Summary: Mortgage Reform and Anti-Predatory Lending Act - Title I: Residential Mortgage Loan Origination Standards - (Sec. 102) Amends the Truth in Lending Act (TILA) to prescribe fiduciary standards for originators of residential mortgages, including complete and timely written disclosure of: (1) the comparative costs and benefits of each residential mortgage loan product presented by the originator; (2) the nature of the originator's relationship to the consumer, including the cost of services provided by the originator; and (3) any relevant conflicts of interest between originator and consumer. (Sec. 103) Prohibits steering incentives in connection with mortgage loan origination. Directs the federal banking agencies to prescribe prohibitions against specified mortgage origination practices, including steering any consumer to a residential mortgage loan that: (1) the consumer lacks a reasonable ability to repay; (2) does not provide a consumer refinancing a residential mortgage loan with a net tangible benefit; or (3) has predatory characteristics or effects (such as equity stripping, excessive fees, or abusive terms). (Sec. 104) Sets the maximum liability of a mortgage originator to a consumer for violation of the residential mortgage loan origination requirements of this title, in addition to court costs and attorney fees, at the greater of: (1) actual damages; or (2) three times the total amount of direct and indirect compensation or gain accruing to the originator in connection with the residential mortgage loan involved. (Sec. 106) Instructs the Secretary of Housing and Urban Development (HUD) and the Board of Governors of the Federal Reserve (Board) to issue jointly for public comment proposed regulations and model disclosure forms that provide borrowers with compatible disclosures at the time of mortgage application and at the time of closing. (Sec. 107) Requires the Secretary to study and report to Congress on recommended regulatory requirements that would provide: (1) widespread use of shared appreciation mortgages to strengthen local housing markets; (2) new opportunities for affordable homeownership; and (3) homeowners at risk of foreclosure with the ability to refinance or modify their mortgages. Title II: Minimum Standards for Mortgages - (Sec. 201) Amends TILA to prescribe minimum standards for residential mortgage loans, including a requirement that a residential mortgage loan creditor: (1) make a reasonable and good faith determination based upon verified and documented information that the consumer has a reasonable ability to repay the loan and its applicable taxes, insurance, and assessments; and (2) use a fully amortizing repayment schedule for purposes of determining a consumer's ability to repay a variable rate loan that defers repayment of principal or interest. (Sec. 202) Prohibits a creditor from extending credit in connection with any residential mortgage loan that involves a refinancing of a prior existing residential mortgage loan unless the creditor reasonably and in good faith determines, at the time the loan is consummated and on the basis of information known by or obtained in good faith by the creditor, that the refinanced loan will provide a net tangible benefit to the consumer. (Sec. 203) Authorizes any creditor with respect to any qualified residential mortgage loan, meeting specified requirements, and any assignee or securitizer of such loan, to presume that the loan has met the minimum standards of this title. (Sec. 204) Permits civil actions for rescission of a residential mortgage loan if a creditor has committed specified abuses. Limits the liability of good faith assignees or securitizers of a residential mortgage loan to loan rescission and to certain obligor costs. Allows such an assignee or securitizer to avoid liability if it provides a satisfactory cure for a violation within 90 days after notice of the violation from the consumer. Shields assignees and securitizers from class action suits. (Sec. 205) Permits a consumer who has the right to mortgage loan rescission to assert such right as a defense to foreclosure. (Sec. 206) Prohibits specified practices, including: (1) certain prepayment penalties; (2) single premium credit insurance; (3) mandatory arbitration or other nonjudicial procedure (except for reverse mortgages); (4) mortgage loan terms that waive a statutory cause of action by the consumer; and (5) mortgages with negative amortization (except, again, for reverse mortgages), unless certain disclosures are made and a first-time borrower receives homeownership counseling. Requires a creditor or mortgage originator, before loan consummation or loan refinancing, to disclose the protection provided by a state anti-deficiency law and its significance for the consumer upon the loss of that protection. (A state anti-deficiency law shields a consumer mortgagor from liability for any deficiency between a foreclosure sale price and the outstanding balance of the mortgage.) Requires a residential mortgage loan creditor to disclose before settlement: (1) the creditor's policy regarding partial payments and their application to the mortgage; and (2) whether such payments will be placed in escrow. (Sec. 210) Doubles civil money penalties on creditors for certain violations. (Sec. 211) Exempts a creditor, assignee, or securitizer from liability and rescission in the case of borrower fraud or deception. (Sec. 212) Requires a six-month notice including specified elements before a hybrid adjustable rate mortgage is reset. (Sec. 213) Directs federal banking agencies to prescribe jointly regulations requiring creditors that make a non-qualified residential mortgage loan retain an economic interest in a material portion of the credit risk if the creditor transfers, sells, or conveys such loan to a third party. Authorizes the agencies jointly to apply risk retention requirements to securitizers of non-qualified residential mortgages in addition to, or in substitution for, the requirements governing creditors that make such mortgages if the agencies jointly determine that applying retention requirements would: (1) help ensure high quality underwriting standards; and (2) facilitate appropriate creditor risk management practices, or otherwise serve the public interest. (Sec. 214) Prescribes creditor disclosures for: (1) variable rate residential mortgage loans for which an escrow or impound account will be established to pay taxes, insurance and assessments; and (2) periodic statements for residential mortgage loans. (Sec. 216) Directs the HUD Secretary to establish a grants program to enable low- and moderate-income homeowners and tenants to obtain legal assistance associated with foreclosure. (Sec. 218) Directs the Comptroller General to study and report to Congress on the effects that enactment of this Act will have upon the availability and affordability of credit for consumers, small businesses, homebuyers, and mortgage lending, including the effect upon: (1) the mortgage market for mortgages that are not within the safe harbor provided in this Act; (2) the ability of prospective homebuyers to obtain financing; and (3) the refinance ability of homeowners facing resets or adjustments. (Sec. 219) Authorizes state attorneys general to enforce the tenant protections set forth in this Act. (Sec. 220) Prescribes tenant protection measures in the case of foreclosure on any dwelling or residential real property (including Section 8 tenancies). Title III: High-Cost Mortgages - (Sec. 301) Prescribes standards for points and fees related to: (1) high-cost mortgages; (2) open-end consumer credit plans; and (3) bona fide discount points and prepayment penalties. (Sec. 302) Repeals the allowance of prepayment penalties for certain mortgages. Prohibits a high-cost mortgage from containing a scheduled payment that is more than twice as large (balloon payment) as the average of earlier scheduled payments. (Sec. 303) Prescribes additional requirements for certain mortgages. Prohibits a creditor from: (1) recommending default on an existing debt prior to and in connection with the closing of a high-cost mortgage that refinances such debt; (2) imposing late payment fees in connection with a high-cost mortgage except in compliance with specified requirements; (3) accelerating debt on a high-cost mortgage (except in certain circumstances); or (4) financing, in connection with any high-cost mortgage, either a prepayment fee or penalty payable by the consumer if the creditor is the noteholder of the note being refinanced. Prohibits the creditor of a high-cost mortgage from implementing certain evasions, structured transactions, and reciprocal arrangements. Prohibits a creditor from charging a consumer any fee to modify, renew, extend, or amend a high-cost mortgage, or to defer any payment due under the terms of such mortgage, unless the modification, renewal, extension, or amendment results in a lower annual percentage rate on the mortgage for the consumer, and then only if the amount of the fee is comparable to fees imposed for similar consumer credit transactions secured by a consumer's principal dwelling. Prohibits the charging of any fee, except a processing fee, for payoff statements. Requires a creditor, as a prerequisite to extending consumer credit under a high-cost mortgage, to receive certification from a HUD-approved counselor that the consumer has received counseling on the advisability of the mortgage. Prohibits any creditor from knowingly or intentionally engaging in the unfair act or practice of flipping in connection with a high-cost mortgage. Defines flipping as the making of a loan or extension of credit in the form a high-cost mortgage to a consumer which refinances an existing mortgage when the new loan or extension of credit does not have reasonable, net tangible benefit to the consumer considering all of the circumstances. Prescribes a procedure by which a high cost loan creditor or assignee that, acting in good faith, commits an unintentional violation of these prohibitions and other requirements may make timely corrections and avoid liability for the violation. Title IV: Office of Housing Counseling - Expand and Preserve Home Ownership Through Counseling Act - (Sec. 402) Amends the Department of Housing and Urban Development Act to establish within HUD the Office of Housing Counseling, whose Director shall have primary responsibility within HUD for all activities and matters relating to both homeownership and rental housing counseling. (Sec. 403) Amends the Housing and Urban Development Act of 1968 to require the Secretary to: (1) prescribe counseling procedures for homeownership and rental counseling; and (2) provide for certification of computer software programs for consumers to evaluate different residential mortgage loan proposals. Requires the Director to: (1) develop and conduct national public service multimedia campaigns to promote housing counseling; and (2) used specified funds to conduct foreclosure rescue education programs. Authorizes appropriations for FY2009-FY2011. (Sec. 404) Requires the Secretary to provide financial assistance (grants) to HUD-approved housing counseling agencies and state housing finance agencies that offer homeownership and rental counseling. Authorizes appropriations for FY2009-FY2012 for: (1) the Office of Housing Counseling; (2) certain responsibilities of the Director; and (3) assistance to entities providing homeownership and rental counseling. (Sec. 405) Requires an organization that receives federal assistance for counseling activities to be HUD-certified. (Sec. 406) Directs the Secretary to: (1) study and report to Congress on the root causes of home loan defaults and foreclosures; and (2) establish on a census tract basis a default and foreclosure database on mortgage loans for one- to four-unit residential properties, and to make such information publicly available. (Sec. 409) Directs the Secretary to develop a funds-tracking system, including accountability and transparency criteria, to ensure that grant recipients use all amounts of financial assistance in accordance with specified requirements. (Sec. 410) Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to direct the Secretary to: (1) prepare, at least once every five years, a booklet to help federally related mortgage loan applicants of different ethnic and cultural backgrounds to understand the nature and costs of real estate settlement services; and (2) distribute to all lenders that make federally related mortgage loans both the booklets and lists of HUD-certified homeownership counselors. (Sec. 411) Requires the Secretary to inform potential homebuyers of the availability and importance of obtaining an independent home inspection. (Sec. 412) Allocates specified funds to the Neighborhood Reinvestment Corporation for activities to make borrowers who are delinquent on certain loans aware of the dangers of fraudulent activities associated with foreclosure. Title V: Mortgage Servicing - (Sec. 501) Amends TILA to require a creditor in a non-credit card consumer credit transaction secured by a first lien on the principal dwelling (other than a reverse mortgage) to establish an escrow or impound account for mandatory periodic payments or premiums (including taxes, insurance, and ground rents). Prohibits making an escrow or impound account a condition of a real property sale contract or a loan secured by a first deed of trust or mortgage on the consumer's principal dwelling unless specified circumstances exist. Requires such escrow or impound account to remain in existence for at least five years until sufficient equity exists in the property securing the transaction so that private mortgage insurance is no longer required, or unless the underlying mortgage is terminated. States that: (1) escrow accounts need not be established for loans secured by shares in a cooperative; and (2) insurance premiums need not be included in escrow accounts for loans secured by condominium units if the condominium association has an obligation to unit owners to maintain a master insurance policy. Requires: (1) escrow accounts to be established in a federally insured depository institution; and (2) each creditor to pay interest on the amount held in such accounts as required by state or federal law. Requires specified disclosures to the consumer about a mandatory escrow or impound account before consummation of the credit transaction giving rise to such account. (Sec. 502) Requires creditors to provide specified disclosures to consumers who waive escrow services. (Sec. 503) Amends RESPA to prohibit the servicer of a federally related mortgage from engaging in certain practices, including obtaining force-placed hazard insurance unless there is a reasonable basis to believe the borrower has failed to comply with the loan contract requirements. (Force-placed hazard insurance is coverage obtained by the servicer when the borrower has failed to comply with hazard insurance requirements under the terms of the mortgage). Prescribes notice and borrower non-response requirements for permitting loan servicers to obtain force-placed insurance. Doubles the penalties for loan servicer noncompliance with RESPA disclosure requirements. Reduces from 20 to five days the time limit within which loan servicers are required to respond to borrower inquiries. Requires any remaining escrow balance that is within the control of the loan servicer at the time the loan is paid off to be: (1) promptly returned to the borrower within 20 business days; or (2) credited to a similar account for a new mortgage loan to the borrower with the same lender. (Sec. 504) Amends TILA to prohibit a loan servicer, except in a specified circumstance, from failing to credit a payment to the consumer's account as of the date of receipt. Requires a creditor or servicer of a home loan to send an accurate payoff balance no later than seven business days after receipt of a written request for it. Requires repayment disclosures regarding a first mortgage- or lien-secured consumer credit transaction to take into account the amount of monthly escrow payments, including: (1) the taxable assessed value of the real property securing the transaction after consummation of the transaction; (2) the value of any improvements on the property or to be constructed on it; and (3) the replacement costs of the property for hazard insurance in the initial year after the transaction. Title VI: Appraisal Activities - (Sec. 601) Amends TILA to set forth property appraisal requirements for a creditor who extends subprime mortgage credit to a consumer, including: (1) a written appraisal performed by a qualified appraiser who conducts a physical property visit of the interior of the mortgaged property; (2) a free copy of such appraisal to the applicant before the transaction closing date; and (3) a statement by the creditor at the time of the initial mortgage application that the appraisal is for its sole use, and that the applicant, at its own expense, may choose to have a separate appraisal. Requires a creditor to obtain a second appraisal from a different qualified appraiser if the purpose of a subprime mortgage is to finance the purchase or acquisition of the mortgaged property from a person within 180 days of the purchase or acquisition of such property by that person at a price lower than the current sale price of the property. (Sec. 602) Declares unfair and deceptive certain practices relating to consumer credit transaction secured by the consumer's principal dwelling. Includes among unfair and deceptive practices any appraisal of a property offered as security in which a person with an interest in the underlying transaction compensates, coerces, extorts, colludes, instructs, induces, bribes, or intimidates a person conducting or involved in the appraisal. Includes, in addition, among such practices: (1) mischaracterizing, or suborning mischaracterization of the appraised value of the property securing the extension of the credit; (2) seeking to influence an appraiser or otherwise to encourage a targeted value in order to facilitate the transaction; and (3) withholding or threatening to withhold timely payment for an appraisal report or for appraisal services rendered. Prohibits any certified or licensed appraiser or appraisal management company from having an interest, financial or otherwise, in the property or transaction involving the appraisal. Requires designated federal agencies to prescribe implementing regulations jointly. Subjects unfair and deceptive practices to civil penalties. (Sec. 603) Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to provide the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (FIEC) with a consumer protection mandate. Directs the Subcommittee to monitor the efforts of, and requirements established by, states and federal financial institutions regulatory agencies to protect consumers from improper appraisal practices and from predations of unlicensed appraisers in consumer credit transactions secured by a consumer's principal dwelling. Requires the Subcommittee to detail in its annual report to Congress: (1) the results of all audits of state appraiser regulatory agencies; and (2) an accounting of disapproved actions and warnings taken in the previous year, including the conditions causing the disapproval and the actions taken to achieve compliance. Requires meetings of the Subcommittee to be open to the public. Requires: (1) all property appraisals performed within a state to be prepared by appraisers licensed or certified within the state where the property is located; and (2) all appraisal reviews to be performed by an appraiser licensed or certified by a state appraisal board. Requires the Subcommittee to monitor state requirements for the registration and supervision of an appraisal management company. Directs the Subcommittee to maintain a national registry of appraisal management companies that either are: (1) registered with and subject to supervision of a state appraiser certifying and licensing agency; or (2) operating subsidiaries of a federally regulated financial institution. Requires the Appraiser Qualifications Board of the Appraisal Foundation to establish minimum qualifications a state must apply in the registration of appraisal management companies, including specified requirements. Requires the appropriate federal financial institution regulatory agency to develop regulations affecting the operations of any appraisal management company that is a subsidiary owned and controlled by a federally regulated financial institution. Sets forth: (1) registration limitations; (2) additional state agency reporting requirements; and (3) revised registry fees. Authorizes the Subcommittee to award grants to state appraiser certifying and licensing agencies in order to support their compliance with this Act. Authorizes the Subcommittee to: (1) remove a state licensed or certified appraiser or a registered appraisal management company from a national registry on an interim basis pending state agency action on licensing, certification, registration, and disciplinary proceedings; (2) impose sanctions against a state agency that fails to have an effective appraiser regulatory program; and (3) impose interim actions and suspensions against a state agency as an alternative to, or in advance of, derecognition of a state agency. Requires a state appraiser certifying or licensing agency to issue a reciprocal certification or license for an individual with a valid certification or license from another state in compliance with this Act whose licensure standards meet or exceed those of the first state. Requires the Subcommittee to monitor each state appraiser certifying and licensing agency to determine whether: (1) its policies, practices, and procedures are consistent with the purposes of maintaining appraiser independence; and (2) such state maintains effective regulations, and policies regarding maintaining appraiser independence. Requires the Subcommittee, one year after enactment of this Act, to establish and operate an Appraisal Complaint National Hotline, including a toll-free telephone number and an email address, if none exists by that time. Directs the Subcommittee to promulgate regulations to implement quality control standards governing automated valuation models (computerized models used by mortgage originators and secondary market issuers to determine the collateral worth of a mortgage secured by a consumer's principal dwelling). Prohibits broker price opinions from being used as the primary basis to evaluate property for loan origination in connection with a residential mortgage loan secured by such property. Amends the Federal Financial Institutions Examination Council Act of 1978 to require that at all times at least one member of the Appraisal Subcommittee have demonstrated knowledge and competence through licensure, certification, or professional designation within the appraisal profession. (Sec. 604) Directs the Comptroller General to study and report to Congress on possible improvements in the appraisal process generally, and specifically on the consistency in and the effectiveness of, and possible improvements in, state compliance efforts and programs. (Sec. 605) Amends the Equal Credit Opportunity Act (ECOA) to revise requirements that creditors provide loan applicants a copy of the appraisal report used in connection with the applicant's application for a loan that is or would have been secured by a lien on residential real property. Repeals the condition that the loan applicant request the copy. Requires a creditor to furnish the applicant a copy of all written appraisals and valuations within three days after the closing of the loan. (Sec. 606) Amends RESPA to require the standard real estate settlement form to disclose, in the case of an appraisal coordinated by an appraisal management company, the fee paid directly by the company to the appraiser as well as the company's administration fee. Title VII: Sense of Congress Regarding the Importance of Government Sponsored Enterprises Reform - (Sec. 701) Expresses the sense of Congress that efforts to enhance the terms of residential mortgage credit and practices by protection, limitation, and regulation would be incomplete without enactment of meaningful structural reforms of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Title VIII: Reports - (Sec. 801) Directs the Comptroller General to study and report to Congress on certain interagency efforts to crackdown on mortgage foreclosure rescue scams and loan modification fraud. Title IX: Multifamily Mortgage Resolution - (Sec. 901) Directs the Secretary of the Treasury, in order to ensure the protection of current and future tenants of at-risk multifamily properties, to develop a program to stabilize multifamily properties that are either delinquent, at risk of default or disinvestment, or in foreclosure. Title X: Study of Effect of Drywall Presence on Foreclosures - ( Sec. 1001) Directs HUD to study and report to Congress regarding the effect upon residential mortgage loan foreclosures of: (1) the presence of drywall imported from China between 2004 and the end of 2007; and (2) the availability of property insurance for residential structures in which such drywall is present. Title XI: Guidelines for Purchase of Condominium and Cooperative Housing Mortgages - (Sec. 1101) Directs Fannie Mae and Freddie Mac to establish and revise, consistent with appropriate levels of credit risk, underwriting standards for the purchase of condominium and cooperative housing.

