Summary: FHA Modernization Act of 2007 - Title I: Building American Homeownership - Building American Homeownership Act of 2007 - (Sec. 102) Amends the National Housing Act to: (1) modify requirements for the maximum principal loan obligation, changing one element in the formula from 95% to 100% of the median one-family house price in the area; and (2) limit the principal loan obligation to 100% of the appraised value of the property. (Sec. 103) Amends the National Housing Act to revise eligibility criteria for cash down payment for Federal Housing Administration (FHA) mortgage insurance. Reduces such payment from the current 3% to 1.5% of the appraised value of the property. Repeals the authority of corporations or other persons to pay the down payment for: (1) individuals at age 60 or older at the time the mortgage was endorsed for insurance or if the mortgage met the requirement for single-family housing in outlying areas; or (2) covering a single-family home being purchased under the low-income housing demonstration project or a housing unit in connection with a homeownership program under the Homeownership and Opportunity Through HOPE Act. Requires the Secretary of Housing and Urban Development (HUD), with respect to cash down payments, to consider as cash or its equivalent any amounts borrowed from (currently, gifted by) a family member, provided such funds are paid back (as under current law). Provides that the principal obligation of the mortgage and the obligation secured by such lien may not exceed 100% of the appraised value of the property (as under current law). Repeals the inclusion of any initial service charges, appraisal, inspection and other fees in connection with the mortgage. Prohibits cash down payments from consisting, in whole or in part, of funds provided before, during, or after closing of the property sale by: (1) the seller or any other person or entity that financially benefits from the transaction; or (2) any third party or entity that is reimbursed, directly or indirectly, by such parties. (Sec. 104) Releases from HUD upfront mortgage insurance premium requirements: (1) certain mortgages secured by one- to four-family dwellings that are obligations of the General Insurance Fund (GIF); (2) insured rehabilitation loans for one- to four-family structures; and (3) condominium mortgages. Increases from: (1) 2.25% to 3% the maximum upfront mortgage insurance premium HUD may collect on mortgages secured by a one- to four-family dwelling that is an obligation of the Mutual Mortgage Insurance (MMI) Fund; and (2) 2% to 2.75% such premium if, as under current law, the mortgagor is a first-time homebuyer who completes a HUD approved program of counseling with respect to the responsibilities and financial management involved in homeownership. (Sec. 105) Replaces the GIF with the MMI Fund with respect to funds received and disbursements made in connection with rehabilitation loans for one- to four-family structures. (Sec. 107) Permits the Secretary to insure any mortgage covering a one-family unit in a condominium if, in addition to other specified requirements, the project of which it is part has a certain HUD-insured blanket mortgage. Includes among insurable one-family units (condominiums) in multifamily projects those in which the dwelling units are manufactured housing units, semidetached or detached. (Sec. 108) Revises requirements for the MMI Fund, specifying operating goals among other things. Requires an annual independent actuarial study of the Fund, on the basis of which the Secretary may make either: (1) programmatic adjustments to reduce any risk to the Fund; or (2) appropriate premium adjustments. Makes insured mortgages used in conjunction with the Homeownership Voucher program, as well as reverse mortgages, obligations of the MMI Fund. (Sec. 109) Makes insurance of a Native Hawaiian or Indian reservation mortgage the obligation of the MMI Fund (instead of the GIF). (Sec. 111) Redefines "home mortgage" and "mortgage" to include subordinate mortgage, with respect to FHA insurance of cooperative housing projects. (Sec. 112) Eliminates the limitation on the aggregate number of home equity conversion mortgages (HECMs, or reverse mortgages) for elderly homeowners insured under the National Housing Act. Authorizes the Secretary to insure an HECM to: (1) enable an elderly mortgagor to purchase a one- to four-family dwelling unit, one unit of which the mortgagor will occupy as a primary residence; and (2) provide for any future payments to the mortgagor, based on available equity. Establishes a single national loan limit for HECMs equivalent to the limit for a one-family residence under the Federal Home Loan Mortgage Corporation Act. Directs: (1) the Secretary to establish specified limits on the origination fee that may be charged to an HECM mortgagor; and (2) the Comptroller General to study and report to Congress on the costs and availability of credit under the HECMs for elderly homeowners program. (Sec. 113) Amends the Energy Policy Act of 1992 to raise the cap on the price of the cost-effective energy efficiency improvements under the energy efficiency mortgages program. (Sec. 114) Amends the National Housing Act to require the Secretary to carry out a pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information for mortgagors and prospective mortgagors (under mortgages on one- to four-family residences) without sufficient credit history, for determining their creditworthiness. Allows such alternative credit rating information to include among other information, rent, utilities, and insurance payment histories. Requires the Comptroller General to identify to Congress: (1) the number of additional mortgagors served using the automatic process; and (2) the impact of such process and the insurance of mortgages pursuant to it on the safety and soundness of FHA mortgage insurance funds of which such mortgages are obligations. (Sec. 115) Requires the Secretary and the FHA Commissioner to develop, implement, and report to specified congressional committees a plan to improve the FHA loss mitigation process. (Sec. 116) Authorizes appropriations to the Secretary for FY2008-FY2012 from the negative credit subsidy for FHA mortgage insurance programs to increase funding for: (1) technology; (2) processes; (3) program performance; (4) fraud elimination; and (5) appropriate staffing in connection with such programs. Conditions such authorization for any fiscal year upon certification by the Secretary that mortgage insurance premiums charged during it: (1) are established at the minimum amount sufficient to comply with the requirements for the MMI capital ratio; and (2) ensure the safety and soundness of the other FHA mortgage insurance funds. Requires any such negative credit subsidy to ensure adequately the efficient delivery and availability of FHA mortgage insurance programs. Requires the Secretary to study and report to Congress on how best to update and upgrade FHA mortgage insurance program processes and technologies so that: (1) the procedures for originating, insuring, and servicing of mortgages conform with those customarily used by secondary market purchasers of residential mortgage loans; and (2) such processes and technology provide appropriate staffing for such programs. (Sec. 117) Amends the Housing and Urban Development Act of 1968 to revise post-purchase housing counseling eligibility requirements for homeowners who are, or are expected to be, unable to make payments, correct a home loan delinquency within a reasonable time, or resume full home loan payments due to a reduction in the homeowner's income. Extends eligibility to such a homeowner that has a significant: (1) reduction in household income due to divorce or death; or (2) increase in his or her basic expenses or those of an immediate family member (including the spouse, child, or parent for whom the homeowner provides substantial care or financial assistance) due to an unexpected or significant increase in medical expenses, a divorce, unexpected and significant damage to the property, the repair of which will not be covered by private or public insurance, or a large property-tax increase. Adds as an alternative criterion that the annual income of the homeowner is no longer greater than the annual low- or moderate-income. Repeals the automatic counseling eligibility of first-time home buyers whose mortgage: (1) principal obligation exceeds 97% of the property's appraised value; and (2) will be insured. (Sec. 118) Requires the Secretary to establish a demonstration program to test the effectiveness of alternative forms of pre-purchase homeownership counseling for up to 3,000 first-time homebuyers approved for a home loan with a loan-to-value (LTV) ratio between 97% and 98.5% (eligible homebuyers). Specifies such alternative forms as: (1) telephone counseling; (2) individual in-person counseling; (3) web-based counseling; (4) counseling classes; or (5) any other appropriate form or type of counseling. Authorizes the Secretary to provide incentives to eligible homebuyers to participate in the demonstration program, including reduction of any FHA insurance premium charges owed. (Sec. 119) Amends the federal criminal code to subject an individual to a fine of up to $1 million and imprisonment for up to 30 years, or both, for certain fraudulent actions intended to influence FHA action in any way, including with respect to an insurance agreement or application for insurance or a guarantee. (Sec. 120) Prohibits the Secretary, through FY2009, from increasing premiums for the FHA multifamily insurance program above the FY2006 premiums, unless without such increase, insurance of additional mortgages under the program would require the appropriation of new budget authority to cover the costs of such insurance. Requires the Secretary, at least 30 days before such an increase takes effect, to: (1) notify specified congressional committees of the increase; and (2) publish notice of it in the Federal Register. Authorizes the Secretary to waive the 30-day notice requirement if waiting 30 days before increasing premiums would cause substantial damage to the solvency of multifamily housing programs. (Sec. 123) Prohibits the Secretary, for one year following enactment of this Act, from enacting, executing, or taking actions to make effective the planned implementation of risk-based premiums, designed for mortgage lenders to offer borrowers an FHA-insured product that provides a range of mortgage insurance premium pricing, based on the risk the insurance contract represents. Title II: Manufactured Housing Loan Modernization - FHA Manufactured Housing Loan Modernization Act of 2007 - (Sec. 203) Amends the National Housing Act with respect to FHA housing loan insurance for manufactured homes (or lots for such homes). Exempts such loans from certain financial institution portfolio limits, increasing an allowable claim for loss from 10% to 90% of an institution's total amount of such loans, credit advances, and purchases. (Sec. 204) Makes any new contract of insurance for such loans, credit advances, or purchases conclusive evidence of an institution's insurance eligibility. (Thus requires each loan to be insured individually instead of as part of a bundle of such loans.) (Sec. 205) Increases loan limits, requiring annual indexing. (Sec. 206) Prescribes requirements for payment by a borrower of premium charges for credit insurance, including an upfront premium of up to 2.25% and an annual premium of up to 1%. (Sec. 207) Revises requirements for the handling and disposal of any real or personal property conveyed to or acquired by the Secretary, and the pursuit of all claims against mortgagors assigned to the Secretary by mortgagees. (Sec. 208) Directs the Secretary to: (1) establish underwriting criteria for loans and credit in connection with a manufactured home, or a lot for one, that will ensure the manufactured housing program's financial soundness; and (2) revise within six months existing criteria to accord with those established under this Act. (Sec. 209) Amends the National Housing Act to apply the prohibition against kickbacks and unearned fees in the Real Estate Settlement Procedures Act of 1974 (RESPA) to each sale of a manufactured homes financed with an FHA-insured loan or extension of credit and related services. Authorizes the Secretary to: (1) determine the manner and extent to which such RESPA prohibition against kickbacks and unearned fees may reasonably be applied to such sale; and (2) grant necessary exemptions to achieve such purpose. Requires the Secretary, in connection with the purchase of a manufactured home financed with a FHA loan or extension of credit, to prohibit acts or practices in connection with loans or extensions of credit that the Secretary finds to be unfair, deceptive, or otherwise not in the interests of the borrower. (Sec. 210) Prescribes certain lease requirements as prerequisites for HUD insurance of a financial institution with respect to a mortgage loan to finance a manufactured home intended to be leased in a manufactured home community.

