Summary: Escrow, Appraisal, and Mortgage Servicing Improvements Act - Amends the Truth in Lending Act to require a creditor, in a consumer credit transaction secured by the consumer's principal dwelling, to establish an escrow or impound account to pay taxes and hazard insurance, and, if applicable, flood insurance, mortgage insurance, ground rents, and any other required periodic payments or premiums. Requires written disclosures by the creditor to the consumer regarding: (1) such escrow or impound account; and (2) consumers who opt out of escrow services. Amends the Real Estate Settlement Procedures Act of 1974 to proscribe specified practices by the servicer of a federally related mortgage, including obtaining force-placed hazard insurance coverage to protect the mortgagee's interest in the property. Prohibits practices related to default, late fees, or foreclosure. Requires prompt: (1) crediting of payments; (2) responses to payoff balances; and (3) refund of escrow accounts upon payoff. Directs the Secretary of Housing and Urban Development to study and report to specified congressional committees on mortgage servicing fraud. Amends the Truth in Lending Act to: (1) require repayment analyses to include escrow payments; (2) include a written property appraisal as a prerequisite to granting a mortgage; (3) prohibit unfair and deceptive practices and acts relating to consumer credit transactions secured by the principal dwelling, especially in property appraisals; and (4) require a mortgage originator to make available to the credit applicant all appraisal valuation reports no later than three days prior to the transaction closing date. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to: (1) include among the functions of the Appraisal Subcommittee protection of the consumer from improper appraisal practices and the predations of unlicensed appraisers; and (2) expand state agency reporting requirements to include transmittal to the Appraisal Subcommittee of reports on claims, disciplinary actions, license and certification revocations, and suspensions. Prohibits certain interested parties in a real estate transaction involving an appraisal from engaging in specified practices to improperly influence a real estate appraisal in connection with a mortgage loan. Requires the Comptroller General to study and report to specified congressional committees on possible improvements in the appraisal process and in state compliance programs.

escrow appraisal mortgage servicing improvements act amends truth lending act require creditor consumer credit transaction secured consumer principal dwelling establish escrow impound account pay taxes hazard insurance applicable flood insurance mortgage insurance ground rents required periodic payments premiums requires written disclosures creditor consumer escrow impound account consumers opt escrow services amends real_estate_settlement_procedures_act specified practices servicer federally related mortgage including obtaining force placed hazard insurance coverage protect mortgagee interest property prohibits practices related default late fees foreclosure requires prompt crediting payments responses payoff balances refund escrow accounts payoff directs secretary housing_and_urban_development study report specified congressional committees mortgage servicing fraud amends truth lending act require repayment analyses include escrow payments include written property appraisal prerequisite granting mortgage prohibit unfair deceptive practices acts relating consumer credit transactions secured principal dwelling especially property appraisals require mortgage originator available credit applicant appraisal valuation reports later days prior transaction closing date amends financial institutions reform recovery enforcement act include functions protection consumer improper appraisal practices unlicensed appraisers expand state agency reporting requirements include transmittal reports claims disciplinary actions license certification revocations suspensions prohibits certain interested parties real estate transaction involving appraisal engaging specified practices improperly influence real estate appraisal connection mortgage loan requires comptroller general study report specified congressional committees possible improvements appraisal process state compliance programs


Summary: 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) to use of 85% of such increase for refinancing subprime mortgages at risk of foreclosure.

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: Negative Amortization Mortgage Loan Transparency Act - Amends the Truth in Lending Act to require a lender to make specified prior disclosures to a first-time borrower in connection with a consumer credit transaction secured by residential real property with a dwelling, other than a reverse mortgage, where the payment plan may result in negative amortization over the term of the loan. Requires the consumer debtor to provide the creditor with documentation that the consumer received home ownership counseling from organizations or counselors certified by the Secretary of Housing and Urban Development.

lending act require lender specified prior disclosures time borrower connection consumer credit transaction secured residential real property dwelling reverse mortgage payment plan result negative amortization term loan requires consumer debtor provide creditor documentation consumer received home ownership counseling organizations counselors certified secretary housing_and_urban_development


