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H.R. 3081, The Fairness for Homeowners Act of 2007
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Comparing original version (created by webmaster) with revision saved on July 19, 2007, 18:24:18 (webmaster):
H.R. 3081 would amend the Truth in Lending Act to protect consumers from certain practices in connection with the origination of consumer credit transactions secured by the consumer's principal dwelling.
== Detailed Summary ==
<summary>
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</summary>
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== Status of the Legislation ==
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(Log inLatest Major Action: 7/18/2007: Referred to edit the wiki and be the firstHouse committee. Status: Referred to update the status of the bill!)House Committee on Financial Services.
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== Points in Favor ==
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== Points Against ==
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Visitor Comments
Terry Liebman
July 26, 2007, 8:22pm (report abuse)If this bill is passed, it could have a devastating affect on all homeowners. Clearly, abuses have occurred. Homeowners have been taken advantage. But this bill throws the baby out with the bathwater. It goes too far.
This bill completely eliminates “stated income” loans. Current and possible future “self-employed” homeowners – who generate strong cash flow but show limited income – will probably be unable to refinance or buy a home.
Qualifying all variable rate loans – including variable loans with fixed rate periods of 5 years or longer – at the fully indexed rate PLUS 200 basis points will probably make these loans unavailable for most borrowers.