fha modernization act title building american homeownership building american homeownership act sec amends national housing act modify requirements maximum principal loan obligation changing element formula median family house price area limit principal loan obligation appraised value property sec amends national housing act revise eligibility criteria cash payment federal_housing_administration fha mortgage insurance reduces payment current appraised value property repeals authority corporations persons pay payment individuals age older time mortgage endorsed insurance mortgage met requirement single family housing outlying areas covering single family home purchased low income housing demonstration project housing unit connection homeownership program requires secretary housing_and_urban_development hud respect cash payments consider cash equivalent amounts borrowed currently gifted family member provided funds paid current law provides principal obligation mortgage obligation secured lien exceed appraised value property current law repeals inclusion initial service charges appraisal inspection fees connection mortgage prohibits cash payments consisting funds provided closing property sale seller person entity financially benefits transaction party entity reimbursed directly indirectly parties sec releases hud upfront mortgage insurance premium requirements certain mortgages secured one- family dwellings obligations general_insurance_fund insured rehabilitation loans one- family structures condominium mortgages increases maximum upfront mortgage insurance premium hud collect mortgages secured one- family dwelling obligation mmi fund premium current law mortgagor time homebuyer completes hud approved program counseling respect responsibilities financial management involved homeownership sec replaces mmi fund respect funds received disbursements connection rehabilitation loans one- family structures sec permits secretary insure mortgage covering family unit condominium addition specified requirements project certain hud insured blanket mortgage includes insurable family units multifamily projects dwelling units manufactured housing units sec revises requirements mmi_fund specifying operating goals things requires annual independent actuarial study fund basis secretary programmatic adjustments reduce risk fund appropriate premium adjustments makes insured mortgages conjunction homeownership voucher program reverse mortgages obligations mmi_fund sec makes insurance native hawaiian indian reservation mortgage obligation mmi_fund instead sec redefines home mortgage mortgage include subordinate mortgage respect fha insurance cooperative housing projects sec eliminates limitation aggregate number home equity conversion mortgages reverse mortgages elderly homeowners insured national housing act authorizes secretary insure enable elderly mortgagor purchase one- family dwelling unit unit mortgagor occupy primary residence provide future payments mortgagor based available equity establishes single national loan limit equivalent limit family residence federal_home_loan_mortgage_corporation_act directs secretary establish specified limits origination fee charged mortgagor comptroller general study report congress costs availability credit elderly homeowners program sec amends energy policy act raise cap price cost effective energy efficiency improvements energy efficiency mortgages program sec amends national housing act require secretary carry pilot program establish available mortgagees automated process providing alternative credit rating information mortgagors prospective mortgagors mortgages one- family residences sufficient credit history determining creditworthiness allows alternative credit rating information include information rent utilities insurance payment histories requires comptroller general identify congress number additional mortgagors served automatic process impact process insurance mortgages pursuant safety soundness fha mortgage insurance funds mortgages obligations sec requires secretary fha commissioner develop implement report specified congressional committees plan improve fha loss mitigation process sec authorizes appropriations secretary fy2008 fy2012 negative credit subsidy fha mortgage insurance programs increase funding technology processes program performance fraud elimination appropriate staffing connection programs conditions authorization fiscal year certification secretary mortgage insurance premiums charged established minimum sufficient comply requirements mmi capital ratio ensure safety soundness fha mortgage insurance funds requires negative credit subsidy ensure adequately efficient delivery availability fha mortgage insurance programs requires secretary study report congress best update upgrade fha mortgage insurance program processes technologies procedures originating insuring servicing mortgages conform customarily secondary market purchasers residential mortgage loans processes technology provide appropriate staffing programs sec amends housing_and_urban_development_act revise post purchase housing counseling eligibility requirements homeowners expected unable payments correct home loan delinquency reasonable time resume home loan payments reduction homeowner income extends eligibility homeowner significant reduction household income divorce death increase basic expenses immediate family member including spouse child parent homeowner provides substantial care financial assistance unexpected significant increase medical expenses divorce unexpected significant damage property repair covered private public insurance large property tax increase adds alternative criterion annual income homeowner longer greater annual low- moderate income repeals automatic counseling eligibility time home buyers mortgage principal obligation exceeds property appraised value insured sec requires secretary establish demonstration program test effectiveness alternative forms pre purchase homeownership counseling time homebuyers approved home loan loan value ratio eligible homebuyers specifies alternative forms telephone counseling individual person counseling web based counseling counseling classes appropriate form type counseling authorizes secretary provide incentives eligible homebuyers participate demonstration program including reduction fha insurance premium charges owed sec amends federal criminal code subject individual fine million imprisonment years certain fraudulent actions intended influence fha action way including respect insurance agreement application insurance guarantee sec prohibits secretary fy2009 increasing premiums fha multifamily insurance program fy2006 premiums increase insurance additional mortgages program require appropriation new budget authority cover costs insurance requires secretary days increase takes effect notify specified congressional committees increase publish notice federal_register authorizes secretary waive day notice requirement waiting days increasing premiums cause substantial damage solvency multifamily housing programs sec prohibits secretary year following enactment act enacting executing taking actions effective planned implementation risk based premiums designed mortgage lenders offer borrowers fha insured product provides range mortgage insurance premium pricing based risk insurance contract represents title manufactured housing loan modernization fha manufactured housing loan modernization act sec amends national housing act respect fha housing loan insurance manufactured homes lots homes exempts loans certain financial institution portfolio limits increasing allowable claim loss institution total loans credit advances purchases sec makes new contract insurance loans credit advances purchases conclusive evidence institution insurance eligibility requires loan insured individually instead bundle loans sec increases loan limits requiring annual indexing sec prescribes requirements payment borrower premium charges credit insurance including upfront premium annual premium sec revises requirements handling disposal real personal property conveyed acquired secretary pursuit claims mortgagors assigned secretary mortgagees sec directs secretary establish underwriting criteria loans credit connection manufactured home lot ensure manufactured housing program financial soundness revise months existing criteria accord established act sec amends national housing act apply prohibition kickbacks unearned fees real_estate_settlement_procedures_act respa sale manufactured homes financed fha insured loan extension credit related services authorizes secretary determine manner extent respa prohibition kickbacks unearned fees reasonably applied sale grant necessary exemptions achieve purpose requires secretary connection purchase manufactured home financed fha loan extension credit prohibit acts practices connection loans extensions credit secretary finds unfair deceptive interests borrower sec prescribes certain lease requirements prerequisites hud insurance financial institution respect mortgage loan finance manufactured home intended leased manufactured home community


Summary: Real Estate Transparency Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to modify requirements governing settlement statements. Requires the originator of a federally related mortgage loan to provide, within three days of a loan application, a written agreement to the applicant itemizing all of the fees the originator may charge at or before loan settlement, including origination, underwriting, and broker fees. Excludes from such requirement bona fide discount points payable by the borrower to reduce the loan's interest rate. Requires an originator fee agreement to set out the following fee payment methods: (1) paying in cash before or at settlement; (2) adding such fees into the total loan amount to be borrowed; and (3) increasing the loan's interest rate. Requires: (1) written and oral explanations of a borrower's payment options; and (2) a borrower's signature attesting agreement with originator fees and with the chosen method of payment. Requires the originator to provide the applicant with a written early settlement statement of all settlement costs to be charged at or before settlement. Shields borrowers from liability for any such fees not disclosed on an early settlement statement, except in certain circumstances. Establishes originator liability to a borrower for non-compliance with this Act, including reimbursement of the borrower for court costs. Repeals the requirement that special information booklets prepared by the Secretary of Housing and Urban Development (HUD) for borrowers contain a good faith estimate of the amount or range of expected settlement charges.