Summary: Mortgage Reform and Anti-Predatory Lending Act of 2007 - Title I: Residential Mortgage Loan Origination - Subtitle A: Licensing System for Residential Mortgage Loan Originators - Encourages the states, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, to establish a Nationwide Mortgage Licensing System and Registry (NMLSR) for the residential mortgage industry. (Sec. 103) Includes among licensing and registration requirements that a loan origination business obtain: (1) a unique identifier; and (2) instruction on fraud, consumer protection, and fair lending issues. Exempts certain loan processors and underwriters from the licensing or registration requirements.Requires independent contractors who work as loan processors or underwriters to be either licensed or registered.(Sec. 104) Sets forth state license and registration procedures. (Sec. 105) Prescribes minimum standards for license renewal for state-licensed loan originators. Requires the NMLSR to review and publish, but prohibits its from offering, directly or indirectly, pre-licensure educational courses for loan originators. (Sec. 106) Requires federal banking agencies to develop and maintain jointly a system for registering employees of depository institutions or their subsidiaries as registered loan originators with the NMLSR. Requires such agencies to: (1) include in the information furnished to the NMLSR the personal history and experience of such employees; and (2) authorize the NMLSR to obtain information related to any administrative, civil or criminal findings by any governmental jurisdiction. (Sec. 107) Instructs the Secretary of Housing and Urban Development (HUD) to provide for a licensing and registration system governing loan originators operating in a state which: (1) does not have such a system in place within a prescribed time frame; or (2) does not participate in the NMLSR. Instructs the Secretary to coordinate with the NMLSR to establish protocols for assigning a unique identifier to each loan originator licensed by HUD as a state-licensed loan originator that will facilitate electronic tracking and uniform identification of, and public access to, the employment history and the publicly adjudicated disciplinary and enforcement actions against loan originators. (Sec. 108) Directs the Secretary to establish a back-up licensing and registry system any time the Secretary determines that the NMLSR is failing to meet the requirements and purposes of this Act for a comprehensive licensing, supervisory, and tracking system for loan originators. (Sec. 109) Authorizes the federal banking agencies, HUD, and the NMLSR to charge fees to cover the costs of maintaining and providing access to NMLSR information to the extent such fees are not charged to consumers for access to such system and registry.(Sec. 110) Instructs the Attorney General to provide access to all criminal history information to state regulators of loan originators if such checks are required for state licenses.(Sec. 111) Provides for confidentiality of information.(Sec. 112) Shields from liability regulatory entities performing in good faith information collection and dissemination under this Act. (Sec. 113) Grants the Secretary enforcement authority to implement this Act, including assessment of civil monetary penalties. Subtitle B: Residential Mortgage Loan Origination Standards - (Sec. 122) Amends the Truth in Lending Act to set forth a duty of care standard for residential mortgage loan originations. (Sec. 123) Prohibits the payment of steering incentive compensation to mortgage originators based on, or varying with, the terms (other than principal amount) of any loan that is not a qualified mortgage. Requires the federal banking agencies jointly to prescribe regulations to implement this Act.(Sec. 124) Subjects mortgage originators to liability for monetary penalties for violations of this Act.Title II: Minimum Standards for Mortgages - (Sec. 201) Sets forth minimum repayment standards for residential mortgage loans.Requires creditors to determine, based on verified and documented information, that a consumer has a reasonable ability to repay the loan, according to its terms (taxes, insurance, and assessments), including the consumer's repayment ability if multiple loans are secured by the same dwelling.Requires a creditor to take into consideration: (1) variable rate loans that defer repayment of any principal or interest (nonstandard loans); (2) interest-only loans; and (3) any balance increase that may accrue from any negative amortization.(Sec. 202) Prohibits a creditor from extending credit for residential mortgage loans that involve refinancing of a prior residential mortgage loan unless the creditor determines that refinancing provides a net tangible benefit to the consumer.Describes residential mortgage loans which do not provide a net tangible benefit to the consumer.(Sec. 203) Sets forth a rebuttable presumption of the ability to repay. (Sec. 204) Subjects a creditor to civil liability for violations of this Act, including rescission of a residential mortgage loan and certain additional costs, including a reasonable attorney's fee of the obligor. Subjects an assignee or securitizer of such a loan, acting in good faith, to liability for a creditor's violations, but only for rescission of the loan, plus related costs and attorney fees. Exempts an assignee or securitizer from such liability if it provides a cure, and meets other specified requirements. Permits a consumer to maintain a civil action against an assignee to cure, but not rescind, a residential mortgage loan, if a creditor or assignee of a loan has: (1) ceased to exist as a matter of law; (2) filed for bankruptcy protection; or (3) had receivers or liquidating agents appointed. Subjects good faith assignees and securitizers of such a creditor to the same liability for a creditor's violations, unless they provide a cure for such violations or they meet specified conditions. Prohibits class action suits against assignees and securitizers.Excludes from such assignee and securitizer liability any residential mortgage loans aggregated in a pool of assets held to issue or sell instruments representing interests in such pools, including through a securitization vehicle. (Sec. 205) Authorizes a consumer who has the right to rescind with respect to a residential mortgage loan against the creditor (or any assignee or securitizer) to assert such right as a defense or counterclaim to foreclosure against the mortgage loan holder (or its agent). (Sec. 206) Proscribes certain practices, including: (1) certain prepayment penalties; (2) single premium credit insurance; (3) mandatory arbitration (except for reverse mortgages); (4) mortgage loan provisions that waive statutory cause of action by the consumer ; (5) negative amortization mortgages.Reserves the right of a securitizer to retain access to any residential mortgage loan in any document establishing a pool of assets including such loan in order to provide for and obtain a remedy for the obligor under such loan.Sets forth the effect of foreclosure on a preexisting lease.(Sec. 208) Declares that: (1) this Act supersedes any state law that provides additional remedies against any assignee, securitizer, or securitization vehicle; and (2) the remedies in this Act constitute the sole remedies against any assignee, securitizer, or securitization vehicle for specified violations. (Sec. 210) Doubles civil money penalties for certain violations.Extends to three years the statute of limitations for certain violations. (Sec. 211) Exempts a creditor, assignee, or securitizer from liability and rescission in the case of borrower fraud or deception by an obligor. (Sec. 212) Requires the creditor or servicer of a loan to notify the consumer with a written explanation, including alternative moves, during the one-month period that ends six months before the interest rate in effect during the introductory period of a hybrid adjustable rate mortgage adjusts or resets to a variable interest rate. (Sec. 213) Requires additional information disclosures for: (1) variable payments or interest rates; (2) escrow or impound accounts; (3) aggregate settlement charges; (4) aggregate mortgage origination loan fees; (5) payment schedules; and (6) updating of annual percentage rates of interest (APRs). (Sec. 214) Requires specified disclosures in monthly statements for residential mortgage loans, including: (1) the amount of the principal obligation under the mortgage; (2) the current interest rate in effect for the loan; and (3) the date on which the interest rate may next reset or adjust. (Sec. 215) Authorizes appropriations to the Attorney General for FY2008-FY2012 for prosecution of mortgage fraud.(Sec. 217) Directs the Comptroller General to study and report to Congress on the effects of this Act upon the availability and affordability of credit for homebuyers and mortgage lending.Title III: High-Cost Mortgages - (Sec. 301) Redefines high cost-mortgages with respect to: (1) introductory rates; (2) adjustment of percentage points; (3) points and fees; (4) high-cost mortgage lenders; and (5) bona fide discount points.(Sec. 302) Revises requirements governing prepayment penalties. Prohibits: (1) balloon payments for high-cost mortgages; (2) lending without due regard to debtor's repayment ability; (3) creditor recommendation to debtor to default; (4) certain late fees in connection with a high-cost mortgage; (5) debt acceleration at creditor's sole discretion; (6) creditor financing of certain financing points and fees; (7) evasions, structuring of transactions, and reciprocal arrangements; and (8) certain creditor-imposed fees for modification, deferral, and payoff statements. (Sec. 303) Prohibits a creditor from extending credit to a consumer under a high-cost mortgage without first receiving certification from a counselor approved by either HUD or a state housing finance authority that the consumer has received counseling on the advisability of the mortgage. Prohibits a creditor from knowingly or intentionally engaging in the unfair act or practice of flipping in connection with a high-cost mortgage (defined as a loan or extension of credit in the form a high-cost mortgage to a consumer which refinances an existing mortgage when the new loan or extension of credit does not have reasonable, tangible net benefit to the consumer considering all circumstances).