mortgage reform lending act title sec amends truth lending act tila prescribe fiduciary standards originators residential mortgages including complete timely written disclosure comparative costs benefits residential mortgage loan product presented originator nature originator relationship consumer including cost services provided originator relevant conflicts interest originator consumer sec prohibits steering incentives connection mortgage loan origination directs federal banking agencies prescribe prohibitions specified mortgage origination practices including steering consumer residential mortgage loan consumer lacks reasonable ability repay provide consumer refinancing residential mortgage loan net tangible benefit predatory characteristics effects equity excessive fees abusive terms sec sets maximum liability mortgage originator consumer violation residential mortgage loan origination requirements title addition court costs attorney fees greater actual damages times total direct indirect compensation gain accruing originator connection residential mortgage loan involved sec instructs secretary housing_and_urban_development hud board_of_governors issue jointly public comment proposed regulations model disclosure forms provide borrowers compatible disclosures time mortgage application time closing sec requires secretary study report congress recommended regulatory requirements provide widespread use shared appreciation mortgages strengthen local housing markets new opportunities affordable homeownership homeowners risk foreclosure ability refinance modify mortgages title minimum standards mortgages sec amends tila prescribe minimum standards residential mortgage loans including requirement residential mortgage loan creditor reasonable good faith determination based verified documented information consumer reasonable ability repay loan applicable taxes insurance assessments use fully amortizing repayment schedule purposes determining consumer ability repay variable rate loan repayment principal interest sec prohibits creditor extending credit connection residential mortgage loan involves refinancing prior existing residential mortgage loan creditor reasonably good faith determines time loan consummated basis information known obtained good faith creditor refinanced loan provide net tangible benefit consumer sec authorizes creditor respect qualified residential mortgage loan meeting specified requirements assignee securitizer loan presume loan met minimum standards title sec permits civil actions rescission residential mortgage loan creditor committed specified abuses limits liability good faith assignees residential mortgage loan loan rescission certain obligor costs allows assignee securitizer avoid liability provides satisfactory cure violation days notice violation consumer shields assignees class action suits sec permits consumer right mortgage loan rescission assert right defense foreclosure sec prohibits specified practices including certain prepayment penalties single premium credit insurance mandatory arbitration nonjudicial procedure reverse mortgages mortgage loan terms waive statutory cause action consumer mortgages negative amortization reverse mortgages certain disclosures time borrower receives homeownership counseling requires creditor mortgage originator loan consummation loan refinancing disclose protection provided state anti deficiency law significance consumer loss protection state anti deficiency law shields consumer mortgagor liability deficiency foreclosure sale price outstanding balance mortgage requires residential mortgage loan creditor disclose settlement creditor policy partial payments application mortgage payments placed escrow sec doubles civil money penalties creditors certain violations sec exempts creditor assignee securitizer liability rescission case borrower fraud deception sec requires month notice including specified elements hybrid adjustable rate mortgage reset sec directs federal banking agencies prescribe jointly regulations requiring creditors non qualified residential mortgage loan retain economic interest material portion credit risk creditor transfers sells conveys loan party authorizes agencies jointly apply risk retention requirements non qualified residential mortgages addition substitution requirements governing creditors mortgages agencies jointly determine applying retention requirements help ensure high quality underwriting standards facilitate appropriate creditor risk management practices serve public interest sec prescribes creditor disclosures variable rate residential mortgage loans escrow impound account established pay taxes insurance assessments periodic statements residential mortgage loans sec directs hud secretary establish grants program enable low- moderate income homeowners tenants obtain legal assistance associated foreclosure sec directs comptroller general study report congress effects enactment act availability affordability credit consumers small businesses homebuyers mortgage lending including effect mortgage market mortgages safe harbor provided act ability prospective homebuyers obtain financing refinance ability homeowners facing resets adjustments sec authorizes state attorneys general enforce tenant protections set forth act sec prescribes tenant protection measures case foreclosure dwelling residential real property including section title iii high cost mortgages sec prescribes standards points fees related high cost mortgages open end consumer credit plans bona fide discount points prepayment penalties sec repeals allowance prepayment penalties certain mortgages prohibits high cost mortgage containing scheduled payment twice large balloon payment average earlier scheduled payments sec prescribes additional requirements certain mortgages prohibits creditor recommending default existing debt prior connection closing high cost mortgage refinances debt imposing late payment fees connection high cost mortgage compliance specified requirements accelerating debt high cost mortgage certain circumstances financing connection high cost mortgage prepayment fee penalty payable consumer creditor note refinanced prohibits creditor high cost mortgage implementing certain structured transactions reciprocal arrangements prohibits creditor charging consumer fee modify renew extend amend high cost mortgage defer payment terms mortgage modification renewal extension amendment results lower annual percentage rate mortgage consumer fee comparable fees imposed similar consumer credit transactions secured consumer principal dwelling prohibits charging fee processing fee payoff statements requires creditor prerequisite extending consumer credit high cost mortgage receive certification hud approved counselor consumer received counseling advisability mortgage prohibits creditor knowingly intentionally engaging unfair act practice connection high cost mortgage defines making loan extension credit form high cost mortgage consumer refinances existing mortgage new loan extension credit reasonable net tangible benefit consumer considering circumstances prescribes procedure high cost loan creditor assignee acting good faith commits unintentional violation prohibitions requirements timely corrections avoid liability violation title office housing counseling expand sec amends department_of_housing_and_urban_development_act establish director shall primary responsibility hud activities matters relating homeownership rental housing counseling sec amends housing_and_urban_development_act require secretary prescribe counseling procedures homeownership rental counseling provide certification computer software programs consumers evaluate different residential mortgage loan proposals requires director develop conduct national public service multimedia campaigns promote housing counseling specified funds conduct foreclosure rescue education programs authorizes appropriations fy2009 fy2011 sec requires secretary provide financial assistance grants hud approved housing counseling agencies state housing finance agencies offer homeownership rental counseling authorizes appropriations fy2009 fy2012 certain responsibilities director assistance entities providing homeownership rental counseling sec requires organization receives federal assistance counseling activities hud certified sec directs secretary study report congress root causes home loan defaults foreclosures establish census tract basis default foreclosure database mortgage loans one- unit residential properties information publicly available sec directs secretary develop funds tracking system including accountability transparency criteria ensure grant recipients use amounts financial assistance accordance specified requirements sec amends real_estate_settlement_procedures_act respa direct secretary prepare years help federally related mortgage loan applicants different ethnic cultural backgrounds understand nature costs real estate settlement services distribute lenders federally related mortgage loans lists hud certified homeownership counselors sec requires secretary inform potential homebuyers availability importance obtaining independent home inspection sec allocates specified funds neighborhood_reinvestment_corporation activities borrowers delinquent certain loans aware dangers fraudulent activities associated foreclosure title mortgage servicing sec amends tila require creditor non credit card consumer credit transaction secured lien principal dwelling reverse mortgage establish escrow impound account mandatory periodic payments premiums including taxes insurance ground rents prohibits making escrow impound account condition real property sale contract loan secured deed trust mortgage consumer principal dwelling specified circumstances exist requires escrow impound account remain existence years sufficient equity exists property securing transaction private mortgage insurance longer required underlying mortgage terminated states escrow accounts need established loans secured shares cooperative insurance premiums need included escrow accounts loans secured condominium units condominium association obligation unit owners maintain master insurance policy requires escrow accounts established federally insured depository institution creditor pay interest held accounts required state federal law requires specified disclosures consumer mandatory escrow impound account consummation credit transaction giving rise account sec requires creditors provide specified disclosures consumers waive escrow services sec amends respa prohibit servicer federally related mortgage engaging certain practices including obtaining force placed hazard insurance reasonable basis believe borrower failed comply loan contract requirements force placed hazard insurance coverage obtained servicer borrower failed comply hazard insurance requirements terms mortgage prescribes notice borrower non response requirements permitting loan servicers obtain force placed insurance doubles penalties loan servicer noncompliance respa disclosure requirements reduces days time limit loan servicers required respond borrower inquiries requires remaining escrow balance control loan servicer time loan paid promptly returned borrower business days credited similar account new mortgage loan borrower lender sec amends tila prohibit loan servicer specified circumstance failing credit payment consumer account date receipt requires creditor servicer home loan send accurate payoff balance later seven business days receipt written request requires repayment disclosures lien secured consumer credit transaction account monthly escrow payments including taxable assessed value real property securing transaction consummation transaction value improvements property constructed replacement costs property hazard insurance initial year transaction title sec amends tila set forth property appraisal requirements creditor extends subprime mortgage credit consumer including written appraisal performed qualified appraiser conducts physical property visit interior mortgaged property free copy appraisal applicant transaction closing date statement creditor time initial mortgage application appraisal sole use applicant expense choose separate appraisal requires creditor obtain second appraisal different qualified appraiser purpose subprime mortgage finance purchase acquisition mortgaged property person days purchase acquisition property person price lower current sale price property sec declares unfair deceptive certain practices relating consumer credit transaction secured consumer principal dwelling includes unfair deceptive practices appraisal property offered security person interest underlying transaction compensates coerces instructs induces person conducting involved appraisal includes addition practices appraised value property securing extension credit seeking influence appraiser encourage targeted value order facilitate transaction withholding threatening withhold timely payment appraisal report appraisal services rendered prohibits certified licensed appraiser appraisal management company having interest financial property transaction involving appraisal requires designated federal agencies prescribe implementing regulations jointly subjects unfair deceptive practices civil penalties sec amends financial institutions reform recovery enforcement act provide consumer protection mandate directs subcommittee monitor efforts requirements established states federal financial institutions regulatory agencies protect consumers improper appraisal practices unlicensed appraisers consumer credit transactions secured consumer principal dwelling requires subcommittee detail annual report congress results audits state appraiser regulatory agencies accounting disapproved actions warnings taken previous year including conditions causing disapproval actions taken achieve compliance requires meetings subcommittee open public requires property appraisals performed state prepared appraisers licensed certified state property located appraisal reviews performed appraiser licensed certified state appraisal board requires subcommittee monitor state requirements registration supervision appraisal management company directs subcommittee maintain national registry appraisal management companies registered subject supervision state appraiser certifying licensing agency operating subsidiaries federally regulated financial institution requires establish minimum qualifications state apply registration appraisal management companies including specified requirements requires appropriate federal financial institution regulatory agency develop regulations affecting operations appraisal management company subsidiary owned controlled federally regulated financial institution sets forth registration limitations additional state agency reporting requirements revised registry fees authorizes subcommittee award grants state appraiser certifying licensing agencies order support compliance act authorizes subcommittee remove state licensed certified appraiser registered appraisal management company national registry interim basis pending state agency action licensing certification registration disciplinary proceedings impose sanctions state agency fails effective appraiser regulatory program impose interim actions suspensions state agency alternative advance state agency requires state appraiser certifying licensing agency issue reciprocal certification license individual valid certification license state compliance act licensure standards meet exceed state requires subcommittee monitor state appraiser certifying licensing agency determine policies practices procedures consistent purposes maintaining appraiser independence state maintains effective regulations policies maintaining appraiser independence requires subcommittee year enactment act establish operate including toll free telephone number email address exists time directs subcommittee promulgate regulations implement quality control standards governing automated valuation models computerized models mortgage originators secondary market issuers determine collateral worth mortgage secured consumer principal dwelling prohibits broker price opinions primary basis evaluate property loan origination connection residential mortgage loan secured property amends federal_financial_institutions_examination_council_act require times member demonstrated knowledge competence licensure certification professional designation appraisal profession sec directs comptroller general study report congress possible improvements appraisal process generally specifically consistency effectiveness possible improvements state compliance efforts programs sec amends equal_credit_opportunity_act revise requirements creditors provide loan applicants copy appraisal report connection applicant application loan secured lien residential real property repeals condition loan applicant request copy requires creditor furnish applicant copy written appraisals valuations days closing loan sec amends respa require standard real estate settlement form disclose case appraisal coordinated appraisal management company fee paid directly company appraiser company administration fee title vii sense congress importance government sponsored enterprises reform sec expresses sense congress efforts enhance terms residential mortgage credit practices protection limitation regulation incomplete enactment meaningful structural reforms federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac title viii reports sec directs comptroller general study report congress certain interagency efforts mortgage foreclosure rescue scams loan modification fraud title sec directs secretary treasury order ensure protection current future tenants risk multifamily properties develop program stabilize multifamily properties delinquent risk default foreclosure title study effect drywall presence foreclosures sec directs hud study report congress effect residential mortgage loan foreclosures presence drywall imported china end availability property insurance residential structures drywall present title guidelines purchase condominium cooperative housing mortgages sec directs fannie_mae freddie_mac establish revise consistent appropriate levels credit risk underwriting standards purchase condominium cooperative housing