real estate transparency act amends real_estate_settlement_procedures_act modify requirements governing settlement statements requires originator federally related mortgage loan provide days loan application written agreement applicant fees originator charge loan settlement including origination underwriting broker fees excludes requirement bona fide discount points payable borrower reduce loan interest rate requires originator fee agreement set following fee payment methods paying cash settlement adding fees total loan borrowed increasing loan interest rate requires written oral explanations borrower payment options borrower signature attesting agreement originator fees chosen method payment requires originator provide applicant written early settlement statement settlement costs charged settlement shields borrowers liability fees disclosed early settlement statement certain circumstances establishes originator liability borrower non compliance act including reimbursement borrower court costs repeals requirement special information prepared secretary housing_and_urban_development hud borrowers contain good faith estimate range expected settlement charges


Summary: Promoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007, or the PROMISE Act - Requires the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development to terminate, suspend, modify, or otherwise lift: (1) the limitation on growth provision set forth in the Fannie Mae Consent Decree (the OFHEO order dated May 23, 2006, in the matter of the Federal National Mortgage Association (Fannie Mae)); and (2) the voluntary temporary growth limitation described in the Freddie Mac Letter (dated July 31, 2006, from the Chairman and Chief Executive Officer of the Federal Home Loan Mortgage Corporation (Freddie Mac) to the OFHEO Director). Requires: (1) the Director to increase the mortgage portfolio limitations of both enterprises by at least 10%; and (2) the use of 85% of such increase for refinancing subprime mortgages at risk of foreclosure.

mortgages impacted subprime emergency act promise act requires director office_of_federal_housing_enterprise_oversight ofheo department_of_housing_and_urban_development terminate suspend modify lift limitation growth provision set forth fannie_mae consent decree ofheo order dated matter federal_national_mortgage_association fannie_mae voluntary temporary growth limitation described dated july chairman chief executive officer federal_home_loan_mortgage_corporation freddie_mac ofheo director requires director increase mortgage portfolio limitations enterprises use increase refinancing subprime mortgages risk foreclosure


Summary: Credit Card Safety Star Act of 2007 - Amends the Truth in Lending Act to direct the Board of Governors of the Federal Reserve System to promulgate rules to implement a Safety Star System, with one to five stars, to allow consumers to compare quickly and easily the terms, conditions, and levels of safety associated with various open end credit plan agreements. Specifies a point structure for rating credit cards. Assigns an automatic one-star rating (the lowest level of safety) to any open end credit plan: (1) that allows the card issuer to modify the terms of the agreement with a cardholder at any time or periodically for unspecified or unstated reasons; or (2) under which other accounts, or changes by a third party in the cardholder's credit rating, are used as a basis for adverse changes in the agreement (including universal default). Establishes the Credit Card Safety Star Advisory Commission.

amends truth lending act direct board_of_governors federal_reserve_system promulgate rules implement stars allow consumers compare quickly easily terms conditions levels safety associated open end credit plan agreements specifies point structure rating credit cards assigns automatic star rating lowest level safety open end credit plan allows card issuer modify terms agreement cardholder time periodically unspecified reasons accounts changes party cardholder credit rating basis adverse changes agreement including universal default establishes


Summary: Home Ownership Preservation and Protection Act of 2007 - Amends the Truth in Lending Act to redefine high-cost mortgages and attendant lending practices. Sets forth a new formula for points and fees for open-end loans, and provides for bona fide discount points. Prohibits: (1) prepayment penalties; (2) balloon payments; (3) yield spread premiums; (4) acceleration or debt; (5) evasions, structuring of transactions, and reciprocal arrangements; and (6) modification and deferral fees. Prohibits creditors from financing, in connection with a high-cost mortgage, any prepayment fee or penalty, or any points or fees. Prohibits an originator from making or arranging a high-cost mortgage loan that involves a refinancing of a prior existing home mortgage loan unless the new loan will provide a net tangible benefit to the consumer. Sets forth prerequisites for subprime and nontraditional home loans, including: (1) an assessment of ability to pay; (2) a requirement of tax and insurance escrows; (3) prohibition of prepayment penalties and yield-spread premiums; and (4) a requirement of net tangible benefit to the consumer in the case of a subprime or nontraditional mortgage loan transaction that involves refinancing of an existing home mortgage. Imposes a duty of care and a duty of good faith and fair dealing upon mortgage brokers and lenders, appraisers, and lenders and loan servicers. Empowers state Attorneys General to enforce this Act. Subjects lenders, loan servicers, creditors and mortgage brokers to civil liability for violations of this Act. Increases the amount of the penalty that may be awarded. Amends the Real Estate Settlement Procedures Act of 1974 to require a transferor of loan servicing before the transfer tonotify the borrower of the status of the account and its full payment history. Amends the Housing and Urban Development Act of 1968 to revise requirements for foreclosure prevention counseling. Amends the Truth in Lending Act to expand from three to six years an obligor's right of rescission. Imposes liability for monetary damages upon assignees of subprime or nontraditional loans for violations of this Act.Sets forth a remedy in lieu of rescission for certain violations.Prohibits mandatory arbitration. Subjects a lender to liability for certain actions, omissions, and representations made by a mortgage broker in connection with a high-cost mortgage, a subprime mortgage, or a nontraditional mortgage. Amends the Federal Trade Commission Act to require the federal banking agencies and the National Credit Union Administration Board each to establish a separate division of consumer affairs protection and regulations with respect to depository institutions and federal credit unions. Authorizes appropriations to employ additional agents of the Federal Bureau of Investigation and additional dedicated prosecutors at the Department of Justice to coordinate prosecution of mortgage fraud efforts with the offices of the U.S. Attorneys.

amends truth lending act redefine high cost mortgages attendant lending practices sets forth new formula points fees open end loans provides bona fide discount points prohibits prepayment penalties balloon payments yield spread premiums acceleration debt structuring transactions reciprocal arrangements modification deferral fees prohibits creditors financing connection high cost mortgage prepayment fee penalty points fees prohibits originator making arranging high cost mortgage loan involves refinancing prior existing home mortgage loan new loan provide net tangible benefit consumer sets forth prerequisites subprime nontraditional home loans including assessment ability pay requirement tax insurance prohibition prepayment penalties yield spread premiums requirement net tangible benefit consumer case subprime nontraditional mortgage loan transaction involves refinancing existing home mortgage imposes duty care duty good faith fair dealing mortgage brokers lenders appraisers lenders loan servicers empowers state attorneys general enforce act subjects lenders loan servicers creditors mortgage brokers civil liability violations act increases penalty awarded amends real_estate_settlement_procedures_act require transferor loan servicing transfer borrower status account payment history amends housing_and_urban_development_act revise requirements foreclosure prevention counseling amends truth lending act expand years obligor right rescission imposes liability monetary damages assignees subprime nontraditional loans violations act sets forth remedy lieu rescission certain violations prohibits mandatory arbitration subjects lender liability certain actions omissions representations mortgage broker connection high cost mortgage subprime mortgage nontraditional mortgage amends federal_trade_commission act require federal banking agencies national_credit_union_administration_board establish separate division consumer affairs protection regulations respect depository institutions federal credit unions authorizes appropriations employ additional agents federal_bureau_of_investigation additional dedicated prosecutors department_of_justice coordinate prosecution mortgage fraud efforts offices attorneys


Summary: Authorizes appropriations to carry out research and enforcement regarding misleading mortgage advertisements, in an amount double the amount spent for such purposes in the previous fiscal year, for the Division of Financial Practices of the Bureau of Consumer Protection of the Federal Trade Commission (FTC).

authorizes appropriations carry research enforcement misleading mortgage advertisements double spent purposes previous fiscal year ftc


Summary: Reverse Mortgage Proceeds Protection Act - Amends the National Housing Act of 1937 to modify the eligibility criteria for insurance of home equity conversion mortgages (reverse mortgages) of elderly home owners. Excludes from the third party adequate counseling requirement counseling by a reverse mortgage lender, servicer or investor, or an entity engaged in the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product. Repeals the waiver of up-front insurance premiums for mortgages to fund long-term care insurance. Authorizes the Secretary of Housing and Urban Development (HUD) to use a portion of reverse mortgage insurance premiums to fund mandatory counseling and disclosure activities, including counseling for homeowners who elect not to take out a home equity conversion mortgage. Directs the Secretary to promulgate regulations to protect elderly homeowners from the marketing of financial and insurance products not in their interest, including the marketing or sale of an annuity as a precondition to obtaining a home equity conversion mortgage.