(Sec. 305) Directs the Board of Governors of the Federal Reserve System (Federal Reserve Board) to promulgate regulations implementing this Act.Authorizes the Board to prescribe regulations requiring or encouraging creditors to provide consumer mortgage education to prospective customers, or direct such customers to qualified consumer mortgage education or counseling programs.Prohibits any construction of a Board requirement as affecting or superseding any state law requirement regarding consumer mortgage counseling or education.Title IV: Office of Housing Counseling - Expand and Preserve Home Ownership Through Counseling Act - (Sec. 402) Establishes within HUD the Office of Housing Counseling, headed by the Director of Housing Counseling. Requires the Secretary to appoint an advisory committee. (Sec. 403) Sets forth counseling procedures.Instructs the Director to develop and conduct national public service multimedia campaigns designed to make persons facing mortgage foreclosure, persons considering a subprime mortgage loan to purchase a home, elderly persons, persons who face language barriers, low-income persons, and other potentially vulnerable consumers aware that it is advisable, before seeking or maintaining a residential mortgage loan, to obtain home ownership counseling from an unbiased and reliable sources, and that such home ownership counseling is available from HUD.Requires HUD to provide advice and technical assistance to states, local governmental entities, and nonprofit organizations regarding the establishment and operation of consumer education programs (particularly for those most vulnerable with respect to residential mortgage loans, mortgage refinancing, home equity loans, and home repair loans). (Sec. 404) Amends the Housing and Urban Development Act of 1968 to require the Secretary to make financial assistance available to states, local governments, and nonprofit organizations providing home ownership or rental counseling. Authorizes appropriations for FY2008-FY2011.(Sec. 405) Revises requirements for use of HUD-certified counselors under HUD programs. (Sec. 406) Instructs the Secretary to study and report to Congress on the root causes of default and foreclosure of home loans, including an examination of the role of escrow accounts in helping prime and nonprime borrowers to avoid defaults and foreclosures. (Sec. 408) Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to require HUD to prepare, periodically, in various languages and cultural styles, a booklet to help consumers applying for federally related mortgage loans to understand the nature and costs of real estate settlement services.Title V: Mortgage Disclosures Under Real Estate Settlement Procedures Act of 1974 - (Sec. 501) Amends RESPA to set forth a universal mortgage disclosure requirement for good faith estimates of settlement services costs. Requires the Secretary to prescribe a standard form for such disclosure, to be used without variation in all transactions in the United States that involve federally related mortgage loans. Title VI: Mortgage Servicing - (Sec. 601) Requires a creditor, in connection with the formation or consummation of a consumer credit transaction secured by a first lien on the consumer's principal dwelling (other than a reverse mortgage or a credit card transaction), to establish in a federally insured depository institution, at the time of consummation, an escrow or impound account for the payment of taxes and hazard insurance, and, if applicable, flood insurance, mortgage insurance, ground rents, and other required periodic payments or premiums. (Sec. 602) Requires the creditor or servicer of a mortgage loan to advise a consumer in writing of the consumer's responsibilities and the implications for the consumer in the absence of an escrow or impound account, if one is not established or the consumer chooses to close one. (Sec. 603) Amends RESPA to prohibit certain practices by federally related mortgage loan servicers, including: (1) obtaining force-placed hazard insurance unless it is reasonable to believe the borrower has failed to comply with the loan contract's requirements to maintain property insurance; (2) charging fees for responding to valid qualified written requests; (3) failing to respond timely to borrower's requests to correct errors relating to standard servicer duties; and (4) failing to respond within 10 business days to a borrower's request to provide relevant contact information about the owner assignee of the loan. Prescribes requirements for a federally related mortgage loan servicer to meet when obtaining force-placed insurance (hazard insurance coverage obtained by a servicer when the borrower has failed to maintain or renew hazard insurance on a property as required under the mortage terms). Requires prompt crediting of a borrower's payments on the business day received by a home loan lender or servicer. Increases the maximum additional damages for RESPA violations: (1) from $1,000 to $2,000 for an individual action; and (2) from $500,000 to $1 million for a class action. Reduces the maximum length of time for a loan servicer to respond to borrower inquiries: (1) from 20 to 10 days to acknowledge receipt of an inquiry; and (2) from 60 to 30 days to take certain actions in response to an inquiry. Requires: (1) a creditor or servicer to send a payoff balance within seven business days of receipt of a borrower's written request; and (2) prompt refund of escrow accounts upon payoff. (Sec. 604) Requires the Secretary to study and report to Congress on: (1) mortgage servicing practices and their potential for fraud and abuse; and (2) mortgage servicing improvements. (Sec. 605) Amends the Truth in Lending Act, in any case of a consumer credit transaction secured by a first mortgage or lien on the consumer's principal dwelling (other than a reverse mortgage or a credit card transaction), for which an account is set up for property taxes, hazard insurance, and other periodic payments, to require the repayment analysis to account for escrow payments and the taxable assessed value of the real property securing the transaction. Title VII: Appraisal Activities - (Sec. 701) Amends the Truth in Lending Act to prohibit a creditor from extending credit in the form of a mortgage to any consumer without first obtaining a written property appraisal prepared, in accordance with the requirements of this Act, by a qualified appraiser after conducting a physical property visit of the interior of the mortgaged property. Requires the creditor to provide one copy of each such appraisal, without charge, to the consumer at least three days before the transaction closing date. Subjects violations to a monetary penalty. (Sec. 702) Proscribes certain unfair and deceptive practices in connection with a consumer credit transaction secured by the consumer's principal dwelling, including: (1) mischaracterizing, or suborning a mischaracterization of, the property's appraised value; (2) seeking to influence an appraiser or otherwise to encourage a targeted value in order to facilitate the making or pricing of the transaction; and (3) failing to timely compensate an appraiser for a completed appraisal, regardless of whether the transaction closes. Requires the federal banking agencies and the Federal Trade Commission (FTC) to jointly prescribe regulations defining with specificity unfair or deceptive practices in the provision of mortgage lending services. (Sec. 703) Creates the Appraisal Subcommittee of the Financial Institutions Examination Council to protect the consumer from improper appraisal practices and the predations of unlicensed appraisers. Authorizes the Appraisal Subcommittee to prescribe regulations. Requires each state with an appraiser certifying and licensing agency meeting certain criteria to report to the Appraisal Subcommittee's national registry on sanctions, disciplinary actions, license and certification revocations, and license and certification suspensions. Increases from $25 to $40 the annual registry fees for persons performing appraisals in federally related transactions. Authorizes the Appraisal Subcommittee to adjust such fees within certain limits. Directs the Appraisal Subcommittee to: (1) make grants to state appraiser regulatory agencies to help defray costs of enforcement activities; and (2) report to state appraiser certifying and licensing agencies when a license or certification is surrendered, revoked, or suspended. Requires the Appraisal Subcommittee to monitor state appraiser certifying and licencing agencies for compliance with certain requirements. Prohibits specified interested parties in a real estate transaction from engaging in certain practices to influence improperly the development, reporting, result, or review of a real estate appraisal sought in connection with a mortgage loan. Subjects violators to civil penalties. (Sec. 704) Directs the Comptroller General to study and report to Congress on possible improvements in the appraisal process, including the consistency and the effectiveness of improvements in state compliance efforts and programs in accordance with title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). (Sec. 705) Requires that, in any case in which an appraisal is performed in connection with an extension of credit secured by an interest in real property, the mortgage originator make available to the credit applicant a copy of all appraisal valuation reports upon completion, but no later than three business days before the transaction closing date.

