H.R. 3894 would amend the Truth in Lending Act to establish requirements for providing negatively amortizing mortgage loans to first-time borrowers.

== Detailed Summary ==

<summary>
(LogNegative Amortization Mortgage Loan Transparency Act - Amends the Truth in Lending Act to editrequire a lender to make specified prior disclosures to a first-time borrower in connection with a consumer credit transaction secured by residential real property with a dwelling, other than a reverse mortgage, where the wiki and bepayment plan may result in negative amortization over the firstterm of the loan.

Requires the consumer debtor to provide a detailed summary of the bill!)creditor with documentation that the consumer received home ownership counseling from organizations or counselors certified by the Secretary of Housing and Urban Development.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 10/18/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.
</status>

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== Points in Favor ==

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== Points Against ==

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