reverse mortgage proceeds protection act amends national housing act modify eligibility criteria insurance home equity conversion mortgages reverse mortgages elderly home owners excludes party adequate counseling requirement counseling reverse mortgage lender servicer investor entity engaged sale annuities investments long term care insurance type financial insurance product repeals waiver insurance premiums mortgages fund long term care insurance authorizes secretary housing_and_urban_development hud use portion reverse mortgage insurance premiums fund mandatory counseling disclosure activities including counseling homeowners elect home equity conversion mortgage directs secretary promulgate regulations protect elderly homeowners marketing financial insurance products interest including marketing sale annuity obtaining home equity conversion mortgage


Summary: Amends the Internal Revenue Code to: (1) allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans issued between 2002 and 2008; (2) increase in 2008 limitations on issuance amounts for qualified mortgage bonds; and (3) exempt tax-exempt interest on qualified mortgage or veterans' mortgage bonds issued before 2011 from the alternative minimum tax.

amends internal revenue code allow proceeds qualified mortgage bonds refinance certain residential subprime loans issued increase limitations issuance amounts qualified mortgage bonds exempt tax exempt interest qualified mortgage veterans mortgage bonds issued alternative minimum tax


Summary: Credit Card Minimum Payment Notification Act of 2008 - Amends the Truth in Lending Act regarding disclosures required with each billing cycle under an open end consumer credit plan to require a credit card issuer to include in specified type a written statement in the following form: "Minimum Payment Warning: Making only the minimum payment will increase the interest you pay and the time it takes to repay your balance."Prescribes additional three-line statements disclosing the length of time it will take to pay off balances and the final cost to the consumer of interest rates charged.Requires disclosure of a toll-free telephone number to obtain an estimate in person rather than a recording of the time to repay the balance making only minimum payments and the total amount of those payments.Directs the Federal Trade Commission (FTC) to establish a detailed table illustrating the approximate number of months that it would take and the approximate total cost to repay an outstanding balance if the consumer pays only the required minimum monthly payments and if no other additional charges or fees are incurred on the account.Exempts from such disclosure requirements any billing cycle in which: (1) the account agreement requires a minimum payment of not less than 10% of the outstanding balance; and (2) finance charges are not imposed.

amends truth lending act disclosures required billing cycle open end consumer credit plan require credit card issuer include specified type written statement following form minimum payment warning making minimum payment increase interest pay time takes repay balance additional line statements disclosing length time pay balances final cost consumer interest rates charged requires disclosure toll free telephone number obtain estimate person recording time repay balance making minimum payments total payments directs federal_trade_commission ftc establish detailed table approximate number months approximate total cost repay outstanding balance consumer pays required minimum monthly payments additional charges fees incurred account exempts disclosure requirements billing cycle account agreement requires minimum payment outstanding balance finance charges imposed


Summary: Mortgage Refinancing Initiative Act of 2008 - Amends the Internal Revenue Code to: (1) allow, until December 31, 2009, proceeds of qualified mortgage bonds to be used to refinance an existing mortgage; and (2) increase in 2008 and 2009 the national limitation amount for such bonds.

mortgage refinancing initiative act amends internal revenue code allow december proceeds qualified mortgage bonds refinance existing mortgage increase national limitation bonds


Summary: Secure and Fair Enforcement for Mortgage Licensing Act of 2008, or S.A.F.E. Mortgage Licensing Act of 2008 - Encourages the states to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. Sets forth procedures, requirements (including education and testing), and standards for mandatory registration and state licensing of mortgage loan originators. Requires the federal banking agencies jointly, through the Federal Financial Institutions Examination Council, to develop and maintain a system for registering depository institiution employees as registered loan originators with the Registry. Directs the Secretary of Housing and Urban Development (HUD) to establish and maintain a backup licensing and registration system for loan originators operating in a state that either: (1) does not, after a certain period of time, have a licensing and registering system for loan originators that meets the requirements of this Act; or (2) does not participate in the Registry. Requires the HUD Secretary also to establish and maintain a backup licensing, supervisory, and tracking system for loan originators if the Registry is failing to meet the requirements and purposes of this Act. Declares that this Act does not preempt state law which provides greater protection to consumers than is provided under this Act. Directs the HUD Secretary to study and report to Congress on the root causes of default and foreclosure of home loans.

secure mortgage licensing act encourages states establish nationwide_mortgage_licensing_system_and_registry residential mortgage industry sets forth procedures requirements including education testing standards mandatory registration state licensing mortgage loan originators requires federal banking agencies jointly federal_financial_institutions_examination_council develop maintain system registering depository employees registered loan originators registry directs secretary housing_and_urban_development hud establish maintain backup licensing registration system loan originators operating state certain period time licensing registering system loan originators meets requirements act participate registry requires hud secretary establish maintain backup licensing supervisory tracking system loan originators registry failing meet requirements purposes act declares act preempt state law provides greater protection consumers provided act directs hud secretary study report congress root causes default foreclosure home loans


Summary: Security Against Foreclosures and Education Act, or the SAFE Act - Amends the Internal Revenue Code to allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans. Requires the Neighborhood Reinvestment Corporation to continue to award expeditiously certain funds already provided for mortgage foreclosure counseling. Amends the Code to allow purchasers of certain single-family principal residences a one-time tax credit. Amends the Truth in Lending Act to: (1) revise creditor mortgage loan disclosure requirements; and (2) increase civil damages for noncompliance with such Act. Amends the Code to: (1) allow a five-year carryback of net operating losses for certain taxable years; and (2) suspend through taxable year 2009 the 90% of alternative minimum taxable income limit for certain adjustments to the alternative (minimum) tax net operating loss deduction. Amends the Servicemembers Civil Relief Act of 1940 to expand the period of moratorium on foreclosure sales after a servicemember's service. Requires the Secretary of Defense to develop a program for mortgage foreclosure prevention counseling for members of the Armed Forces returning from service abroad. FHA Modernization Act of 2008 - Amends the National Housing Act (NHA) to: (1) revise requirements for the maximum principal loan obligation eligible for mortgage insurance, as well as the cash investment requirement; and (2) prohibit seller-funded downpayment assistance. Replaces the General Insurance Fund (GIF) with the Mutual Mortgage Insurance (MMI) Fund as the depository of all funds involved in rehabilitation loans for one- to four-family structures. Eliminates the limitation on the aggregate number of home equity conversion mortgages (HECMs) for elderly homeowners insured under the Act. Authorizes the Secretary of Housing and Urban Development (HUD) to insure HECMs. Establishes a single national loan limit for HECMs. Amends the Energy Policy Act of 1992 to raise the cap on the price of cost-effective energy efficiency improvements under the energy efficiency mortgages program. Amends the NHA to require the Secretary to establish a pilot program for an automated process to provide alternative credit rating information on mortgagors and prospective mortgagors. Amends the Housing and Urban Development Act of 1968 to revise post-purchase housing counseling eligibility requirements. Directs the Secretary to establish a pre-purchase homeownership counseling demonstration program. Places limitations on mortgage insurance premium increases. Imposes a one-year moratorium on implementation by the Secretary of certain risk-based premiums. FHA Manufactured Housing Loan Modernization Act of 2008 - Amends the National Housing Act regarding FHA housing loan insurance for manufactured homes (or lots for such homes). Increases manufactured home loan limits, requiring annual indexing. Sets forth borrower premium charges. Amends the NHA to apply the prohibition against kickbacks and unearned fees in the Real Estate Settlement Procedures Act of 1974 (RESPA) to each sale of a manufactured home financed with an FHA-insured loan or extension of credit and related services. Prescribes certain lease requirements as prerequisites for HUD insurance of any loan, advance of credit, or purchase of such a loan or credit to finance a manufactured home intended to be located in a manufactured home community under a lease.

security foreclosures education act safe act amends internal revenue code allow proceeds qualified mortgage bonds refinance certain residential subprime loans requires neighborhood_reinvestment_corporation continue award expeditiously certain funds provided mortgage foreclosure counseling amends code allow purchasers certain single family principal residences time tax credit amends truth lending act revise creditor mortgage loan disclosure requirements increase civil damages noncompliance act amends code allow year carryback net operating losses certain taxable years suspend taxable year alternative minimum taxable income limit certain adjustments alternative minimum tax net operating loss deduction amends servicemembers_civil_relief_act expand period moratorium foreclosure sales servicemember service requires secretary defense develop program mortgage foreclosure prevention counseling members armed_forces returning service abroad fha modernization act amends national housing act nha revise requirements maximum principal loan obligation eligible mortgage insurance cash investment requirement prohibit seller funded downpayment assistance replaces general_insurance_fund mmi fund depository funds involved rehabilitation loans one- family structures eliminates limitation aggregate number home equity conversion mortgages elderly homeowners insured act authorizes secretary housing_and_urban_development hud insure establishes single national loan limit amends energy policy act raise cap price cost effective energy efficiency improvements energy efficiency mortgages program amends nha require secretary establish pilot program automated process provide alternative credit rating information mortgagors prospective mortgagors amends housing_and_urban_development_act revise post purchase housing counseling eligibility requirements directs secretary establish pre purchase homeownership counseling demonstration program places limitations mortgage insurance premium increases imposes year moratorium implementation secretary certain risk based premiums fha manufactured housing loan modernization act amends national housing act fha housing loan insurance manufactured homes lots homes increases manufactured home loan limits requiring annual indexing sets forth borrower premium charges amends nha apply prohibition kickbacks unearned fees real_estate_settlement_procedures_act respa sale manufactured home financed fha insured loan extension credit related services prescribes certain lease requirements prerequisites hud insurance loan advance credit purchase loan credit finance manufactured home intended located manufactured home community lease


