http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_HR_3705.html?rev=16968 <p>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.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Fair Disclosure for Homeowners Act of 2007 - Amends the Truth in Lending Act to require the creditor 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.</p> <p>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 best 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 list of alternatives consumers may pursue before the date of adjustment or reset, and descriptions of the actions consumers must take to pursue these alternatives.</p> <p>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.</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: 12/10/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.</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> 16968@http://www.washingtonwatch.com Wed, 16 Jan 2008 00:00:00 EST http://www.washingtonwatch.com/bills/history/110_HR_3705.html?rev=16615 <p>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.</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>Latest Major Action: 12/10/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.</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> 16615@http://www.washingtonwatch.com Fri, 11 Jan 2008 00:00:00 EST http://www.washingtonwatch.com/bills/show/110_HR_3705.html 12/10/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit. 32124@http://www.washingtonwatch.com Mon, 10 Dec 2007 00:00:00 EST http://www.washingtonwatch.com/bills/history/110_HR_3705.html?rev=10998 <p>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.</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>(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="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> 10998@http://www.washingtonwatch.com Wed, 10 Oct 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_HR_3705.html?rev=10999 <p>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.</p> <h2 id="toc12"> 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="toc13"> Status of the Legislation </h2> <p>Latest Major Action: 9/27/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.</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="toc14"> 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="toc15"> 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> 10999@http://www.washingtonwatch.com Wed, 10 Oct 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_3705.html 9/27/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services. 26195@http://www.washingtonwatch.com Thu, 27 Sep 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_3705.html 9/27/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services. 28097@http://www.washingtonwatch.com Thu, 27 Sep 2007 00:00:00 EDT