H.R. 3705 would amend the Truth in Lending Act to require notice to consumers of an upcoming adjustment or reset date with respect to hybrid adjustable rate mortgages.

== Detailed Summary ==

<summary>
(LogFair Disclosure for Homeowners Act of 2007 - Amends the Truth in Lending Act to editrequire the wikicreditor or servicer of a loan to disclose specified financial information in writing to a consumer concerning the interest rate in effect during the introductory period of a hybrid adjustable rate mortgage which adjusts or resets to a variable interest rate.

Requires such disclosure to include: (1) any index or formula used in making adjustments to or resetting the interest rate and a source of information about the index or formula; (2) an explanation of how the new interest rate and payment would be determined; (3) the first to providebest estimate of the creditor or servicer of the amount of the monthly payment that will apply after the date of the adjustment or reset, and the assumptions on which this estimate is based; and (4) a detailed summarylist of alternatives consumers may pursue before the bill!)date of adjustment or reset, and descriptions of the actions consumers must take to pursue these alternatives.

Requires periodic statements provided to a consumer by a creditor or servicer, regarding a hybrid adjustable rate mortgage, to include clearly and conspicuously the date on which such mortgage adjusts or resets from a fixed interest rate during the introductory period to a variable rate.
</summary>

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== Status of the Legislation ==

<status>
(Log inLatest Major Action: 12/10/2007: Referred to House subcommittee. Status: Referred to edit the wikiSubcommittee on Financial Institutions and be the first to update the status of the bill!)Consumer Credit.
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== Points in Favor ==

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== Points Against ==

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