Summary: Credit Card Reform Act of 2008 - Amends the Fair Credit Reporting Act to permit a consumer reporting agency to furnish a consumer report in connection with any credit or insurance transaction that is not initiated by the consumer only if the report indicates that the consumer is age 21 or older. Allows 18-year olds to elect to have their name and address included in any agency list. Amends the Truth in Lending Act to prohibit a credit card issuer from changing the terms of a credit card under an open end consumer credit plan: (1) before the scheduled contract expiration or renewal date; and (2) until the issuer has published all contract changes in any mandatory disclosures. Establishes a cardholder right to repay all existing balances on a terminated or expired credit card account under the terms of the account in effect before the termination or expiration. Imposes limits upon increases of interest rates and finance charges on a credit card account before its scheduled renewal date. Permits an increase in the annual percentage rate (APR) as a penalty only for specific, material contract violations of a consumer directly related to the account that are specified in the contract as grounds for an increase. Bans retroactive rate increases.Prohibits a credit card issuer from imposing adverse consequences for late payment if the cardholder's payment is postmarked or initiated by electronic funds transfer on or before the required postmark date. Requires a credit card issuer to verify, when the account is opened or the credit limit increased, that the consumer will be able to make the scheduled payments, based on a consideration of current and expected income, current obligations, and employment status. Amends the Fair Credit Reporting Act to redefine "firm offer of credit or insurance" to require the offer to specify all material terms, including APR, fees, and the applicable amount of credit or credit limit.

amends fair credit reporting act permit consumer reporting agency furnish consumer report connection credit insurance transaction initiated consumer report indicates consumer age older allows year olds elect address included agency list amends truth lending act prohibit credit card issuer changing terms credit card open end consumer credit plan scheduled contract expiration renewal date issuer published contract changes mandatory disclosures establishes cardholder right repay existing balances terminated expired credit card account terms account effect termination expiration imposes limits increases interest rates finance charges credit card account scheduled renewal date permits increase annual percentage rate apr penalty specific material contract violations consumer directly related account specified contract grounds increase bans retroactive rate increases prohibits credit card issuer imposing adverse consequences late payment cardholder payment initiated electronic funds transfer required postmark date requires credit card issuer verify account opened credit limit increased consumer able scheduled payments based consideration current expected income current obligations employment status amends fair_credit_reporting_act redefine firm offer credit insurance require offer specify material terms including apr fees applicable credit credit limit


Summary: Protecting America's Homeowners Act of 2008 - Amends the Internal Revenue Code to extend through January 1, 2011, the temporary exclusion from gross income of the discharge of an indebtedness for a qualified principal residence.Declares invalid, throughout a specified moratorium period, the terms of any home mortgage loan that requires a consumer to pay a prepayment penalty for paying all or part of the outstanding principal before its contractual due date.Directs the Neighborhood Reinvestment Corporation (NRC) to continue to award to counseling intermediaries and State Housing Finance Agencies certain funds previously designated for mortgage foreclosure mitigation activities in states and areas with high rates of mortgage foreclosures or defaults.Appropriates additional funds for FY2008 for: (1) NRC foreclosure mitigation activities; and (2) state and local governmental redevelopment of abandoned and foreclosed homes.Sets forth across-the-board 0.25 percent rescissions in non-defense, non-homeland-security discretionary spending for FY2009.Amends the Truth In Lending Act to require additional creditor disclosures concerning mortgage loans.Requires the annual percentage rate (APR) applicable to credit secured by an interest in real property to include settlement costs. Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Association Charter Act to provide that securities issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Association (Freddie Mac) are not exempt from registration requirements under the Securities Act of 1933 (thus requiring registration of such securities).Sets a limit upon aggregate annual registration fees paid by specified entities that do not include a registered investment company.Establishes in the Securities and Exchange Commission (SEC) a Financial Counseling and Foreclosure Prevention Fund to provide assistance to the NRC to make grants to certain federally approved counseling intermediaries for mortgage foreclosure mitigation assistance to states and areas with high rates of defaults and foreclosures.

protecting_america homeowners act amends internal revenue code extend january temporary exclusion gross income discharge indebtedness qualified principal residence declares invalid specified moratorium period terms home mortgage loan requires consumer pay prepayment penalty paying outstanding principal contractual date directs neighborhood_reinvestment_corporation nrc continue award counseling intermediaries certain funds previously designated mortgage foreclosure mitigation activities states areas high rates mortgage foreclosures defaults appropriates additional funds fy2008 nrc foreclosure mitigation activities state local governmental redevelopment abandoned foreclosed homes sets forth board percent rescissions non defense non homeland security discretionary spending truth lending act require additional creditor disclosures concerning mortgage loans requires annual percentage rate apr applicable credit secured interest real property include settlement costs amends federal_national_mortgage_association charter act charter act provide securities issued federal_national_mortgage_association fannie_mae freddie_mac exempt registration requirements securities act requiring registration limit aggregate annual registration fees paid specified entities include registered investment company establishes securities_and_exchange_commission sec provide assistance nrc grants certain federally approved counseling intermediaries mortgage foreclosure mitigation assistance states areas high rates defaults foreclosures


Summary: Mortgage Enhancement and Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans. States that a servicer of such pooled loans owes a duty to the securitization vehicle to maximize, or not negatively affect, the recovery of total proceeds from such loans for the benefit of all investors and holders of beneficial interests in the pooled loans, in the aggregate, and not to any individual party or group of parties. Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of all such investors and holders if the servicer: (1) makes reasonable, documented efforts to implement a modification or workout plan for a loan in or facing payment default; or (2) engages in other loss mitigation efforts, if the former efforts fail or the plan would be infeasible, in the reasonable belief that such efforts will maximize the net present value to be realized over that which would be realized through foreclosure. Declares, furthermore, that a servicer shall be deemed to be acting on behalf of the securitization vehicle in the best interest of all investors and beneficial interest holders if the servicer makes efforts to: (1) contact proactively borrowers approaching a calendar date in which a predetermined or contractually established rate of interest shall increase or fluctuate in accordance with specified indicators or within a predetermined range; and (2) determine the borrower's ability to make payments following a reset of interest rates, whether the borrower is in danger of default or disclosure, and whether a loan modification or other mitigation effort is appropriate. Declares that, absent specific contractual provisions to the contrary, a servicer acting in a manner consistent with such duty shall not be liable to specified persons for entering into a qualified loan modification or workout plan for loss mitigation purposes.

act establishes standard loan modifications workout plans pools certain residential mortgage loans states servicer pooled loans owes duty securitization vehicle maximize negatively affect recovery total proceeds loans benefit investors holders beneficial interests pooled loans aggregate individual party group parties deems loan servicer acting behalf securitization vehicle best interest investors holders servicer makes reasonable documented efforts implement modification workout plan loan facing payment default engages loss mitigation efforts efforts fail plan infeasible reasonable belief efforts maximize net present value realized realized foreclosure declares furthermore servicer shall deemed acting behalf securitization vehicle best interest investors beneficial interest holders servicer makes efforts contact proactively borrowers approaching calendar date predetermined established rate interest shall increase accordance specified indicators predetermined range determine borrower ability payments following reset interest rates borrower danger default disclosure loan modification mitigation effort appropriate declares absent specific contractual provisions contrary servicer acting manner consistent duty shall liable specified persons entering qualified loan modification workout plan loss mitigation purposes


Summary: Foreclosure Rescue Fraud Act of 2008 - Prohibits a foreclosure consultant from: (1) receiving compensation from a homeowner for services performed regarding residential real property until such consultant has fully performed each service contracted for; (2) holding power of attorney from any homeowner, except to inspect documents; (3) receiving consideration from a third party in connection with services rendered to a homeowner by such third party with respect to the foreclosure, unless such consideration is fully disclosed in writing before such services are rendered; (4) accepting any wage assignment, lien, or other security to secure compensation for services rendered regarding foreclosure of the residential real property; or (5) acquiring any interest in the residence of a homeowner with whom the consultant has contracted. Sets forth contract requirements. Permits a homeowner to cancel such contract without penalty or obligation. Declares void and unenforceable: (1) any waiver by a homeowner of the protections provided in this Act; and (2) any contract that does not comply with this Act. Requires a loan servicer to notify a homeowner of the dangers of fraudulent activities associated with foreclosure if the servicer finds that the homeowner has failed to make two consecutive payments on a residential mortgage loan and such loan is at risk of foreclosure. Subjects any foreclosure consultant who fails to comply with this Act to liability for actual and punitive damages and attorneys' fees. Empowers the Federal Trade Commission (FTC) and the states to enforce this Act.