Summary: Fairness for Homeowners Act of 2009 - Amends the Truth in Lending Act to prohibit a creditor or mortgage broker from arranging a consumer credit transaction secured by the principal dwelling of a consumer without first verifying the consumer's reasonable ability to to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums. Prescribes criteria to: (1) determine such consumer's reasonable ability to pay a variable interest rate; and (2) verify the consumer's income and financial resources. Declares a consumer's statement of income or financial resources insufficient evidence of the consumer's financial status. Prohibits consumer equity in the principal dwelling that secures the consumer credit transaction from being used to establish ability to make payments.Prohibits a mortgage broker or creditor from: (1) steering, counseling, or directing a consumer to rates, charges, principal amount, or prepayment terms that are more expensive than those for which the consumer qualifies; (2) arranging for any consumer credit transaction secured by the principal dwelling of a consumer that is more expensive than that for which the consumer qualifies; (3) engaging in certain mischaracterizations. Prohibits prepayment penalties. Limits finance points, charges, and fees. Cites duties owed to a consumer by a mortgage broker. Requires creditors and mortgage brokers to obtain independent verification that a borrower seeking to refinance a special mortgage has received counseling on the transaction's advisability. Defines "special mortgage" as one that: (1) was originated, subsidized, funded, or guaranteed by or through a state, tribal, or local government, or nonprofit organization; and (2) bears one or more specified nonstandard payment terms which substantially benefit the consumer. Prescribes minimum financial requirements for mortgage brokers. Excludes reverse mortgages from coverage by this Act.