mortgage reform lending act title residential mortgage loan origination subtitle licensing system residential mortgage loan originators encourages states establish residential mortgage industry sec includes licensing registration requirements loan origination business obtain unique identifier instruction fraud consumer protection fair lending issues exempts certain loan processors underwriters licensing registration requirements requires independent contractors work loan processors underwriters licensed sets forth state license registration procedures sec prescribes minimum standards license renewal state licensed loan originators requires review publish prohibits offering directly indirectly pre licensure educational courses loan originators sec requires federal banking agencies develop maintain jointly system registering employees depository institutions subsidiaries registered loan originators requires agencies include information furnished personal history experience employees authorize obtain information related administrative civil criminal findings governmental jurisdiction sec instructs secretary housing_and_urban_development hud provide licensing registration system governing loan originators operating state system place prescribed time frame participate instructs secretary coordinate establish protocols assigning unique identifier loan originator licensed hud state licensed loan originator facilitate electronic tracking uniform identification public access employment history publicly adjudicated disciplinary enforcement actions loan originators sec directs secretary establish licensing registry system time secretary determines failing meet requirements purposes act comprehensive licensing supervisory tracking system loan originators sec authorizes federal banking agencies hud charge fees cover costs maintaining providing access information extent fees charged consumers access system instructs attorney general provide access criminal history information state regulators loan originators checks required state provides confidentiality shields liability regulatory entities performing good faith information collection dissemination act sec grants secretary enforcement authority implement act including assessment civil monetary penalties subtitle sec amends truth lending act set forth duty care standard residential mortgage loan sec prohibits payment steering incentive compensation mortgage originators based varying terms principal loan qualified mortgage requires federal banking agencies jointly prescribe regulations implement subjects mortgage originators liability monetary penalties violations act title minimum standards mortgages sec sets forth minimum repayment standards residential mortgage loans requires creditors determine based verified documented information consumer reasonable ability repay loan according terms taxes insurance assessments including consumer repayment ability multiple loans secured dwelling requires creditor consideration variable rate loans defer repayment principal interest nonstandard loans interest loans balance increase accrue negative prohibits creditor extending credit residential mortgage loans involve refinancing prior residential mortgage loan creditor determines refinancing provides net tangible benefit consumer describes residential mortgage loans provide net tangible benefit sets forth rebuttable presumption ability repay sec subjects creditor civil liability violations act including rescission residential mortgage loan certain additional costs including reasonable attorney fee obligor subjects assignee securitizer loan acting good faith liability creditor violations rescission loan plus related costs attorney fees exempts assignee securitizer liability provides cure meets specified requirements permits consumer maintain civil action assignee cure rescind residential mortgage loan creditor assignee loan ceased exist matter law filed bankruptcy protection receivers liquidating agents appointed subjects good faith assignees creditor liability creditor violations provide cure violations meet specified conditions prohibits class action suits assignees excludes assignee securitizer liability residential mortgage loans aggregated pool assets held issue sell instruments representing interests pools including securitization vehicle sec authorizes consumer right rescind respect residential mortgage loan creditor assignee securitizer assert right defense foreclosure mortgage loan holder agent sec certain practices including certain prepayment penalties single premium credit insurance mandatory arbitration reverse mortgages mortgage loan provisions waive statutory cause action consumer negative amortization mortgages reserves right securitizer retain access residential mortgage loan document establishing pool assets including loan order provide obtain remedy obligor loan sets forth effect foreclosure preexisting declares act supersedes state law provides additional remedies assignee securitizer securitization vehicle remedies act constitute sole remedies assignee securitizer securitization vehicle specified violations sec doubles civil money penalties certain violations extends years statute limitations certain violations sec exempts creditor assignee securitizer liability rescission case borrower fraud deception obligor sec requires creditor servicer loan notify consumer written explanation including alternative moves month period ends months interest rate effect introductory period hybrid adjustable rate mortgage adjusts resets variable interest rate sec requires additional information disclosures variable payments interest rates escrow impound accounts aggregate settlement charges aggregate mortgage origination loan fees payment schedules updating annual percentage rates interest aprs sec requires specified disclosures monthly statements residential mortgage loans including principal obligation mortgage current interest rate effect loan date interest rate reset adjust sec authorizes appropriations attorney general fy2008 fy2012 prosecution mortgage directs comptroller general study report congress effects act availability affordability credit homebuyers mortgage lending title iii high cost mortgages sec redefines high cost mortgages respect introductory rates adjustment percentage points points fees high cost mortgage lenders bona fide discount revises requirements governing prepayment penalties prohibits balloon payments high cost mortgages lending regard debtor repayment ability creditor recommendation debtor default certain late fees connection high cost mortgage debt acceleration creditor sole discretion creditor financing certain financing points fees structuring transactions reciprocal arrangements certain creditor imposed fees modification deferral payoff statements sec prohibits creditor extending credit consumer high cost mortgage receiving certification counselor approved hud state housing finance authority consumer received counseling advisability mortgage prohibits creditor knowingly intentionally engaging unfair act practice connection high cost mortgage defined loan extension credit form high cost mortgage consumer refinances existing mortgage new loan extension credit reasonable tangible net benefit consumer considering directs board_of_governors federal_reserve_system federal_reserve_board promulgate regulations implementing act authorizes board prescribe regulations requiring encouraging creditors provide consumer mortgage education prospective customers direct customers qualified consumer mortgage education counseling programs prohibits construction board requirement affecting superseding state law requirement consumer mortgage counseling education title office housing counseling expand sec establishes hud headed director housing counseling requires secretary appoint advisory committee sec sets forth counseling procedures instructs director develop conduct national public service multimedia campaigns designed persons facing mortgage foreclosure persons considering subprime mortgage loan purchase home elderly persons persons face language barriers low income persons potentially vulnerable consumers aware advisable seeking maintaining residential mortgage loan obtain home ownership counseling unbiased reliable sources home ownership counseling available hud provide advice technical assistance states local governmental entities nonprofit organizations establishment operation consumer education programs particularly vulnerable respect residential mortgage loans mortgage refinancing home equity loans home repair loans sec amends housing_and_urban_development_act require secretary financial assistance available states local governments nonprofit organizations providing home ownership rental counseling authorizes appropriations fy2008 revises requirements use hud certified counselors hud programs sec instructs secretary study report congress root causes default foreclosure home loans including examination role escrow accounts helping prime borrowers avoid defaults foreclosures sec amends real_estate_settlement_procedures_act respa require hud prepare periodically languages cultural styles help consumers applying federally related mortgage loans understand nature costs real estate settlement services title mortgage disclosures real estate settlement procedures act sec amends respa set forth universal mortgage disclosure requirement good faith estimates settlement services costs requires secretary prescribe standard form disclosure variation transactions united_states involve federally related mortgage loans title mortgage servicing sec requires creditor connection formation consummation consumer credit transaction secured lien consumer principal dwelling reverse mortgage credit card transaction establish federally insured depository institution time consummation escrow impound account payment taxes hazard insurance applicable flood insurance mortgage insurance ground rents required periodic payments premiums sec requires creditor servicer mortgage loan advise consumer writing consumer responsibilities implications consumer absence escrow impound account established consumer chooses close sec amends respa prohibit certain practices federally related mortgage loan servicers including obtaining force placed hazard insurance reasonable believe borrower failed comply loan contract requirements maintain property insurance charging fees responding valid qualified written requests failing respond timely borrower requests correct errors relating standard servicer duties failing respond business days borrower request provide relevant contact information owner assignee loan prescribes requirements federally related mortgage loan servicer meet obtaining force placed insurance hazard insurance coverage obtained servicer borrower failed maintain renew hazard insurance property required terms requires prompt crediting borrower payments business day received home loan lender servicer increases maximum additional damages respa violations individual action million class action reduces maximum length time loan servicer respond borrower inquiries days acknowledge receipt inquiry days certain actions response inquiry requires creditor servicer send payoff balance seven business days receipt borrower written request prompt refund escrow accounts payoff sec requires secretary study report congress mortgage servicing practices potential fraud abuse mortgage servicing improvements sec amends truth lending act case consumer credit transaction secured mortgage lien consumer principal dwelling reverse mortgage credit card transaction account set property taxes hazard insurance periodic payments require repayment analysis account escrow payments taxable assessed value real property securing transaction title vii sec amends truth lending act prohibit creditor extending credit form mortgage consumer obtaining written property appraisal prepared accordance requirements act qualified appraiser conducting physical property visit interior mortgaged property requires creditor provide copy appraisal charge consumer days transaction closing date subjects violations monetary penalty sec certain unfair deceptive practices connection consumer credit transaction secured consumer principal dwelling including property appraised value seeking influence appraiser encourage targeted value order facilitate making pricing transaction failing timely compensate appraiser completed appraisal regardless transaction closes requires federal banking agencies federal_trade_commission ftc jointly prescribe regulations defining specificity unfair deceptive practices provision mortgage lending services sec creates protect consumer improper appraisal practices unlicensed appraisers authorizes prescribe regulations requires state appraiser certifying licensing agency meeting certain criteria report national registry sanctions disciplinary actions license certification revocations license certification suspensions increases annual registry fees persons performing appraisals federally related transactions authorizes adjust fees certain limits directs grants state appraiser regulatory agencies help defray costs enforcement activities report state appraiser certifying licensing agencies license certification surrendered revoked suspended requires monitor state appraiser certifying agencies compliance certain requirements prohibits specified interested parties real estate transaction engaging certain practices influence improperly development reporting result review real estate appraisal sought connection mortgage loan subjects violators civil penalties sec directs comptroller general study report congress possible improvements appraisal process including consistency effectiveness improvements state compliance efforts programs accordance title financial institutions reform recovery enforcement act sec requires case appraisal performed connection extension credit secured interest real property mortgage originator available credit applicant copy appraisal valuation reports completion later business days transaction closing date