foreclosure rescue fraud act prohibits foreclosure consultant receiving compensation homeowner services performed residential real property consultant fully performed service contracted holding power attorney homeowner inspect documents receiving consideration party connection services rendered homeowner party respect foreclosure consideration fully disclosed writing services rendered accepting wage assignment lien security secure compensation services rendered foreclosure residential real property acquiring interest residence homeowner consultant contracted sets forth contract requirements permits homeowner cancel contract penalty obligation declares void unenforceable waiver homeowner protections provided act contract comply act requires loan servicer notify homeowner dangers fraudulent activities associated foreclosure servicer finds homeowner failed consecutive payments residential mortgage loan loan risk foreclosure subjects foreclosure consultant fails comply act liability actual punitive damages attorneys fees empowers_the_federal_trade_commission ftc states enforce act


Summary: Encouraging Mortgage Modifications Act of 2008 - Amends the Real Estate Settlement Procedures Act of 1974 to set forth duties of mortgage servicers regarding certain loan modifications or workout plans that affect pooled qualified residential mortgages. Specifies among such duties the duty to: (1) determine if the net present value of the payments on the modified loan is likely to be greater than the anticipated net recovery that would result from foreclosure to all investors and parties having a direct or indirect interest in the pooled loans or securitization vehicle; and (2) act in the best interests of all such investors and parties, if the servicer agrees to or implements a qualified loan modification or workout plan for a qualified residential mortgage, or takes other reasonable loss mitigation actions, including accepting partial payments or short sale of the property, if such efforts are unsuccessful or infeasible. Shields from liability a servicer who enters into a qualified loan modification or workout plan if the servicer acts in a manner consistent with such duties.

encouraging mortgage modifications act amends real estate settlement procedures act set forth duties mortgage servicers certain loan modifications workout plans affect pooled qualified residential mortgages specifies duties duty determine net present value payments modified loan likely greater anticipated net recovery result foreclosure investors parties having direct indirect interest pooled loans securitization vehicle act best interests investors parties servicer agrees implements qualified loan modification workout plan qualified residential mortgage takes reasonable loss mitigation actions including accepting partial payments short sale property efforts unsuccessful infeasible shields liability servicer enters qualified loan modification workout plan servicer acts manner consistent duties


Summary: Credit and Debit Card Receipt Clarification Act of 2008 - Amends the Fair Credit Reporting Act (FCRA) to declare that any person who printed an expiration date on any receipt provided to a consumer cardholder at a point of sale (POS) or transaction between December 4, 2004, and the enactment of this Act, but otherwise complied with FCRA requirements for such receipt, shall not be in willful noncompliance by reason of printing such expiration date on it.

credit debit card receipt clarification act amends fair credit reporting act fcra declare person printed expiration date receipt provided consumer cardholder point sale transaction december enactment act complied fcra requirements receipt shall willful noncompliance reason printing expiration date


Summary: Protecting Tenants at Foreclosure Act of 2008 - States that any immediate successor in interest to residential property in foreclosure assumes such interest subject to: (1) giving the existing bona fide tenant at least 90-day notice to vacate; and (2) specified rights of such tenant to occupy the premises until the end of the remaining term of the lease. Amends the United States Housing Act of 1937 to require a housing assistance payment contract to provide that in the case of an owner who is an immediate successor in interest pursuant to foreclosure: (1) during the initial term of the lease vacating the property prior to sale shall not constitute other good cause for termination of the lease; but (2) in subsequent lease terms, vacating the property prior to sale may constitute good cause if the property is unmarketable while occupied, or if such owner will occupy the unit as a primary residence. Authorizes a housing assistance payment contract entered into by the public housing agency and the owner of a dwelling unit to provide that the immediate successor in interest to property in foreclosure in which a housing assistance recipient resides, assumes such interest subject to the lease between the prior owner and the tenant, and subject to the housing assistance payments contract between the prior owner and the public housing agency for the occupied unit.

protecting_tenants foreclosure act 2008_-_states immediate successor interest residential property foreclosure assumes interest subject giving existing bona fide tenant day notice vacate specified rights tenant occupy premises end remaining term lease amends united_states housing act require housing assistance payment contract provide case owner immediate successor interest pursuant foreclosure initial term lease vacating property prior sale shall constitute good cause termination lease subsequent lease terms vacating property prior sale constitute good cause property occupied owner occupy unit primary residence authorizes housing assistance payment contract entered public housing agency owner dwelling unit provide immediate successor interest property foreclosure housing assistance recipient resides assumes interest subject lease prior owner tenant subject housing assistance payments contract prior owner public housing agency occupied unit


Summary: Credit Card Fair Fee Act of 2008 - Authorizes providers of a single covered electronic payment system (e.g., Visa or Mastercharge credit cards) and any merchants to jointly negotiate and agree upon the fees and terms for access to such a system. Defines covered electronic payment system as any system that has been used for at least 20% of the combined dollar value of credit and debit card payments processed in the most recent year. Grants limited antitrust immunity to such providers and merchants, as well as to those providers who jointly determine among themselves the proportionate division of paid access fees.Sets forth procedures to determine fees and terms for access to a covered electronic payment system. Creates a panel of three full-time Electronic Payment System Judges, appointed by the Assistant Attorney General in charge of the Antitrust Division of the Department of Justice and the Chairman of the Federal Trade Commission, to determine the schedule of fees and terms for two-year periods. Outlines procedures for correcting overpayments, underpayments, and late payments as determined by the Judges. Subjects any determination of such Judges to judicial review.Authorizes providers and merchants to engage in voluntarily negotiated access agreements. Declares that such an executed agreement shall supersede any fees or terms established by the Judges.

authorizes providers single covered electronic payment system visa credit cards merchants jointly negotiate agree fees terms access system defines covered electronic payment system system combined dollar value credit debit card payments processed recent year grants limited antitrust immunity providers merchants providers jointly determine proportionate division paid access fees sets forth procedures determine fees terms access covered electronic payment system creates panel time electronic payment system judges appointed assistant attorney general charge antitrust_division_of_the_department_of_justice chairman federal_trade_commission determine schedule fees terms year periods outlines procedures correcting overpayments underpayments late payments determined judges subjects determination judges judicial review authorizes providers merchants engage voluntarily negotiated access agreements declares executed agreement shall supersede fees terms established judges


Summary: Protecting Consumers from Unreasonable Credit Rates Act of 2008 - Amends the Truth in Lending Act to prohibit a creditor from making an extension of credit to a consumer with respect to which the annual percentage credit rate (APR) exceeds 36%. Includes within such APR all charges payable directly or indirectly incident to, ancillary to, or as a condition of the extension of credit. States that any payment in violation of this Act is null, void, and unenforceable. Prescribes civil and criminal penalties for violations of this Act. Empowers states' Attorneys General to enforce it.

protecting_consumers unreasonable credit rates act amends truth lending act prohibit creditor making extension credit consumer respect annual percentage credit rate apr exceeds includes apr charges payable directly indirectly incident ancillary condition extension credit states payment violation act null void unenforceable prescribes civil criminal penalties violations act empowers states attorneys general enforce


Summary: Extends the Department of Veterans Affairs (VA) demonstration projects on the guaranteeing of veterans' adjustable rate and hybrid adjustable rate mortgage loans in a manner similar to which the Secretary of Housing and Urban Development insures such mortgages under the National Housing Act.

extends department_of_veterans_affairs demonstration projects guaranteeing veterans adjustable rate hybrid adjustable rate mortgage loans manner similar secretary housing_and_urban_development insures mortgages national housing act


Summary: Volunteer Pilot Act - Exempts certain small passenger or cargo charitable flights with standard airworthiness certificates, provided certain conditions are met, from: (1) the requirement to obtain an air carrier or commercial operator certificate; and (2) drug and alcohol testing requirements.

certain small passenger cargo charitable flights standard airworthiness certificates provided certain conditions met requirement obtain air carrier commercial operator certificate drug alcohol testing requirements


Summary: New York/New Jersey High-Intensity Drug Trafficking Area Expansion Act of 2008 - Designates the counties of Clinton, Franklin, Jefferson, and St. Lawrence in the state of New York as high-intensity drug trafficking areas and incorporates such counties into the New York/New Jersey high-intensity drug trafficking area program administered by the Office of National Drug Control Policy.

new_york new_jersey high intensity drug trafficking area expansion act designates counties clinton franklin jefferson state new_york high intensity drug trafficking areas incorporates counties new_york new_jersey high intensity drug trafficking area program administered office_of_national_drug_control_policy