fairness homeowners act amends truth lending act prohibit creditor mortgage broker arranging consumer credit transaction secured principal dwelling consumer verifying consumer reasonable ability scheduled payments principal interest including variable interest real estate taxes homeowner insurance assessments mortgage insurance premiums prescribes criteria determine consumer reasonable ability pay variable interest rate verify consumer income financial resources declares consumer statement income financial resources insufficient evidence consumer financial status prohibits consumer equity principal dwelling secures consumer credit transaction establish ability payments prohibits mortgage broker creditor steering counseling directing consumer rates charges principal prepayment terms expensive consumer qualifies arranging consumer credit transaction secured principal dwelling consumer expensive consumer qualifies engaging certain prohibits prepayment penalties limits finance points charges fees cites duties owed consumer mortgage broker requires creditors mortgage brokers obtain independent verification borrower seeking refinance special mortgage received counseling transaction advisability defines special mortgage originated subsidized funded guaranteed state tribal local government nonprofit organization bears specified nonstandard payment terms substantially benefit consumer prescribes minimum financial requirements mortgage brokers excludes reverse mortgages coverage act


Summary: Consumer Lending Education And Reform Act or the C.L.E.A.R. Act - Amends the Truth in Lending Act to limit the interest, fees and charges that a payday lender may require a consumer to pay with respect to an original payday loan and a refinanced payday loan. Prohibits a payday lender from: (1) requiring a consumer to pay an origination fee for a payday loan that is refinanced; or (2) making or refinancing a payday loan unless the creditor has first provided the consumer with a copy of a written loan agreement, signed by the creditor and by the consumer, which includes specified information in English and in the language in which the loan was negotiated. Requires a payday lender to file a surety bond. Prohibits a payday lender from making or refinancing a payday loan unless the terms of the loan require the creditor, upon receiving notice of consumer's inability to repay, to provide the consumer with notice of and the right to opt into an extended payment plan, without charge, one time in any 12-month period. Prohibits a creditor from engaging in any collection activity (or procuring the services of any other for such purpose) during the term of any extended payment plan.

