Housing Alliance opposes H.R.1728
    • Independent Community Bankers of America

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      I know that the organization Independent Community Bankers of America opposes H.R.1728
    • Securities Industry and Financial Markets Association

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      I know that the organization Securities Industry and Financial Markets Association opposes H.R.1728
    • National Education Association

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      I know that the organization National Education Association opposes H.R.1728
    • The Financial Services Roundtable

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      I know that the organization The Financial Services Roundtable opposes H.R.1728

    Most-commented sections of the bill text

    • (1 comments, Link )

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      specifically, this section of the legislation: "",

    Highest Rated User Comments

    • On May 08, 2009, by daringone - 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!

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      As noted by daringone, a user on OpenCongress.org, on May 08, 2009, "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!"
    • On May 12, 2009, by sbharkness - 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

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      As noted by sbharkness, a user on OpenCongress.org, on May 12, 2009, "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"
    • On May 11, 2009, by mrlargo - 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.

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      As noted by mrlargo, a user on OpenCongress.org, on May 11, 2009, "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."

    Highly Rated Blog Articles

    • Sen. Brown Urges Fed to Maintain Key Protection for Homeowners ... - January 03, 2011 by U.S. States - WASHINGTON, DC - May 7, 2009 - (RealEstateRama) — Congressman Joe Sestak (PA-07) voted for H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, which the House passed by a vote of 300 to 114. ...

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      As noted by U.S. States on January 03, 2011, "WASHINGTON, DC - May 7, 2009 - (RealEstateRama) — Congressman Joe Sestak (PA-07) voted for H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, which the House passed by a vote of 300 to 114. ..." (http://states.realestaterama.com/2011/01/04/sen-brown-urges-fed-to-maintain-key-protection-for-homeowners-ID012072.html)
    • Mortgage Legislation in the House - January 02, 2011 by kimdimmettrealtor - Summary of HR 1728. Title I (Residential Mortgage Loan Origination Standards). • Federal Duty of Care: All mortgage originators (including individuals as well as companies and banks that originate mortgages) will be subject to a federal ...

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      As noted by kimdimmettrealtor on January 02, 2011, "Summary of HR 1728. Title I (Residential Mortgage Loan Origination Standards). • Federal Duty of Care: All mortgage originators (including individuals as well as companies and banks that originate mortgages) will be subject to a federal ..." (http://kimdimmettrealtor.wordpress.com/2011/01/04/mortgage-legislation-in-the-house/)
    • HR1728 Mortgage Reform and Anti-Predatory Lending Act - December 31, 2010 by Government News Feeds - Today, the House will vote on the Mortgage Reform and Anti-Predatory Lending Act, HR 1728. The bill responds to the subprime mortgage crisis by instituting much needed reform to prevent these bad loans from being made in the first place ...

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      As noted by Government News Feeds on December 31, 2010, "Today, the House will vote on the Mortgage Reform and Anti-Predatory Lending Act, HR 1728. The bill responds to the subprime mortgage crisis by instituting much needed reform to prevent these bad loans from being made in the first place ..." (http://govnewstweets.com/2011/01/h-r-1728-mortgage-reform-and-anti-predatory-lending-act/)

    Highly Rated News Articles

    • New Consumer Protection Bill Would Reinstate Practices that Led to Housing Bubble: Appraisal Management Group - January 24, 2010 by PR Newswire - ...designed to protect appraiser independence and provide unbiased appraisals to homebuyers and lenders. Proposed legislation (H.R.1728) on the federal level and numerous initiatives on the state level would once again permit discredited business practices

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      As noted by PR Newswire on January 24, 2010, "...designed to protect appraiser independence and provide unbiased appraisals to homebuyers and lenders. Proposed legislation (H.R.1728) on the federal level and numerous initiatives on the state level would once again permit discredited business practices" (http://www.prnewswire.com/news-releases/new-consumer-protection-bill-would-reinstate-practices-that-led-to-housing-bubble-appraisal-management-group-82587662.html)
    • - January 24, 2010 by DSNews.com - This proposed legislation, HR 1728, on the federal level and numerous initiatives on the state level would once again permit discredited business practices ...

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      As noted by DSNews.com on January 24, 2010, " This proposed legislation, HR 1728, on the federal level and numerous initiatives on the state level would once again permit discredited business practices ... " (http://www.dsnews.com/articles/pro-teck-endorses-tavmas-new-standards-2010-01-28)
    • Home Valuation Code of Conduct is Better for Business, AMCs Say - January 24, 2010 by Housing Wire - The specific legislation that catches the ire of the Title/Appraisal Vendor Management Association (TAVMA) is HR 1728 which passed the House of ...

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      As noted by Housing Wire on January 24, 2010, " The specific legislation that catches the ire of the Title/Appraisal Vendor Management Association (TAVMA) is HR 1728 which passed the House of ... " (http://www.housingwire.com/2010/01/25/home-valuation-code-of-conduct-is-better-for-business-amcs/)
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