Summary: Credit and Debit Card Receipt Clarification Act of 2007 - 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: Mortgage Disclosure Improvement Act of 2007 - Amends the Truth in Lending Act to require a creditor to disclose to a consumer with respect to an extension of credit secured by the consumer's dwelling that the consumer is not required to complete the credit agreement merely because the consumer has received required disclosures or signed a loan application. Requires such disclosure to be furnished to the borrower not later than seven business days before the consummation of the transaction, as well as at the time of consummation. Requires additional disclosures in such a circumstance regarding any variable rates or payment schedules. Increases the actual damages for which a creditor is liable for noncompliance with such Act in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling. Replaces the current range of damages from $200 to $2,000 with a flat damages amount of $5,000, adjusted annually for inflation.

mortgage disclosure improvement act amends truth lending act require creditor disclose consumer respect extension credit secured consumer dwelling consumer required complete credit agreement merely consumer received required disclosures signed loan application requires disclosure furnished borrower later seven business days consummation transaction time consummation requires additional disclosures circumstance variable rates payment schedules increases actual damages creditor liable noncompliance act case individual action relating credit transaction open end credit plan secured real property dwelling replaces current range damages flat damages adjusted annually inflation


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

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


Summary: Emergency Mortgage Loan Modification Act of 2007- Amends the Truth in Lending Act to shield holders of residential mortgage loans from liability for entering into a qualified loan modification or workout plan on any residential mortgage loan consummated on or after January 1, 2004. Applies such shield from liability only to qualified loan modification or workout plans initiated during the six-month period beginning on the date of the enactment of this Act.

emergency mortgage loan modification act amends_the_truth_in_lending_act shield holders residential mortgage loans liability entering qualified loan modification workout plan residential mortgage loan consummated january applies shield liability qualified loan modification workout plans initiated month period beginning date enactment act


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

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


Summary: Conforming Loan Limit Temporary Adjustment Act of 2008 - Increases the maximum original principal obligation of certain mortgages originated between July 1, 2007, and December 31, 2008, that may be purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation Association (Freddie Mac). Allows a loan whose principal amount is 125% of the area median price for a residence of applicable size, up to 175% of the regular loan limitation. Expresses the sense of Congress that: (1) securitization of mortgages by Fannie Mae and Freddie Mac plays an important role in providing liquidity to the U.S. housing markets; and (2) Congress, therefore, encourages Fannie Mae and Freddie Mac to securitize mortgages acquired under the increased conforming loan limits established in this Act.

conforming loan limit temporary adjustment act increases maximum original principal obligation certain mortgages originated july december purchased federal_national_mortgage_association fannie_mae freddie_mac allows loan principal area median price residence applicable size regular loan limitation expresses sense congress securitization mortgages fannie_mae freddie_mac plays important role providing liquidity housing markets congress encourages fannie_mae freddie_mac securitize mortgages acquired increased conforming loan limits established act


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 Cardholders' Bill of Rights Act of 2008 - (Sec. 2) Amends the Truth in Lending Act to prohibit a creditor from increasing any annual percentage rate of interest (APR) applicable to the existing balance on an open end consumer credit card account unless specified conditions are met. Prescribes the treatment of existing balances following a rate increase.Allows a creditor to increase an APR on the existing credit card balance only if the increase is due solely to: (1) the operation of an index not under the creditor's control and available to the general public; (2) expiration of a promotional rate, or loss of a promotional rate for a reason specified in the account agreement (e.g., late payment); or (3) the consumer's minimum payment has not been received within 30 days after its due date.Requires a 45-day advance notice of credit card account rate increases.(Sec. 3) Prohibits imposition of a finance charge, with certain exceptions, upon a credit card account balance that is based on balances for days in billing cycles preceding the most recent billing cycle (double cycle billing).Prohibits the imposition of a fee on an outstanding credit card balance, at the end of a billing period, that is attributable only to interest accrued during the preceding billing period on an outstanding balance fully repaid during that preceding billing period. Declares that any failure to make timely repayments of such a balance shall not constitute a default on the account.Requires each periodic statement of account to provide the telephone number, Internet address, and website at which the payoff balance may be requested.Grants a consumer the right to reject a new credit card before the creditor notifies a consumer reporting agency of its corresponding account.Details mandatory pro rata payment allocations by a creditor where an outstanding balance accrues interest at two or more different APRs.Sets forth special rules for accounts with promotional rate balances or deferred interest balances. Prohibits a creditor from denying a cardholder a specified payment grace period if the cardholder takes advantage of a promotional rate balance or deferred interest rate balance.Requires creditors to send a periodic credit card statement of account to the consumer at least 25 calendar days before the due date for the next payment on the outstanding balance.(Sec. 4) Authorizes a consumer to opt-out of creditor authorization of over-the-limit transactions if fees are imposed.Limits any imposition of an over-the-limit fee to once per billing cycle.Prohibits imposition of any over-the-limit fee if the credit limit was exceeded due to a credit hold, unless the actual amount of the transaction for which the hold was placed would have resulted in the consumer's exceeding such credit limit.(Sec. 5) Prescribes the contents of credit card price and availability information which the Board of Governors of the Federal Reserve System (Board) must collect and make public semiannually.Requires the Board to report to Congress annually on estimates of the approximate, relative percentage of income derived by the credit card operations of depository institutions from designated sources, including interest rates and fees imposed upon cardholders.(Sec. 6) Prescribes a standard for the initial issuance of subprime or "fee harvester" cards (accounts requiring first-year fee payments in excess of 25% of the total amount of credit authorized).Prohibits payment of any such fees (other than late fees or over-the-limit fees) from the credit made available by the card.(Sec. 7) Prohibits extensions of credit to consumers under age 18, unless they are emancipated under state law.(Sec. 8) Requires the Board to prescribe regulations implementing this Act within six months after its enactment. Expresses the sense of Congress that no provision of this Act should impede the promulgation of final regulations under laws in effect on the day before the date of enactment. States that such regulations should: (1) be prescribed in final form on or before December 31, 2008; and (2) apply to credit card transactions after the 30-day period following issuance in final form.

bill rights act sec amends truth lending act prohibit creditor increasing annual percentage rate interest apr applicable existing balance open end consumer credit card account specified conditions met prescribes treatment existing balances following rate increase allows creditor increase apr existing credit card balance increase solely operation index creditor control available general public expiration promotional rate loss promotional rate reason specified account agreement late payment consumer minimum payment received days date requires day advance notice credit card account rate prohibits imposition finance charge certain exceptions credit card account balance based balances days billing cycles preceding recent billing cycle double cycle imposition fee outstanding credit card balance end billing period attributable interest accrued preceding billing period outstanding balance fully repaid preceding billing period declares failure timely repayments balance shall constitute default account requires periodic statement account provide telephone number internet address website payoff balance requested grants consumer right reject new credit card creditor notifies consumer reporting agency corresponding account details mandatory pro rata payment allocations creditor outstanding balance accrues interest different aprs sets forth special rules accounts promotional rate balances deferred interest balances prohibits creditor denying cardholder specified payment grace period cardholder takes advantage promotional rate balance deferred interest rate balance requires creditors send periodic credit card statement account consumer calendar days date payment outstanding authorizes consumer opt creditor authorization limit transactions fees imposed limits imposition limit fee billing cycle prohibits imposition limit fee credit limit exceeded credit hold actual transaction hold placed resulted consumer exceeding credit prescribes contents credit card price availability information board_of_governors federal_reserve_system board collect public semiannually requires board report congress annually estimates approximate relative percentage income derived credit card operations depository institutions designated sources including interest rates fees imposed prescribes standard initial issuance subprime fee cards accounts requiring year fee payments excess total credit payment fees late fees limit fees credit available prohibits extensions credit consumers age emancipated state requires board prescribe regulations implementing act months enactment expresses sense congress provision act impede promulgation final regulations laws effect day date enactment states regulations prescribed final form december apply credit card transactions day period following issuance final form