consumer lending education reform_act act amends truth lending act limit interest fees charges payday lender require consumer pay respect original payday loan refinanced payday loan prohibits payday lender requiring consumer pay origination fee payday loan refinanced making refinancing payday loan creditor provided consumer copy written loan agreement signed creditor consumer includes specified information english language loan negotiated requires payday lender file surety bond prohibits payday lender making refinancing payday loan terms loan require creditor receiving notice consumer inability repay provide consumer notice right opt extended payment plan charge time month period prohibits creditor engaging collection activity procuring services purpose term extended payment plan


Summary: Amends the Truth in Lending Act to set forth restrictions upon the termination of a consumer credit card account due to inactivity. Prohibits a consumer credit card account from being terminated for inactivity unless the cardholder is notified within 60 days before the termination date. Authorizes the cardholder to appeal a termination on the basis of error. Requires the card issuer to: (1) investigate whether such an error occurred; (2) transmit the investigation results to the cardholder; and (3) reopen the credit card account if an error did occur.

amends truth lending act set forth restrictions termination consumer credit card account inactivity prohibits consumer credit card account terminated inactivity cardholder notified days termination date authorizes cardholder appeal termination basis error requires card issuer investigate error occurred transmit investigation results cardholder reopen credit card account error occur


Summary: Fannie Mae and Freddie Mac Investigative Commission Act - Establishes the Fannie Mae and Freddie Mac Investigative Commission to investigate and make recommendations to Congress regarding certain decisions of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises) that led to financial instability and federal conservatorship. Requires the Commission to analyze specified topics, including: (1) the role of the enterprises in expanding homeownership and in helping housing market recovery; (2) enterprise involvement in the development of faulty risk standards, accounting practices, and the creation and proliferation of the securitized mortgage instrument, and how such instrument affected the solvency of such enterprises; (3) the role of the respective boards of directors in voting for the policies relating to risk assessments, subprime mortgages, and the international securitization of mortgages; and (4) compensation, stock options, and financial benefits that accrued to executive officers and members of the boards of directors. Requires the enterprises and the Director of the Federal Housing Finance Agency to grant the Commission access to requested records and information.

fannie_mae act establishes fannie_mae investigate recommendations congress certain decisions federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac enterprises led financial instability federal conservatorship requires commission analyze specified topics including role enterprises expanding homeownership helping housing market recovery enterprise involvement development risk standards accounting practices creation proliferation securitized mortgage instrument instrument affected solvency enterprises role respective boards directors voting policies relating risk assessments subprime mortgages international securitization mortgages compensation stock options financial benefits accrued executive officers members boards directors requires enterprises director federal_housing_finance_agency grant commission access requested records information


Summary: Savings for American Families' Future Act of 2009 - Amends the Internal Revenue Code to: (1) increase the rate of the tax credit for retirement savings contributions; (2) make such credit refundable; and (3) direct the Secretary of the Treasury to pay matching credit amounts into taxpayer retirement accounts.

savings amends internal revenue code increase rate tax credit retirement savings contributions credit refundable direct secretary treasury pay matching credit amounts taxpayer retirement accounts


Summary: Amends title VI (Flexibility and Accountability) of the Elementary and Secondary Education Act of 1965 (ESEA) to create a new Part D: Promoting Youth Financial Literacy. Allows the Secretary of Education to provide grants to states to: (1) assist local educational agencies and public schools provide financial education programs to students in kindergarten through grade 12; and (2) implement financial education professional development programs for teachers and administrators. Requires the competitive award of a specified amount of the grant funds each fiscal year, with the remainder provided to each state on the basis of its share of students in kindergarten through grade 12. Directs the Secretary to make a grant to or contract with an institution of higher education or nonprofit organization that has substantial financial education experience to establish and operate a national clearinghouse of instructional materials and information on model financial education programs and best practices. Amends title V of the ESEA to direct the Secretary to set aside 2% of the funds appropriated for the Fund for the Improvement of Education program each fiscal year for financial literacy activities under such program.

amends title flexibility accountability elementary secondary education act esea create new promoting youth financial literacy allows secretary education provide grants states assist local educational agencies public schools provide financial education programs students kindergarten grade implement financial education professional development programs teachers administrators requires competitive award specified grant funds fiscal year remainder provided state basis share students kindergarten grade directs secretary grant contract institution higher education nonprofit organization substantial financial education experience establish operate national clearinghouse instructional materials information model financial education programs best practices amends title esea direct secretary set aside funds appropriated program fiscal year financial literacy activities program


Summary: Savings Recovery Act of 2009 - Amends title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to increase the monthly exempt amount for individuals who have employment income and who have not reached full retirement age between 2008 and 2010. Amends the Internal Revenue Code to: (1) exclude from the gross income of noncorporate taxpayers in 2009 and 2010 dividend income and gain from the sale or exchange of capital assets; (2) increase the limit on the tax deduction for losses from the sale or exchange of capital assets; (3) allow a tax credit for contributions to a qualified tuition program; (4) eliminate the marriage penalty in income limitations for individual retirement account (IRA) contributions; (5) increase the dollar limitation on contributions, including catch-up contributions, to IRAs; and (6) extend through 2012 the suspension of of minimum withdrawal requirements from pension plans. Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide special rules in 2009 and 2010 for valuation of assets in defined benefit pension plans.

savings recovery act amends title old age survivors disability_insurance social security act increase monthly exempt individuals employment income reached retirement age amends internal revenue code exclude gross income noncorporate taxpayers dividend income gain sale exchange capital assets increase limit tax deduction losses sale exchange capital assets allow tax credit contributions qualified tuition program eliminate marriage penalty income limitations individual retirement account ira contributions increase dollar limitation contributions including catch contributions iras extend suspension minimum withdrawal requirements pension plans amends employee retirement income security act erisa provide special rules valuation assets defined benefit pension plans


Summary: Kids IRA Act of 2009 or the K-IRA Act - Amends the Internal Revenue Code to establish a tax-exempt individual retirement account for taxpayers under age 26, to be known as a young savers account. Treats such accounts as Roth individual retirement accounts for income tax purposes. Allows an income-based tax deduction for contributions to such accounts, up to $5,000 in any taxable year.

kids ira act ira act amends internal revenue code establish tax exempt individual retirement account taxpayers age known young savers account treats accounts roth individual retirement accounts income tax purposes allows income based tax deduction contributions accounts taxable year


Summary: Predatory Mortgage Lending Practices Reduction Act - Amends the Real Estate Settlement Procedures Act of 1974 to prohibit any person, in connection with a subprime federally related mortgage loan, from providing mortgage lending services or mortgage brokerage services unless such person is certified by the Secretary of Housing and Urban Development as having been adequately trained with regard to subprime lending. Amends the Truth in Lending Act to require lenders to establish a best practices plan, meeting certain criteria, to ensure compliance with such Act for high cost mortgages. Proscribes unfair or deceptive acts or practices in providing: (1) mortgage lending services for either a subprime federally related mortgage loan; (2) mortgage brokerage services for such a loan; and (3) appraisal of a property offered as security for repayment of the loan.Sets forth civil penalties for violations. Consumer Fairness Act - Amends the Consumer Credit Protection Act to declare unenforceable a written provision in any consumer contract or transaction which requires binding arbitration to resolve any controversy arising out of such transaction or contract, or the refusal to perform all or any part of the transaction. (Permits post-controversy arbitration agreements.) Amends the Community Development Banking and Financial Institutions Act of 1994 to authorize the Community Development Financial Institutions Fund to make grants to nonprofit community development corporations to educate and train borrowers and community groups regarding illegal and inappropriate predatory lending practices.

predatory mortgage lending practices reduction act amends real_estate_settlement_procedures_act prohibit person connection subprime federally related mortgage loan providing mortgage lending services mortgage brokerage services person certified secretary housing_and_urban_development having adequately trained regard subprime lending amends truth lending act require lenders establish best practices plan meeting certain criteria ensure compliance act high cost mortgages unfair deceptive acts practices providing mortgage lending services subprime federally related mortgage loan mortgage brokerage services loan appraisal property offered security repayment loan sets forth civil penalties violations consumer fairness act amends consumer credit protection act declare unenforceable written provision consumer contract transaction requires binding arbitration resolve controversy arising transaction contract refusal perform transaction permits post controversy arbitration agreements amends financial institutions act authorize community_development_financial_institutions_fund grants nonprofit community development corporations educate train borrowers community groups illegal inappropriate predatory lending practices


Summary: Naturalized Citizens Assistance Act - Amends the Workforce Investment Act of 1998 to add to the list of adult education and literacy programs for which certain grants must be used programs of financial literacy education for newly naturalized citizens to help them achieve financial literacy through instruction on such matters as banking, retirement savings, managing credit, as well as predatory lending, identity theft, and other financial abuse schemes.

naturalized citizens assistance act amends workforce investment act add list adult education literacy programs certain grants programs financial literacy education newly naturalized citizens help achieve financial literacy instruction matters banking retirement savings managing credit predatory lending identity theft financial abuse schemes


