http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_HR_3296.html?rev=16977 <p>H.R. 3296 would amend the Truth in Lending Act to establish transparency and accountability requirements for mortgage brokers.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Mortgage Broker Transparency and Accountability Act of 2007 &amp;#150; Amends the Truth in Lending Act to establish mandatory responsibilities, duties, and disclosures governing mortgage brokers.</p> <p>Deems any mortgage broker to have a statutory agency relationship with the consumer subject to all requirements under state or federal law.</p> <p>Sets forth disclosure requirements, including disclosure of: (1) the risks and benefits of each home mortgage loan product; (2) possible payment increases at the time of any resetting of rate; (3) the extent of any prepayment penalties and balloon payments; and (4) the consumer's responsibilities to pay taxes and insurance with respect to such product.</p> <p>Requires mortgage brokers to maintain a bond that inures, first, to the benefit of any consumer who has any claim against the mortgage broker under this Act.</p> <p>Prohibits: (1) mortgage brokers from steering a consumer to a higher-cost mortgage than one for which the consumer would otherwise qualify; and (2) waiver by a consumer of the requirements imposed upon a mortgage broker under this Act.</p> <p>Requires disclosure of specified affiliations on the part of persons involved in the home mortgage loan process.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 1/11/2008: Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 16977@http://www.washingtonwatch.com Wed, 16 Jan 2008 18:17:10 EST http://www.washingtonwatch.com/bills/history/110_HR_3296.html?rev=16714 <p>H.R. 3296 would amend the Truth in Lending Act to establish transparency and accountability requirements for mortgage brokers.</p> <h2 id="toc4"> Detailed Summary </h2> <p>Mortgage Broker Transparency and Accountability Act of 2007 &amp;#150; Amends the Truth in Lending Act to establish mandatory responsibilities, duties, and disclosures governing mortgage brokers.</p> <p>Deems any mortgage broker to have a statutory agency relationship with the consumer subject to all requirements under state or federal law.</p> <p>Sets forth disclosure requirements, including disclosure of: (1) the risks and benefits of each home mortgage loan product; (2) possible payment increases at the time of any resetting of rate; (3) the extent of any prepayment penalties and balloon payments; and (4) the consumer's responsibilities to pay taxes and insurance with respect to such product.</p> <p>Requires mortgage brokers to maintain a bond that inures, first, to the benefit of any consumer who has any claim against the mortgage broker under this Act.</p> <p>Prohibits: (1) mortgage brokers from steering a consumer to a higher-cost mortgage than one for which the consumer would otherwise qualify; and (2) waiver by a consumer of the requirements imposed upon a mortgage broker under this Act.</p> <p>Requires disclosure of specified affiliations on the part of persons involved in the home mortgage loan process.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 8/1/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 16714@http://www.washingtonwatch.com Fri, 11 Jan 2008 18:28:11 EST http://www.washingtonwatch.com/bills/history/110_HR_3296.html?rev=7760 <p>H.R. 3296 would amend the Truth in Lending Act to establish transparency and accountability requirements for mortgage brokers.</p> <h2 id="toc8"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 7760@http://www.washingtonwatch.com Fri, 03 Aug 2007 01:53:03 EDT http://www.washingtonwatch.com/bills/history/110_HR_3296.html?rev=7761 <p>H.R. 3296 would amend the Truth in Lending Act to establish transparency and accountability requirements for mortgage brokers.</p> <h2 id="toc12"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc13"> Status of the Legislation </h2> <p>Latest Major Action: 8/1/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc14"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc15"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 7761@http://www.washingtonwatch.com Fri, 03 Aug 2007 01:53:03 EDT