Summary: Stop Unfair Practices in Credit Cards Act of 2007 - Amends the Truth in Lending Act regarding open-end consumer credit plans. Prohibits imposition of an interest charge upon debt paid on time and in full. Sets restrictions upon interest rate increases. Limits penalty rate increases to: (1) seven percentage points above the current interest rate; and (2) future credit extensions only. Prohibits interest charges on fees. Specifies restrictions upon over-the-limit fees. Requires the primary federal regulator of a card issuer to conduct annual audits of the credit card operations and procedures used by the issuer. Requires the card issuer to: (1) apply payment first to the card balance bearing the highest rate of interest, and then to each successive balance bearing the next highest rate of interest, until the payment is exhausted; and (2) apply the payment in the most effective way to minimize the imposition of any finance charge. Requires a card issuer to define and display the term "prime rate" or similar rate or index as the bank prime loan rate posted by a majority of the top 25 U.S. chartered commercial banks, as published by the Board of Governors of the Federal Reserve System (Board). Revises requirements governing credit card information collected by the Board. Directs the Board to report annually to Congress its assessment of the profitability of credit card operations of depository institutions.

stop unfair practices credit cards act amends truth lending act open end consumer credit plans prohibits imposition interest charge debt paid time sets restrictions interest rate increases limits penalty rate increases seven percentage points current interest rate future credit extensions prohibits interest charges fees specifies restrictions limit fees requires primary federal regulator card issuer conduct annual audits credit card operations procedures issuer requires card issuer apply payment card balance bearing highest rate interest successive balance bearing highest rate interest payment exhausted apply payment effective way minimize imposition finance charge requires card issuer define display term prime rate similar rate index bank prime loan rate posted majority chartered commercial banks published board_of_governors federal_reserve_system board revises requirements governing credit card information collected board directs board report annually congress assessment profitability credit card operations depository institutions


Summary: Foreclosure Credit Forgiveness Act of 2008 - Amends the Fair Credit Reporting Act to prohibit the foreclosure on a subprime mortgage of a consumer from being taken into account by any person preparing or calculating the consumer's credit score. Defines "subprime mortgage" as any consumer credit transaction secured by the consumer's principal dwelling that meets criteria prescribed by the Board of Governors of the Federal Reserve System.

foreclosure credit forgiveness act amends fair credit reporting act prohibit foreclosure subprime mortgage consumer taken account person preparing calculating consumer credit score defines subprime mortgage consumer credit transaction secured consumer principal dwelling meets criteria prescribed board_of_governors federal_reserve_system


Summary: Credit Card Fair Fee Act of 2008 - (Sec. 2) Sets forth a limited antitrust immunity to providers of covered electronic payment systems and merchants for negotiation of access rates and terms. Authorizes providers of a single covered electronic payment system (e.g. Visa or Mastercharge credit cards) and merchants to jointly negotiate and agree upon rates and terms for access to such system. Authorizes such providers to jointly determine the proportionate division among themselves of paid access fees. Denies such immunity during any period in which such a provider or merchant is engaged in any unlawful boycott. Requires the rates and terms of a voluntarily negotiated access agreement to be the same for all merchants and participating providers, regardless of their respective category or volume of transactions. Requires the negotiating parties to file with the Antitrust Division of the Department of Justice a schedule for negotiations within one month following enactment of this Act. Directs the Antitrust Division to issue such a schedule, and inform the negotiating parties, if they fail to file a schedule before the deadline. Requires issuers, acquirers, owners, and merchants to make specified disclosures regarding itemized costs and access agreements. Requires a representative of the Antitrust Division to attend all negotiation sessions conducted under the authority of this Act. Requires the negotiating parties to file jointly with the Antitrust Division any voluntarily negotiated access agreement that affects any market in the United States or elsewhere, including the various components of the interchange fee, and a description of how access fees that merchants pay are allocated among financial institutions and how they are spent. Directs the Antitrust Division to report to certain congressional committees on: (1) the negotiations conducted under this Act during the first six months after its enactment; and (2) if a voluntarily negotiated agreement is reached, whether such access rates and terms will have an adverse effect on competition, and how such rates compare with access rates and terms in current use in other countries. (Sec. 3) Declares that nothing in this Act shall limit the ability of acquirers or issuers that are regulated by the National Credit Union Administration or that, together with affiliates, have assets of less than $1 billion, to opt out of negotiations under this Act. (Sec. 4) Requires agreements reached pursuant to the limited antitrust immunity under this Act to provide that: (1) when any fees that a merchant is charged for access to a covered electronic payment system are reduced, the merchant shall pass the benefits on to customers or employees; and (2) when any fees that a financial institution collects for access to a covered electronic payment system are increased, the institution shall pass those benefits on to its customers or employees.

sec sets forth limited antitrust immunity providers covered electronic payment systems merchants negotiation access rates terms authorizes providers single covered electronic payment system visa credit cards merchants jointly negotiate agree rates terms access system authorizes providers jointly determine proportionate division paid access fees denies immunity period provider merchant engaged unlawful boycott requires rates terms voluntarily negotiated access agreement merchants participating providers regardless respective category volume transactions requires negotiating parties file antitrust_division_of_the_department_of_justice schedule negotiations month following enactment act directs issue schedule inform negotiating parties fail file schedule deadline requires issuers owners merchants specified disclosures itemized costs access agreements requires representative attend negotiation sessions conducted authority act requires negotiating parties file jointly voluntarily negotiated access agreement affects market united_states including components interchange fee description access fees merchants pay allocated financial institutions spent directs report certain congressional committees negotiations conducted act months enactment voluntarily negotiated agreement reached access rates terms adverse effect competition rates compare access rates terms current use countries sec declares act shall limit ability issuers regulated national_credit_union_administration affiliates assets billion opt negotiations act sec requires agreements reached pursuant limited antitrust immunity act provide fees merchant charged access covered electronic payment system reduced merchant shall pass benefits customers employees fees financial institution collects access covered electronic payment system increased institution shall pass benefits customers employees


Summary: Emergency Mortgage Loan Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans. States that the servicer of such pooled loans owes a duty to the securitization vehicle to maximize recovery of proceeds 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 makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that the particular modification, workout plan, or other mitigation actions will maximize the net present value to be realized over that which would be realized through foreclosure. Declares that, absent contractual provisions to the contrary, a servicer acting in a manner consistent with such duty shall not be liable to specified persons (including any person obligated pursuant to a derivatives instrument to make specified payments) for entering into a qualified loan modification or workout plan for loss mitigation purposes. Defines "qualified loan modification or workout plan" as one that: (1) is scheduled to remain in place until the borrower sells or refinances the property, or for at least five years from the date of adoption of the plan, whichever is sooner; (2) does not provide for a repayment schedule that results in negative amortization at any time; and (3) does not require the borrower to pay additional points and fees. States that, for purposes of a qualified loan modification or workout plan, negative amortization does not include capitalization of delinquent interest and arrearages. Defines "securitization vehicle" as a trust, corporation, partnership, limited liability entity, special purpose entity, or other structure that: (1) is the issuer, or is created by the issuer, of mortgage pass-through certificates, participation certificates, mortgage-backed securities, or other similar securities backed by a pool of assets that includes residential mortgage loans; and (2) holds such loans.