Summary: Mortgage Assistance Information and Scam Prevention Act of 2009 - Directs the Secretary of Housing and Urban Development (HUD) to require that each covered mortgage servicer provide periodic notice to each mortgagor under a first mortgage on residential real property designed principally for occupancy of one to four families. Requires such a notice to: (1) notify the mortgagor of possible eligibility for federal or federally related homeowner assistance; (2) identify specific programs of HUD, the Rural Housing Service of the Department of Agriculture, the Department of Veterans Affairs (VA), the Department of the Treasury, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal Home Loan Banks, and any other federal or federally related entities that provide mortgage relief, mortgage refinancing, loan modification, mortgage foreclosure mitigation, homeowner stability or affordability, or other homeowner assistance; and (3) explain how to obtain further information regarding such programs.

mortgage assistance information scam prevention act directs secretary housing_and_urban_development hud require covered mortgage servicer provide periodic notice mortgagor mortgage residential real property designed principally occupancy families requires notice notify mortgagor possible eligibility federal federally related homeowner assistance identify specific programs hud department_of_veterans_affairs department_of_the_treasury federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac federal_home_loan_banks federal federally related entities provide mortgage relief mortgage refinancing loan modification mortgage foreclosure mitigation homeowner stability affordability homeowner assistance explain obtain information programs


Summary: Student Credit Card Transparency Act of 2009 - Amends the Truth in Lending Act to require creditors to report annually to the Federal Reserve Board on the terms and conditions of all business, marketing, and promotional agreements and college affinity card agreements with institutions of higher education, or related alumni organizations or foundations, with respect to college student credit cards issued to students at such schools. Directs the Comptroller General to review such reports and creditor marketing practices periodically and report to Congress on the affect college affinity card agreements and college student credit card agreements have on credit card debt.

student credit card transparency act amends truth lending act require creditors report annually federal_reserve_board terms conditions business marketing promotional agreements college affinity card agreements institutions higher education related alumni organizations foundations respect college student credit cards issued students schools directs comptroller general review reports creditor marketing practices periodically report congress affect college affinity card agreements college student credit card agreements credit card debt


Summary: Consumer Credit and Debt Protection Act - Amends the Federal Trade Commission Act to give the Federal Trade Commission (FTC) authority to expedite rulemakings concerning consumer credit or debt. Directs the FTC to examine the practices of providers of debt settlement services and prescribe rules necessary to prevent unfair and deceptive acts or practices by such providers. Directs the FTC to examine the practices of automobile dealers with respect to credit and lending and prescribe rules necessary to prevent unfair and deceptive dealer acts or practices. Gives the FTC authority to commence a civil action to recover a civil penalty in a U.S. district court against any person, partnership, or corporation which engages in any unfair or deceptive acts or practices in connection with consumer credit or debt with actual knowledge or knowledge fairly implied on the basis of objective circumstances that such act is unfair or deceptive. Authorizes enforcement of this Act by state attorneys general.

federal_trade_commission act federal_trade_commission ftc authority expedite rulemakings concerning consumer credit debt directs ftc examine practices providers debt settlement services prescribe rules necessary prevent unfair deceptive acts practices providers directs ftc examine practices automobile dealers respect credit lending prescribe rules necessary prevent unfair deceptive dealer acts practices gives ftc authority commence civil action recover civil penalty district court person partnership corporation engages unfair deceptive acts practices connection consumer credit debt actual knowledge knowledge fairly implied basis objective circumstances act unfair deceptive authorizes enforcement act state attorneys general


Summary: Amends the Fair Credit Reporting Act with respect to the duties of users of consumer reports taking adverse actions on the basis of information contained in such reports. Excludes any health care practice with 20 or fewer employees from the meaning of creditor subject to Red Flag Guidelines regarding identity theft promulgated by the proper federal financial regulatory agency.

amends fair credit reporting act respect duties users consumer reports taking adverse actions basis information contained reports excludes health care practice fewer employees meaning creditor subject red flag guidelines identity theft promulgated proper federal financial regulatory agency


Summary: Credit Score Fairness Act of 2009 - Amends the Fair Credit Reporting Act to require: (1) each consumer reporting agency to make credit scores available to consumers once each year without charge; and (2) certain creditors (other than mortgage lenders) to disclose consumer credit scores that were used in making any determination with respect to extending the consumer credit.

amends fair credit reporting act require consumer reporting agency credit scores available consumers year charge certain creditors mortgage lenders disclose consumer credit scores making determination respect extending consumer credit


Summary: Credit Card Interchange Fees Act of 2009 - Amends the Truth in Lending Act to prohibit specified electronic payment system network practices, including the imposition of: (1) additional charges on merchants and consumers for premium payment cards; (2) certain restrictions on merchants, including chargebacks for transactions on point of sale terminals that exceed the allowable amount on such devices; (3) restrictions upon network routing; (4) any requirement to meet a minimum number of transactions in any period; or (5) fees or a related adverse action for failure of the merchant to meet such a minimum transactions requirement. Requires an electronic payment system network to disclose its contract terms to the merchant, including its complete operating rules, without restricting the merchant's use of such information. Directs the Federal Trade Commission (FTC) to prescribe regulations to: (1) ensure that the rules, terms, and conditions to which a merchant or consumer is subject under an agreement with an electronic payment system network are neither unfair nor deceptive to consumers and merchants, nor anticompetitive; (2) prohibit any unfair or deceptive act or practice or anticompetitive act or practice that may result from such rule, term, or condition; and (3) regularly review such rules, terms, and conditions. Directs the Board of Governors of the Federal Reserve System to collect and disseminate to the public: (1) complete information on fees charged by each electronic payment system network in connection with consumer-initiated transactions; and (2) the rules, terms, and conditions to which a merchant or a consumer is subject under an agreement with an electronic payment system network for transactions using payment cards.

fees act amends truth lending act prohibit specified electronic payment system network practices including imposition additional charges merchants consumers premium payment cards certain restrictions merchants including transactions point sale terminals exceed allowable devices restrictions network routing requirement meet minimum number transactions period fees related adverse action failure merchant meet minimum transactions requirement requires electronic payment system network disclose contract terms merchant including complete operating rules restricting merchant use information directs federal_trade_commission ftc prescribe regulations ensure rules terms conditions merchant consumer subject agreement electronic payment system network unfair deceptive consumers merchants anticompetitive prohibit unfair deceptive act practice anticompetitive act practice result rule term condition regularly review rules terms conditions directs board_of_governors federal_reserve_system collect disseminate public complete information fees charged electronic payment system network connection consumer initiated transactions rules terms conditions merchant consumer subject agreement electronic payment system network transactions payment cards


Summary: Family Foreclosure Rescue Corporation Act - Instructs the Secretary of the Treasury to establish the Family Foreclosure Rescue Corporation to acquire, via the sale of bonds, home mortgages and other obligations and liens secured by real estate which are currently in default or at foreseeable risk of default.

secretary treasury establish acquire sale bonds home mortgages obligations liens secured real estate currently default foreseeable risk default


Summary: FHA Enhanced Oversight Act of 2009 - Amends the National Housing Act to change from annual to semiannual: (1) the independent actuarial studies of the Mutual Mortgage Insurance Fund of the Federal Housing Administration (FHA); and (2) the report of the Secretary of Housing and Urban Development (HUD) on the results of each study.

fha enhanced oversight act amends national housing act change annual semiannual independent actuarial studies mutual_mortgage_insurance_fund federal_housing_administration fha report secretary housing_and_urban_development hud results study


Summary: Increasing Homeownership Opportunities Act - Amends the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act to increase limitations on the maximum original principal obligation of mortgages that may purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation Association (Freddie Mac). Increases such limitations in areas where 125% (currently, 115%) of the median price of residences of a particular size exceed existing mortgage purchase limitations for such residence size. Gives the Director of the Federal Housing Finance Agency (FHFA) discretion to increase existing mortgage purchase limitations where an increase is warranted by higher median home prices in an area or sub-area and will have a significant impact on the cost or availability of mortgages for such homes. Amends the National Housing Act to raise limitations on the maximum principal obligation of mortgages that may be insured by the Secretary of Housing and Urban Development (HUD). Gives the Secretary discretion to increase mortgage insurance limitations where an increase is warranted by higher median home prices in an area or sub-area and will have a significant impact on the cost or availability of mortgages for such homes.

increasing homeownership opportunities act amends federal_home_loan_mortgage_corporation_act federal_national_mortgage_association charter act increase limitations maximum original principal obligation mortgages purchased federal_national_mortgage_association fannie_mae freddie_mac increases limitations areas currently median price residences particular size exceed existing mortgage purchase limitations residence size gives director federal_housing_finance_agency fhfa discretion increase existing mortgage purchase limitations increase warranted higher median home prices area sub area significant impact cost availability mortgages homes amends national housing act raise limitations maximum principal obligation mortgages insured secretary housing_and_urban_development hud gives secretary discretion increase mortgage insurance limitations increase warranted higher median home prices area sub area significant impact cost availability mortgages homes


Summary: Service Members Home Ownership Act of 2009 - Amends the Internal Revenue Code to extend until December 1, 2010, the first-time homebuyer tax credit for members of the Armed Forces serving outside the United States for a period in 2009 before December 1, 2009, of not less than 90 days.

service members home ownership act amends internal revenue code extend december time homebuyer tax credit members armed_forces serving outside united_states period december days