Summary: Consumer Credit Safety Commission Act of 2008 - Establishes the Consumer Credit Safety Commission to promulgate consumer credit safety rules that: (1) ban abusive, fraudulent, unfair, deceptive, predatory, anticompetitive, or otherwise anti-consumer practices or product features for creditors; (2) place restrictions on consumer credit practices or product features to reduce the likelihood that they may be provided in a manner inconsistent with this Act; and (3) establish requirements for clear and adequate information appropriate to advance the objectives of this Act. Directs the Commission to: (1) establish and maintain a best practices guide for providers of consumer credit; (2) conduct, or award grants or contracts for, continuing studies and investigations of consumer credit industry practices; (3) help consumer credit providers to develop consumer credit safety standards or guidelines; and (4) establish and operate a consumer credit customer hotline to register complaints and receive information on how to combat anti-consumer credit. Directs the Commission to establish a program to promote federal-state cooperation to implement this Act. Sets forth civil and criminal penalties for acts prohibited by this Act.

act establishes promulgate consumer credit safety rules ban abusive fraudulent unfair deceptive predatory anticompetitive anti consumer practices product features creditors place restrictions consumer credit practices product features reduce likelihood provided manner inconsistent act establish requirements clear adequate information appropriate advance objectives act directs commission establish maintain best practices guide providers consumer credit conduct award grants contracts continuing studies investigations consumer credit industry practices help consumer credit providers develop consumer credit safety standards guidelines establish operate consumer credit customer hotline register complaints receive information combat anti consumer credit directs commission establish program promote federal state cooperation implement act sets forth civil criminal penalties acts prohibited act


Summary: Implementing the Controlled Unclassified Information Framework Act of 2008 - Establishes within the National Archives and Records Administration (NARA) a Controlled Unclassified Information Office, headed by a Director, who shall be appointed by and report directly to the Archivist of the United States.Directs the Archivist, acting through the Director, to : (1) develop and publicly issue the controlled unclassified information framework (a set of policies and procedures governing the designation, marking, safeguarding, and dissemination of controlled unclassified information that originates in a federal agency) and controlled unclassified information implementation guidance; (2) establish safeguarding and dissemination controls; (3) establish standards for the designation of controlled unclassified information; (4) establish, approve, and maintain safeguarding standards and dissemination instructions for controlled unclassified information; and (5) establish a process that addresses enforcement mechanisms and penalties for improper handling of controlled unclassified information.Establishes a Controlled Unclassified Information Council as a subcommittee of the Information Sharing Council.Requires a federal agency to make available to members of the public all unclassified information that may be released under the Freedom of Information Act.Provides that the right of Congress to obtain access to and to release unclassified information shall remain unimpeded.Requires: (1) the Archivist to report to Congress annually on the implementation of the framework; and (2) the Inspectors General of each agency that is a member of the Information Sharing Council, the Environmental Protection Agency (EPA), and the Nuclear Regulatory Commission (NRC) to audit agency compliance with this Act and report to specified congressional committees and to the Archivist.

implementing controlled unclassified information framework act establishes national_archives_and_records_administration nara controlled unclassified information office headed director shall appointed report directly archivist united_states directs archivist acting director develop publicly issue controlled unclassified information framework set policies procedures governing designation marking safeguarding dissemination controlled unclassified information originates federal agency controlled unclassified information implementation guidance establish safeguarding dissemination controls establish standards designation controlled unclassified information establish approve maintain safeguarding standards dissemination instructions controlled unclassified information establish process addresses enforcement mechanisms penalties improper handling controlled unclassified information establishes controlled unclassified subcommittee requires federal agency available members public unclassified information released freedom information act provides right congress obtain access release unclassified information shall remain unimpeded requires archivist report congress annually implementation framework inspectors general agency member environmental_protection_agency epa nuclear_regulatory_commission nrc audit agency compliance act report specified congressional committees archivist


Summary: Alaska Timber Industry Fairness Act - Establishes a two-year grant program for retooling projects that are designed to facilitate the economic adjustment of specified timber entities by allowing them to: (1) improve or alter their business and practices to become more competitive within the timber industry; or (2) shift to a type of business that is not related to the timber industry. Authorizes the Assistant Secretary for Economic Development of the Department of Commerce to provide grants under such program to any entity that operated in the timber industry in Alaska on January 1, 2008, that operated in Alaska for not less than 10 years, and that can demonstrate that it has been harmed by federal laws or regulations relating to the timber industry, including the United States Forest Service's policies and land management plans completed pursuant to National Environmental Policy Act of 1969.Sets forth provisions concerning eligible uses of grant funding.Treats a grant recipient as a small business concern owned or controlled by socially and economically disadvantaged individuals (as that term is defined in the Small Business Act) for three years after the grant was approved.

year grant program retooling projects designed facilitate economic adjustment specified timber entities allowing improve alter business practices competitive timber industry shift type business related timber industry authorizes assistant secretary provide grants program entity operated timber industry alaska january operated alaska years demonstrate harmed federal laws regulations relating timber industry including united_states_forest_service policies land management plans completed pursuant national_environmental_policy_act forth provisions concerning eligible uses grant funding treats grant recipient small business concern owned controlled socially economically disadvantaged individuals term defined small_business_act years grant approved


Summary: FBI Priorities Act of 2008 - Authorizes appropriations for FY2009-FY2013 to fund 1,000 additional Federal Bureau of Investigation (FBI) field agents to investigate financial crimes.

fbi priorities act authorizes appropriations fy2009 fy2013 fund additional federal_bureau_of_investigation fbi field agents investigate financial crimes


Summary: Home Retention and Economic Stabilization Act of 2008 - Amends the Truth in Lending Act to establish the right of an eligible deferred-foreclosure consumer, defendable in court, to defer initiation of a foreclosure or related action, including a foreclosure sale, brought by any creditor, servicer, or holder of an eligible deferred-foreclosure mortgage, during a specified deferment period. Declares invalid any foreclosure action or proceeding regarding a deferred-foreclosure mortgage if the creditor or servicer fails to notify the consumer: (1) at least 30 days before instituting the action or proceeding; and (2) at least once during each subsequent 30-day period until the foreclosure becomes final. Prescribes procedures governing: (1) initiating foreclosure deferment; (2) payment notices during the deferment period; and (3) the manner of consumer payment during the deferment period. Amortizes over the life of the mortgage the difference between the amount of monthly payment due under the eligible deferred-foreclosure mortgage and the deferment payment amount. Prohibits a creditor or servicer from imposing any late fee or other fee or charge during the deferment period. Requires the creditor or servicer to provide the consumer with separate, written notification, distinct from all other correspondence, regarding: (1) any interest rate increase with respect to a sub-prime mortgage; (2) any minimum monthly payment increase with respect to a negative amortization mortgage; (3) clear and conspicuous disclosure of the good faith estimate of the monthly payment applicable after the adjustment or reset date; and (4) a list of alternatives available to consumers prior to the date of adjustment or increase. Authorizes appropriations for the Neighborhood Reinvestment Corporation to implement foreclosure mitigation activities.

amends truth lending act establish right eligible deferred foreclosure consumer court defer initiation foreclosure related action including foreclosure sale brought creditor servicer holder eligible deferred foreclosure mortgage specified deferment period declares invalid foreclosure action proceeding deferred foreclosure mortgage creditor servicer fails notify consumer days instituting action proceeding subsequent day period foreclosure final prescribes procedures governing initiating foreclosure deferment payment notices deferment period manner consumer payment deferment period life mortgage difference monthly payment eligible deferred foreclosure mortgage deferment payment prohibits creditor servicer imposing late fee fee charge deferment period requires creditor servicer provide consumer separate written notification distinct correspondence interest rate increase respect sub prime mortgage minimum monthly payment increase respect negative amortization mortgage clear conspicuous disclosure good faith estimate monthly payment applicable adjustment reset date list alternatives available consumers prior date adjustment increase authorizes appropriations neighborhood_reinvestment_corporation implement foreclosure mitigation activities


Summary: Passenger Vehicle Loss Disclosure Act - Directs the Secretary of Transportation to require all insurers and self-insurers of passenger motor vehicles to disclose to the public, in a commercially reasonable, electronically accessible manner, for each passenger motor vehicle declared or determined to be a total loss: (1) the vehicle identification number and odometer reading; (2) the date of and primary reason for the total loss determination; and (3) whether the airbags deployed.

passenger vehicle loss disclosure act directs secretary transportation require insurers self insurers passenger motor vehicles disclose public commercially reasonable electronically accessible manner passenger motor vehicle declared determined total loss vehicle identification number reading date primary reason total loss determination deployed


Summary: Systematic Foreclosure Prevention and Mortgage Modification Act - Directs the Chairperson of the Federal Deposit Insurance Corporation (FDIC) to establish a systematic foreclosure prevention and mortgage modification program by: (1) paying mortgage servicers $1,000 to cover expenses for each loan modified according to specified standards; and (2) sharing up to 50% of any losses incurred if a modified loan should subsequently re-default.