emergency mortgage loan modification act establishes standard loan modifications workout plans pools certain residential mortgage loans states servicer pooled loans owes duty securitization vehicle maximize recovery proceeds 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 certain loss mitigation efforts loan facing payment default reasonable belief particular modification workout plan mitigation actions maximize net present value realized realized foreclosure declares absent contractual provisions contrary servicer acting manner consistent duty shall liable specified persons including person obligated pursuant derivatives instrument specified payments entering qualified loan modification workout plan loss mitigation purposes defines qualified loan modification workout plan scheduled remain place borrower sells refinances property years date adoption plan whichever sooner provide repayment schedule results negative amortization time require borrower pay additional points fees states purposes qualified loan modification workout plan negative amortization include capitalization delinquent interest arrearages defines securitization vehicle trust corporation partnership limited liability entity special purpose entity structure issuer created issuer mortgage pass certificates participation certificates mortgage backed securities similar securities backed pool assets includes residential mortgage loans holds loans


Summary: Nondiscriminatory Use of Consumer Reports and Consumer Information Act of 2008 - Amends the Fair Credit Reporting Act to prohibit a consumer reporting agency from furnishing to any person, and any person from using or obtaining, a consumer report or consumer information for use in making any decision to underwrite or rate any personal lines of insurance for which the Federal Trade Commission (FTC) determines that such use: (1) results in racial or ethnic discrimination; or (2) represents a proxy or proxy effect for race or ethnicity. Excludes from such proscription insurance information, including property loss data, driver history, and medical history, derived from specified data bases.

nondiscriminatory use consumer reports amends fair credit reporting act prohibit consumer reporting agency furnishing person person obtaining consumer report consumer information use making decision underwrite rate personal lines insurance federal_trade_commission ftc determines use results racial ethnic discrimination represents proxy proxy effect race ethnicity excludes insurance information including property loss data driver history medical history derived specified data bases


Summary: Home Owners' Loan Corporation for the 21st Century Act - Establishes the Home Owners' Loan Corporation as an instrumentality of the United States. Authorizes the Corporation to: (1) acquire, in exchange for bonds and subject to specified limitations, home mortgages, obligations, and liens secured by real estate (mortgage relief); and (2) make cash advances to pay the taxes and assessments on the real estate, provide for maintenance, meet incidental transaction expenses, and pay the mortgage, obligation, or lien holder the difference (not to exceed $200) between the face value of the bonds exchanged, plus accrued interest, and the purchase price of the mortgage, obligation, or lien. Requires the homeowner to make mortgage payments to the Corporation. Sets forth 40-year amortization requirements. Authorizes the Corporation to exchange bonds and make cash advances to redeem or recover homes lost by the owners by foreclosure or forced sale.

21st century act establishes instrumentality united_states authorizes corporation acquire exchange bonds subject specified limitations home mortgages obligations liens secured real estate mortgage relief cash advances pay taxes assessments real estate provide maintenance meet incidental transaction expenses pay mortgage obligation lien holder difference exceed face value bonds exchanged plus accrued interest purchase price mortgage obligation lien requires homeowner mortgage payments corporation sets forth year amortization requirements authorizes corporation exchange bonds cash advances redeem recover homes lost owners foreclosure forced sale


Summary: Foreclosure Prevention and Sound Mortgage Servicing Act of 2008 - Amends the Real Estate Settlement Procedures Act of 1974 to impose on a mortgagee a duty to engage in loss mitigation of covered federally related mortgage loans. Prohibits initiation of foreclosure on such loans if the mortgagee or servicer has at any time failed to comply with the requirements of this Act. Requires a mortgagee or servicer to pursue specified priority loss mitigation activities, with notice to the borrower or mortgagor, before considering secondary loss mitigation activities. Sets forth criteria governing the affordability of scheduled payments due from the borrower pursuant to loss mitigation activities. Requires the mortgagee or servicer to notify the mortgagor in writing within certain deadlines concerning prospective adjustable rate mortgage increases. Requires a mortgagee or servicer to provide the borrower with direct access to authorized loss mitigation personnel. Requires a servicer or mortgagee to forward to a housing counseling agency approved by the Department of Housing and Urban Development the contact information of any borrower whose federally related mortgage loan payment is more than 60 days late. Prohibits a mortgagee for a federally related mortgage loan from requiring a borrower to: (1) limit or waive the right to bring any claims, defenses, demands, proceedings, actions, or causes of action against the mortgagee or servicer as a condition of accepting an offer of any loss mitigation activities; or (2) agree to arbitration as a condition of receiving loan modification activities. Requires the servicer of a federally related mortgage loan to make available without charge, upon borrower's written request, specified account status and documentation.

foreclosure prevention sound mortgage servicing act amends real estate settlement procedures act impose mortgagee duty engage loss mitigation covered federally related mortgage loans prohibits initiation foreclosure loans mortgagee servicer time failed comply requirements act requires mortgagee servicer pursue specified priority loss mitigation activities notice borrower mortgagor considering secondary loss mitigation activities sets forth criteria governing affordability scheduled payments borrower pursuant loss mitigation activities requires mortgagee servicer notify mortgagor writing certain deadlines concerning prospective adjustable rate mortgage increases requires mortgagee servicer provide borrower direct access authorized loss mitigation personnel requires servicer mortgagee forward housing counseling agency approved department_of_housing_and_urban_development contact information borrower federally related mortgage loan payment days late prohibits mortgagee federally related mortgage loan requiring borrower limit waive right bring claims defenses demands proceedings actions causes action mortgagee servicer condition accepting offer loss mitigation activities agree arbitration condition receiving loan modification activities requires servicer federally related mortgage loan available charge borrower written request specified account status documentation


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 upfront 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 upfront 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: Homeowner Empowerment Act of 2008 - Amends the Internal Revenue Code to: (1) exclude from gross income distributions from individual retirement plans and other qualified retirement plans for payments on the mortgage of a taxpayer's principal residence; (2) require repayments of amounts distributed from such retirement plans over a 12-year period; and (3) waive the 10% penalty on premature distributions from retirement plans for distributions used to pay a mortgage.

homeowner empowerment act amends internal revenue code exclude gross income distributions individual retirement plans qualified retirement plans payments mortgage taxpayer principal residence require repayments amounts distributed retirement plans year period waive penalty premature distributions retirement plans distributions pay mortgage


Summary: Foreclosure Prevention Act of 2008 - Authorizes appropriations for FY2008 to the Neighborhood Reinvestment Corporation for specified mortgage foreclosure mitigation (namely housing counseling) activities.

foreclosure prevention act authorizes appropriations fy2008 neighborhood_reinvestment_corporation specified mortgage foreclosure mitigation housing counseling activities