Summary: Housing Opportunity and Mortgage Equity Act of 2009 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (the enterprises) each to implement a program to purchase and securitize qualified new mortgages on single-family housing in accordance with policies and procedures established by the Director of the Federal Housing Finance Agency (FHFA). Sets forth requirements for the purchase and securitization of qualified new mortgages. Terminates the requirement for the enterprises to purchase mortgages two years after the enactment of this Act. Directs Fannie Mae and Freddie Mac each to implement a program to provide for the refinancing of qualified mortgages on single-family housing they own and for the purchase and securitization of such refinancing mortgages in accordance with policies and procedures established by the FHFA Director. Terminates this requirement two years after enactment of this Act. Authorizes the Secretary of the Treasury to purchase securities issued by the enterprises under this Act and such other obligations as the enterprises may issue to carry out this Act. Authorizes the Secretary also, for the purpose of purchasing any such securities and obligations, to use as a public debt transaction the proceeds from the sale of other public debt securities. Treats all redemptions, purchases, and sales by the Secretary of obligations under this Act as public debt transactions of the United States. Limits to $10 billion the aggregate principal amount of outstanding obligations and securities purchased by the Secretary under this Act.

directs federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac enterprises implement program purchase securitize qualified new mortgages single family housing accordance policies procedures established director federal_housing_finance_agency fhfa sets forth requirements purchase securitization qualified new mortgages terminates requirement enterprises purchase mortgages years enactment act directs fannie_mae freddie_mac implement program provide refinancing qualified mortgages single family housing purchase securitization refinancing mortgages accordance policies procedures established fhfa director terminates requirement years enactment act authorizes secretary treasury purchase securities issued enterprises act obligations enterprises issue carry act authorizes secretary purpose purchasing securities obligations use public debt transaction proceeds sale public debt securities treats purchases sales secretary obligations act public debt transactions united_states limits billion aggregate principal outstanding obligations securities purchased secretary act


Summary: Home Buying Credit Expansion Act - Amends the Internal Revenue Code to: (1) extend the first-time homebuyer tax credit to all individuals who purchase a principal residence (currently, only first-time homebuyers as so defined); (2) extend such credit and the waiver of recapture requirements for such credit through 2010; and (3) expand the election to treat a purchase of a principal residence as made in a prior taxable year for purposes of such credit.

extend time homebuyer tax credit individuals purchase principal residence currently time homebuyers defined extend credit waiver recapture requirements credit expand election treat purchase principal residence prior taxable year purposes credit


Summary: Amends the Internal Revenue Code to allow until June 30, 2010: (1) a first-time homebuyer tax credit for all purchasers of a principal residence (not just first-time homebuyers); and (2) a refundable tax credit, up to $3,000, for the costs of refinancing a principal residence.

amends internal revenue code allow june time homebuyer tax credit purchasers principal residence time homebuyers refundable tax credit costs refinancing principal residence


Summary: Amends the Internal Revenue Code to: (1) extend the first-time homebuyer tax credit to all individuals who purchase a principal residence (currently, only first-time homebuyers as so defined); (2) extend such credit and the waiver of recapture requirements for such credit through 2010; and (3) expand the election to treat a purchase of a principal residence as made in a prior taxable year for purposes of such credit.

amends internal revenue code extend time homebuyer tax credit individuals purchase principal residence currently time homebuyers defined extend credit waiver recapture requirements credit expand election treat purchase principal residence prior taxable year purposes credit


Summary: Mortgage Foreclosure Rescue and Loan Modification Services Fraud Prevention Act of 2009 - Directs the Federal Trade Commission (FTC) to conduct a rulemaking proceeding with respect to mortgage foreclosure rescue and loan modification services. Directs the FTC to include in the rule, among other things, requirements that: (1) any residential real property mortgage foreclosure rescue or loan modification service provided to a homeowner contain a written contract meeting specified criteria; (2) any such contract contain a clearly and prominently disclosed right for the homeowner to cancel within a set number of business days with no penalty or obligation; and (3) prohibits or restricts mortgage foreclosure rescue and loan modification services from requesting or receiving any funds until any such services have been fully performed, results have been achieved, and both have been documented to the consumer.

mortgage foreclosure rescue loan modification services fraud prevention act directs federal_trade_commission ftc conduct rulemaking proceeding respect mortgage foreclosure rescue loan modification services directs ftc include rule things requirements residential real property mortgage foreclosure rescue loan modification service provided homeowner contain written contract meeting specified criteria contract contain clearly prominently disclosed right homeowner cancel set number business days penalty obligation prohibits restricts mortgage foreclosure rescue loan modification services requesting receiving funds services fully performed results achieved documented consumer


Summary: Amends the Internal Revenue Code to: (1) extend through 2014 the standard tax deduction for real property taxes; and (2) allow an annual inflation adjustment to the allowable amount of such deduction.

amends internal revenue code extend standard tax deduction real property taxes allow annual inflation adjustment allowable deduction


Summary: TARP Repayment and Termination Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to grant any financial institution that received or receives assistance under the Troubled Asset Relief Program (TARP) the right to repay all of it immediately if the institution will be well capitalized after such repayment and has made any payment due to the Secretary of the Treasury by reason of receiving such assistance. Allows bank holding companies assessed under the Supervisory Capital Assessment Program (SCAP) to repay all of their TARP assistance immediately if the Secretary determines that they meet specified criteria, including the ability, along with their subsidiary banks, to meet all ongoing funding requirements and obligations to counterparties while reducing reliance on government capital and the Temporary Liquidity Guarantee Program (TLGP). Directs the Secretary to notify financial institutions unable to repay their TARP assistance of detailed steps to take to put themselves in a position to make such repayment. Gives financial institutions making a full repayment of TARP assistance the right to repurchase preferred shares purchased or held by the Secretary as a result of the Secretary's exercise of warrants at the same price paid by the Secretary for such shares or warrants. Requires the Secretary to liquidate at the market price warrants associated with repaid TARP assistance. Eliminates the Secretary's authority to extend TARP beyond its termination date.

amends emergency economic stabilization act eesa grant financial institution received receives assistance troubled_asset_relief_program tarp right repay immediately institution capitalized repayment payment secretary treasury reason receiving assistance allows bank holding companies assessed repay tarp assistance immediately secretary determines meet specified criteria including ability subsidiary banks meet ongoing funding requirements obligations counterparties reducing reliance government capital directs secretary notify financial institutions unable repay tarp assistance detailed steps position repayment gives financial institutions making repayment tarp assistance right repurchase preferred shares purchased held secretary result secretary exercise warrants price paid secretary shares warrants requires secretary liquidate market price warrants associated repaid tarp assistance eliminates secretary authority extend tarp termination date


Summary: Homeowners' Emergency Mortgage Assistance Act - Directs the Secretary of Housing and Urban Development to establish a mortgage emergency assistance program for a mortgage for a one- to four-family residence whose mortgagor is temporarily unable to meet payment obligations due to financial hardship beyond the mortgagor's control. Prohibits an mortgagee from accelerating the maturity of or commencing any legal action regarding a mortgage (including foreclosure) or taking possession of any mortgagor security: (1) unless the mortgagee meets certain notice and other specified conditions; or (2) if the mortgagor has applied for or is receiving assistance under this Act. Requires mortgagor repayment of such assistance, plus interest.

homeowners emergency mortgage assistance act directs secretary housing_and_urban_development establish mortgage emergency assistance program mortgage one- family residence mortgagor temporarily unable meet payment obligations financial hardship mortgagor control prohibits mortgagee accelerating maturity commencing legal action mortgage including foreclosure taking possession mortgagor security mortgagee meets certain notice specified conditions mortgagor applied receiving assistance act requires mortgagor repayment assistance plus interest


Summary: Rating Accountability and Transparency Enhancement Act of 2009 or the RATE Act - Amends the Securities Exchange Act of 1934 to require the Securities and Exchange Commission (SEC) to review credit ratings and methodologies employed by each nationally recognized statistical rating organization (NRSRO) to ensure that the NRSRO complies with its internal controls for determining credit ratings. Requires each NRSRO to establish establish and enforce governance procedures to manage conflicts of interest in accordance with SEC rules. Directs the SEC to issue specified rules to prohibit, or require the management and disclosure of, any conflicts of interest relating to the issuance of credit ratings by an NRSRO. Requires an NRSRO to review and revise a credit rating, if appropriate, in any case in which an employee of an obligor, issuer, or underwriter of a security or money market instrument was employed by an NRSRO and participated in determining such credit ratings for the obligor or the issuer during the one-year period preceding the date of the credit rating (look-back requirement). Requires each NRSRO to designate a compliance officer to perform specified duties. Directs the SEC to establish an office to administer SEC rules with respect to the practices of NRSROs in determining ratings to ensure that credit ratings NRSROs issue are accurate and not unduly influenced by conflicts of interest. Directs the SEC to require each NRSRO to disclose publicly information on initial ratings and subsequent changes in order to: (1) provide a gauge of the accuracy of ratings; and (2) allow users of credit ratings to compare performance of ratings by different NRSROs. Requires the SEC to promulgate rules on credit rating procedures and methodologies. Modifies the scienter requirement in a private action for money damages against an NRSRO to provide that it shall be sufficient for the complaint to state with particularity facts giving rise to a strong inference that the NRSRO knowingly or recklessly failed either to: (1) conduct a reasonable investigation of the rated security with respect to the factual elements relied upon by its own methodology for evaluating credit risk; or (2) obtain reasonable verification of such factual elements from other sources that it considered to be competent and that were independent of the issuer and underwriter. Directs the Comptroller General to study and report to Congress on implementation of this Act, including: (1) the appropriateness of relying on ratings for use in federal, state, and local securities, banking regulations, and capital requirements determinations; and (2) the effect of liability in private actions and the scienter modification of this Act.