systematic foreclosure prevention mortgage modification act directs chairperson federal_deposit_insurance_corporation fdic establish systematic foreclosure prevention mortgage modification program paying mortgage servicers cover expenses loan modified according specified standards sharing losses incurred modified loan subsequently default


Summary: Stop Mortgage Fraud Act - Authorizes appropriations to the Department of Justice for FY2009-FY2013 for: (1) the employment of 30 additional agents of the Federal Bureau of Investigation (FBI) and two additional prosecutors to coordinate prosecution of mortgage fraud cases with the offices of the U.S. Attorneys; and (2) the operations of the FBI interagency task forces in the areas with the 15 highest concentrations of mortgage fraud.

stop mortgage fraud act authorizes appropriations department_of_justice employment additional agents federal_bureau_of_investigation fbi additional prosecutors coordinate prosecution mortgage fraud cases offices attorneys operations fbi interagency task forces areas highest concentrations mortgage fraud


Summary: Economic Recovery Through Responsible Homeownership Act of 2009 - Amends the Internal Revenue Code to allow an individual taxpayer a refundable tax credit for the purchase in 2009 or 2010 of a residence located in the United States if the construction of such residence began before 2009. Allows a credit of either $2,000, $5,000, or $10,000 for downpayments of 5, 10, or 15% of the residence's purchase price respectively.

economic recovery responsible homeownership act amends internal revenue code allow individual taxpayer refundable tax credit purchase residence located united_states construction residence began allows credit residence purchase price respectively


Summary: Helping Families Save their Homes in Bankruptcy Act of 2009 - (Sec. 1) Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income). Excludes from computation of debts the secured or unsecured portions of: (1) debts secured by the debtor's principal residence if the current value of that residence is less than the secured debt limit; or (2) debts secured or formerly secured by a debtor's principal residence that was either sold in foreclosure or surrendered to the creditor if the current value of such real property is less than the secured debt limit. (Sec. 2) Declares the credit counseling requirement inapplicable to a Chapter 13 debtor who certifies that he or she has received notice that the holder of a claim secured by the debtor's principal residence may commence a foreclosure on the debtor's principal residence. (Sec. 3) Requires the court to disallow a claim for a loan secured by a security interest in the debtor's principal residence that is subject to remedy for damages or rescission due to violations of the Truth in Lending Act, notwithstanding prior entry of a foreclosure judgment. Prohibits construction of such disallowance to modify, impair, or supersede any other right of the debtor. (Sec. 4) Allows modification of claim holders' rights in connection with a foreclosure notice for a chapter 13 debtor whose loan originated before the effective date of this Act. Allows changing an adjustable rate of interest to a fixed rate, and extending the repayment period. Prescribes conditions for reducing a claim under this Act if the debtor receives net proceeds from the sale of the principal residence before receiving a discharge in bankruptcy. Establishes requirements for modification of other kinds of claims for a loan secured by a security interest in the debtor's principal residence. (Sec. 5) Denies debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements. (Sec. 6) Adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim for a loan secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of such claim as reduced and modified or the discharge of a debtor from all debts; and (2) the plan modifies the claim in good faith and the court finds that the debtor did not obtain the modified claim by the debtor's material misrepresentation, false pretenses, or actual fraud. (Sec. 7) Excludes from final discharge of a debtor from all debts: (1) any payments to claim holders whose rights are modified under this Act; and (2) any unpaid portion of a claim as reduced. (Sec. 8) Prohibits the construction of this Act to modify any obligation of the Federal Housing Administration (FHA), the Veterans Administration (VA), or the Department of Agriculture under a contract that guarantees or insures payment of a loan secured by a security interest in a principal residence.

helping families save homes bankruptcy act sec amends federal bankruptcy law governing chapter debtor adjustment debts individual regular income excludes computation debts secured unsecured portions debts secured debtor principal residence current value residence secured debt limit debts secured secured debtor principal residence sold foreclosure surrendered creditor current value real property secured debt limit sec declares credit counseling requirement inapplicable chapter debtor certifies received notice holder claim secured debtor principal residence commence foreclosure debtor principal residence sec requires court disallow claim loan secured security interest debtor principal residence subject remedy damages rescission violations truth lending act notwithstanding prior entry foreclosure judgment prohibits construction disallowance modify impair supersede right debtor sec allows modification claim holders rights connection foreclosure notice chapter debtor loan originated effective date act allows changing adjustable rate interest fixed rate extending repayment period prescribes conditions reducing claim act debtor receives net proceeds sale principal residence receiving discharge bankruptcy establishes requirements modification kinds claims loan secured security interest debtor principal residence sec denies debtor liability certain fees charges incurred bankruptcy case pending arising debt secured debtor principal residence claim holder observes specified requirements sec adds conditions court confirmation plan bankruptcy holder claim loan secured debtor principal residence retain lien securing claim later payment claim reduced modified discharge debtor debts plan modifies claim good faith court finds debtor obtain modified claim debtor material misrepresentation false pretenses actual fraud sec excludes final discharge debtor debts payments claim holders rights modified act unpaid portion claim reduced sec prohibits construction act modify obligation federal_housing_administration fha department_of_agriculture contract guarantees insures payment loan secured security interest principal residence


Summary: Emergency Homeownership and Equity Protection Act - Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income). Excludes from computation of debts the secured or unsecured portions of: (1) debts secured by the debtor's principal residence if the current value of that residence is less than the secured debt limit; or (2) debts secured or formerly secured by debtor's principal residence that was either sold in foreclosure or surrendered to the creditor if the current value of such real property is less than the secured debt limit. Declares the credit counseling requirement inapplicable to a Chapter 13 debtor who certifies that he or she has received notice that the holder of a claim secured by the debtor's principal residence may commence a foreclosure on the debtor's principal residence. Allows modification of the rights of claim holders, in the event of a foreclosure notice for a chapter 13 debtor, among other means by: (1) reducing a claim to equal the value of the debtor's interest in the residence securing such claim, and any adjustments to a related adjustable rate of interest; (2) waiving early repayment or prepayment penalties; and (3) extending the repayment period. Denies debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements. Adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of such claim as reduced and modified or the discharge of a debtor from all debts; and (2) the plan modifies the claim in good faith. Excludes from final discharge of a debtor from all debts: (1) any payments to claim holders whose rights are modified under this Act; and (2) any unpaid portion of a claim as reduced.

emergency homeownership equity protection act amends federal bankruptcy law governing chapter debtor adjustment debts individual regular income excludes computation debts secured unsecured portions debts secured debtor principal residence current value residence secured debt limit debts secured secured debtor principal residence sold foreclosure surrendered creditor current value real property secured debt limit declares credit counseling requirement inapplicable chapter debtor certifies received notice holder claim secured debtor principal residence commence foreclosure debtor principal residence allows modification rights claim holders event foreclosure notice chapter debtor means reducing claim equal value debtor interest residence securing claim adjustments related adjustable rate interest waiving early repayment prepayment penalties extending repayment period denies debtor liability certain fees charges incurred bankruptcy case pending arising debt secured debtor principal residence claim holder observes specified requirements adds conditions court confirmation plan bankruptcy holder claim secured debtor principal residence retain lien securing claim later payment claim reduced modified discharge debtor debts plan modifies claim good faith excludes final discharge debtor debts payments claim holders rights modified act unpaid portion claim reduced


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) to implement a program to purchase and securitize qualified refinancing mortgages and 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 mortgages.Directs the Board of Governors of the Federal Reserve System to establish a credit facility of the Federal Reserve System to make credit available to the enterprises at interest rates comparable to certain rates on securities issued by the Secretary of the Treasury.Terminates the requirement under this Act for the enterprises to purchase mortgages after December 31, 2010.

directs federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac enterprises implement program purchase securitize qualified refinancing mortgages qualified new mortgages single family housing accordance policies procedures established director federal_housing_finance_agency forth requirements purchase securitization qualified mortgages directs board_of_governors federal_reserve_system establish credit facility federal_reserve_system credit available enterprises interest rates comparable certain rates securities issued secretary treasury terminates requirement act enterprises purchase mortgages december


Summary: Requires the Consumer Product Safety Commission (CPSC) to issue regulations requiring that a specified warning label be placed on the packaging of any video game that is rated T (Teen) or higher by the Electronics Software Ratings Board.

requires consumer product safety commission cpsc issue regulations requiring specified warning label placed packaging video game rated teen higher


Summary: Heritage Homes Tax Incentive Act of 2009 - Amends the Internal Revenue Code to grant a tax deduction (whether or not the taxpayer itemizes deductions) for 125 percent of residence interest paid or accrued on acquisition indebtedness for heritage homes. Defines a "heritage home" as a taxpayer's principal residence that is at least 50 years old and a certified historic structure in a registered historic district.

amends internal revenue code grant tax deduction taxpayer itemizes deductions percent residence interest paid accrued acquisition indebtedness heritage homes defines heritage home taxpayer principal residence years old certified historic structure registered historic district