http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_SN_2595.html?rev=21314 <p>S. 2595 would create a national licensing system for residential mortgage loan originators, and it would develop minimum standards of conduct to be enforced by State regulators.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Secure and Fair Enforcement for Mortgage Licensing Act of 2008, or S.A.F.E. Mortgage Licensing Act of 2008 - Encourages the states to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators.</p> <p>Sets forth procedures, requirements (including education and testing), and standards for mandatory registration and state licensing of mortgage loan originators.</p> <p>Requires the federal banking agencies jointly, through the Federal Financial Institutions Examination Council, to develop and maintain a system for registering depository institiution employees as registered loan originators with the Registry.</p> <p>Directs the Secretary of Housing and Urban Development (HUD) to establish and maintain a backup licensing and registration system for loan originators operating in a state that either: (1) does not, after a certain period of time, have a licensing and registering system for loan originators that meets the requirements of this Act; or (2) does not participate in the Registry.</p> <p>Requires the HUD Secretary also to establish and maintain a backup licensing, supervisory, and tracking system for loan originators if the Registry is failing to meet the requirements and purposes of this Act.</p> <p>Declares that this Act does not preempt state law which provides greater protection to consumers than is provided under this Act.</p> <p>Directs the HUD Secretary to study and report to Congress on the root causes of default and foreclosure of home loans.</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: 2/6/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.</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> 21314@http://www.washingtonwatch.com Thu, 03 Apr 2008 19:02:39 EDT http://www.washingtonwatch.com/bills/history/110_SN_2595.html?rev=20235 <p>S. 2595 would create a national licensing system for residential mortgage loan originators, and it would develop minimum standards of conduct to be enforced by State regulators.</p> <h2 id="toc4"> 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="toc5"> 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="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> 20235@http://www.washingtonwatch.com Fri, 14 Mar 2008 03:05:03 EDT http://www.washingtonwatch.com/bills/history/110_SN_2595.html?rev=20236 <p>S. 2595 would create a national licensing system for residential mortgage loan originators, and it would develop minimum standards of conduct to be enforced by State regulators.</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>Latest Major Action: 2/6/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.</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> 20236@http://www.washingtonwatch.com Fri, 14 Mar 2008 03:05:03 EDT