rate act amends securities exchange act require securities_and_exchange_commission sec review credit ratings methodologies employed nationally recognized statistical rating organization ensure complies internal controls determining credit ratings requires establish establish enforce governance procedures manage conflicts interest accordance sec rules directs sec issue specified rules prohibit require management disclosure conflicts interest relating issuance credit ratings requires review revise credit rating appropriate case employee obligor issuer underwriter security money market instrument employed participated determining credit ratings obligor issuer year period preceding date credit rating look requirement requires designate compliance officer perform specified duties directs sec establish office administer sec rules respect practices nrsros determining ratings ensure credit ratings nrsros issue accurate unduly influenced conflicts interest directs sec require disclose publicly information initial ratings subsequent changes order provide gauge accuracy ratings allow users credit ratings compare performance ratings different nrsros requires sec promulgate rules credit rating procedures methodologies modifies requirement private action money damages provide shall sufficient complaint state facts giving rise strong inference knowingly recklessly failed conduct reasonable investigation rated security respect factual elements relied methodology evaluating credit risk obtain reasonable verification factual elements sources considered competent independent issuer underwriter directs comptroller general study report congress implementation act including appropriateness relying ratings use federal state local securities banking regulations capital requirements determinations effect liability private actions modification act


Summary: Medical Debt Relief Act of 2010 - Amends the Fair Credit Reporting Act to prohibit a consumer reporting agency from making any report containing information related to a fully paid or settled medical debt that had been characterized as delinquent, charged off, or in collection for credit reporting purposes which, from the date of payment or settlement, antedates the report by more than 45 calendar days.

medical debt relief act amends fair credit reporting act prohibit consumer reporting agency making report containing information related fully paid settled medical debt characterized delinquent charged collection credit reporting purposes date payment settlement antedates report calendar days


Summary: Amends the Internal Revenue Code to repeal the prohibition against dealers in real property using the installment method for reporting income from an installment sale.

amends internal revenue code repeal prohibition dealers real property installment method reporting income installment sale


Summary: Foreclosure Prevention and Sound Mortgage Servicing Act of 2009 - Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to require the mortgagee, upon default of a federally related mortgage loan secured by a lien on the borrower's principal residence, to engage in loss mitigation activities that provide for: (1) the long-term affordability of the loan; and (2) the maximum retention of home equity. Prohibits initiation of foreclosure on any mortgage loan if the mortgagee or servicer has at any time failed to comply with specified loss mitigation requirements. Specifies priority, secondary, and last-resort mitigation activities, including the appropriate circumstances for each kind. Sets forth criteria governing the affordability of scheduled payments due from the borrower pursuant to loss mitigation activities. Requires the mortgagee or servicer to notify the mortgagor in writing within certain deadlines concerning prospective adjustable rate mortgage increases. Requires a mortgagee or servicer to provide the borrower with direct access to authorized loss mitigation personnel. Sets general rules for third-party modification of a mortgage loan and consequent loss mitigation activities. Requires the servicer or mortgagee to forward to a housing counseling agency approved by the Secretary of Housing and Urban Development (HUD) the contact information of any borrower whose federally related mortgage loan payment is more than 60 days late. Prohibits a mortgagee from requiring a borrower, as a condition of loss mitigation activities, to: (1) waive or limit rights to certain legal actions against the mortgagee or servicer as a condition of accepting an offer of any loss mitigation activities; or (2) agree to arbitration as a condition of receiving loan modification activities. Subjects a mortgagee to reporting requirements regarding loss mitigation activities. Directs the Comptroller of the Currency and the Director of the Office of Thrift Supervision to: (1) compile annually aggregate data by census tract for certain mortgagees in certain statistical areas; and (2) report to Congress on mortgagee compliance with this Act. Requires the servicer of a mortgage loan to make available without charge, upon borrower's written request, specified account status information and documentation. Prohibits foreclosure proceedings while such a request is pending and the mortgagee or servicer has not complied with related requirements. Amends the Truth in Lending Act to prescribe: (1) the duties of standard of care governing lenders and loan servicers; and (2) fee assessments and disclosures. Prohibits fees for payoff statements. Amends RESPA to specify additional account information for the required notice by the transferor of a loan servicing contract at time of transfer. Directs the Secretary and the federal banking regulatory agencies to establish procedures and standards for servicer compensation that do not provide incentives for mortgage foreclosure or disincentives to engaging in loss mitigation activities. Declares void and unenforceable any investment contract executed between a servicer of pooled residential mortgages and an investor after enactment of this Act that is inconsistent with it. Directs the Secretary and the Secretary of the Treasury to implement jointly a pilot program to encourage Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Banks (government-sponsored enterprises, or GSEs) to enter into contracts for insured community development financial institutions to provide mortgage servicing for mortgages they own or securitize.

foreclosure prevention sound mortgage servicing act amends real_estate_settlement_procedures_act respa require mortgagee default federally related mortgage loan secured lien borrower principal residence engage loss mitigation activities provide long term affordability loan maximum retention home equity prohibits initiation foreclosure mortgage loan mortgagee servicer time failed comply specified loss mitigation requirements specifies priority secondary resort mitigation activities including appropriate circumstances kind sets forth criteria governing affordability scheduled payments borrower pursuant loss mitigation activities requires mortgagee servicer notify mortgagor writing certain deadlines concerning prospective adjustable rate mortgage increases requires mortgagee servicer provide borrower direct access authorized loss mitigation personnel sets general rules party modification mortgage loan loss mitigation activities requires servicer mortgagee forward housing counseling agency approved secretary housing_and_urban_development hud contact information borrower federally related mortgage loan payment days late prohibits mortgagee requiring borrower condition loss mitigation activities waive limit rights certain legal actions mortgagee servicer condition accepting offer loss mitigation activities agree arbitration condition receiving loan modification activities subjects mortgagee reporting requirements loss mitigation activities directs comptroller currency director office_of_thrift_supervision compile annually aggregate data census tract certain mortgagees certain statistical areas report congress mortgagee compliance act requires servicer mortgage loan available charge borrower written request specified account status information documentation prohibits foreclosure proceedings request pending mortgagee servicer complied related requirements amends truth lending act prescribe duties standard care governing lenders loan servicers fee assessments disclosures prohibits fees payoff statements amends respa specify additional account information required notice transferor loan servicing contract time transfer directs secretary federal banking regulatory agencies establish procedures standards servicer compensation provide incentives mortgage foreclosure disincentives engaging loss mitigation activities declares void unenforceable investment contract executed servicer pooled residential mortgages investor enactment act inconsistent directs secretary secretary treasury implement jointly pilot program encourage federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac federal_home_loan_banks government sponsored enterprises gses enter contracts insured community development financial institutions provide mortgage servicing mortgages securitize


Summary: Small Business Credit Card Act of 2009 - Amends the Truth in Lending Act to cover any qualified small business as a consumer with respect to a credit card account under an open end credit plan (thereby extending credit card protections under such Act to small businesses). Defines "qualified small business" under the Act as any business concern having 50 or fewer employees, whether or not: (1) the credit card account is in the name of an individual or a business entity; and (2) any credit transaction involving such account is for business or personal purposes. Permits a qualified small business to elect to opt out of coverage by the Act. Exempts from coverage by the Act any credit transaction in which the total amount financed exceeds $50,000 (currently $25,000). Requires certain creditor disclosures before opening any account under an open end consumer credit plan for a qualified small business. Prohibits a creditor from: (1) discriminating against any business concern having 50 or fewer employees in connection with any credit card account under an open end credit plan; or (2) requiring any qualified small business to make an opt-out election as a condition for opening a credit card account, or for providing more advantageous terms for such an account.

amends truth lending act cover qualified small business consumer respect credit card account open end credit plan extending credit card protections act small businesses defines qualified small business act business concern having fewer employees credit card account individual business entity credit transaction involving account business personal purposes permits qualified small business elect opt coverage act exempts coverage act credit transaction total financed exceeds currently requires certain creditor disclosures opening account open end consumer credit plan qualified small business prohibits creditor discriminating business concern having fewer employees connection credit card account open end credit plan requiring qualified small business opt election condition opening credit card account providing advantageous terms account


Summary: Amends the Credit Card Accountability Responsibility and Disclosure Act of 2009 (also known as the Credit CARD Act of 2009) to make it effective upon its date of enactment (May 22, 2009), instead of nine months after such date.

amends credit_card_accountability_responsibility disclosure act known credit card act effective date enactment instead months date