H.R. 3894, The Negative Amortization Mortgage Loan Transparency Act

• This item is from the 110th Congress (2007-2008) and is no longer current.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.

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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

Negative Amortization Mortgage Loan Transparency Act - Amends the Truth in Lending Act to require 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 payment plan may result in negative amortization over the term of the loan.

Requires the consumer debtor to provide the creditor with documentation that the consumer received home ownership counseling from organizations or counselors certified by the Secretary of Housing and Urban Development.

Status of the Legislation

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

Points in Favor

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Points Against

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