Summary: FHA Housing Stabilization and Homeownership Retention Act of 2008 - Title I: Homeownership Retention - (Sec. 102) Amends the National Housing Act (NHA) to create the Refinance Program Oversight Board, which shall establish and oversee a program for insuring homeownership retention mortgages. Instructs the Secretary of Housing and Urban Development (HUD) to insure any homeownership retention mortgage covering a one- to four-family residence made to pay or prepay outstanding obligations under an existing mortgage on the residence. Sets forth mortgagor eligibility criteria, including mortgagor certification that: (1) the residence is the only residence in which the mortgagor has any present ownership interest; (2) the mortgagor has not intentionally defaulted on the existing mortgage, nor knowingly, willfully, and with actual knowledge furnished material information known to be false for the purpose of obtaining the existing mortgage. Requires waiver or forgiveness of all: (1) prepayment penalties; and (2) fees and penalties related to default or delinquency on existing mortgages. Sets forth terms for required: (1) reduction of indebtedness under an existing senior mortgage; (2) extinguishment of debt by refinancing; and (3) treatment of multiple mortgage liens. Requires debt service payments due under a mortgage insured under this Act to be substantially reduced from the debt service payments due under the existing mortgage or mortgages. Requires the mortgage to provide that the HUD Secretary retain a lien on the residence which shall: (1) be subordinate to the mortgage insured under this Act, but senior to all other existing mortgages on it; and (2) secure the repayment. Instructs the Oversight Board to prohibit borrowers from granting a new second lien on the mortgaged property during the first five years the mortgage is insured under this Act. Requires the mortgagee to document and verify mortgagor income. Requires a mortgage insured under this Act to: (1) bear interest at a single fixed rate for the entire mortgage term; and (2) involve a principal obligation that does not exceed the limitation that would be allowable for a mortgage insured pursuant to the Economic Stimulus Act of 2008. Requires the Oversight Board to establish specified underwriting standards for mortgages insured under this Act, including a limitation on origination fees. Sets forth criteria for appraisal independence. Subjects violations of such criteria to civil monetary penalties. Prohibits the aggregate original principal obligation of all mortgages insured under this Act from exceeding $300 billion. Directs: (1) the Oversight Board and the HUD Secretary to monitor independent quality reviews of designated underwriters; and (2) the Inspector General of HUD to conduct an annual compliance audit of the mortgage insurance program under this Act. Requires the HUD Secretary to ensure that securities based on and backed by a pool or trust composed of mortgages insured under this Act are available to be guaranteed by the Government National Mortgage Association (GNMA) for timely payment of principal and interest. Makes the insurance of each mortgage under this Act the obligation of the Special Risk Insurance Fund established by this Act. Sets forth a sunset date of two years after enactment of this Act for commitments to insure under it. Authorizes appropriations for FY2008-FY2009, including specified funds earmarked for: (1) counseling for veterans recently returning from active duty in the Armed Forces; and (2) the Neighborhood Reinvestment Corporation (NRC). Repeals the limitation on the aggregate number of home equity conversion mortgages for elderly homeowners insured under this Act. (Sec. 103) Directs the Board of Governors of the Federal Reserve System to study and report to specified congressional committees on the need for an auction or bulk refinancing mechanism to facilitate refinancing of existing residential mortgages that are at risk for foreclosure into mortgages insured under the NHA. (Sec. 104) Establishes a temporary increase in the maximum loan guaranty amount for certain housing loans guaranteed by the Secretary of Veterans Affairs. (Sec. 105) Requires the Securities and Exchange Commission (SEC) to study and report to Congress on: (1) mark-to-market accounting standards applicable to depository institutions with respect to residential mortgages at risk of foreclosure; (2) the effects of such accounting standards upon such institutions' capacity to provide refinancing to residential mortgagors at risk of foreclosure, including residential mortgagors during periods of market value declines and increased foreclosures; and (3) the feasibility of modifications of such standards, requirements, and regulatory actions during periods of market fluctuation in order to maintain the institution's ability to continue to carry mortgages on residential property at risk of foreclosure and assure the availability of credit to refinance such mortgages. (Sec. 106) Instructs the Comptroller General of the United States to study and report to Congress on the effects of tightening credit markets upon prospective first-time homebuyers in selected communities that have been most detrimentally affected by subprime mortgage foreclosure crises and predatory mortgage lending. Title II: Office of Housing Counseling - Expand and Preserve Home Ownership Through Counseling Act - (Sec. 202) Amends the Department of Housing and Urban Development Act to establish the Office of Housing Counseling. (Sec. 203) Amends the Housing and Urban Development Act of 1968 to: (1) prescribe homeownership and rental counseling procedures and requirements; (2) direct the Secretary to make grants to qualified organizations for homeownership or rental counseling assistance; and (3) require such organizations to use only HUD-certified counselors. (Sec. 206) Directs the HUD Secretary to study and report to Congress on the root causes of home loan defaults and foreclosures, including the role of escrow accounts in helping prime and nonprime borrowers avoid defaults and foreclosures. (Sec. 208) Amends the Real Estate Settlement Procedures Act of 1974 to require a revamping of a public information booklet regarding federally related mortgage loans, with specified contents. Title III: Combating Mortgage Fraud - (Sec. 301) Authorizes appropriations for FY2008-FY2012 for federal prosecution of mortgage fraud.

title homeownership retention sec amends national housing act nha create shall establish oversee program insuring homeownership retention mortgages instructs secretary housing_and_urban_development hud insure homeownership retention mortgage covering one- family residence pay prepay outstanding obligations existing mortgage residence sets forth mortgagor eligibility criteria including mortgagor certification residence residence mortgagor present ownership interest mortgagor intentionally defaulted existing mortgage knowingly willfully actual knowledge furnished material information known false purpose obtaining existing mortgage requires waiver forgiveness prepayment penalties fees penalties related default delinquency existing mortgages sets forth terms required reduction indebtedness existing senior mortgage extinguishment debt refinancing treatment multiple mortgage liens requires debt service payments mortgage insured act substantially reduced debt service payments existing mortgage mortgages requires mortgage provide hud secretary retain lien residence shall subordinate mortgage insured act senior existing mortgages secure repayment instructs prohibit borrowers granting new second lien mortgaged property years mortgage insured act requires mortgagee document verify mortgagor income requires mortgage insured act bear interest single fixed rate entire mortgage term involve principal obligation exceed limitation allowable mortgage insured pursuant economic stimulus act requires establish specified underwriting standards mortgages insured act including limitation origination fees sets forth criteria appraisal independence subjects violations criteria civil monetary penalties prohibits aggregate original principal obligation mortgages insured act exceeding billion directs hud secretary monitor independent quality reviews designated underwriters inspector general hud conduct annual compliance audit mortgage insurance program act requires hud secretary ensure securities based backed pool trust composed mortgages insured act available guaranteed timely payment principal interest makes insurance mortgage act obligation established act sets forth sunset date years enactment act commitments insure authorizes appropriations fy2008 fy2009 including specified funds earmarked counseling veterans recently returning active duty armed_forces neighborhood_reinvestment_corporation nrc repeals limitation aggregate number home equity conversion mortgages elderly homeowners insured act sec directs board_of_governors federal_reserve_system study report specified congressional committees need auction bulk refinancing mechanism facilitate refinancing existing residential mortgages risk foreclosure mortgages insured nha sec establishes temporary increase maximum loan guaranty certain housing loans guaranteed secretary veterans_affairs sec requires securities_and_exchange_commission sec study report congress mark market accounting standards applicable depository institutions respect residential mortgages risk foreclosure effects accounting standards institutions capacity provide refinancing residential mortgagors risk foreclosure including residential mortgagors periods market value declines increased foreclosures feasibility modifications standards requirements regulatory actions periods market order maintain institution ability continue carry mortgages residential property risk foreclosure assure availability credit refinance mortgages sec instructs comptroller_general_of_the_united_states study report congress effects credit markets prospective time homebuyers selected communities affected subprime mortgage foreclosure crises predatory mortgage lending title office housing counseling expand sec amends department_of_housing_and_urban_development_act establish sec amends housing_and_urban_development_act prescribe homeownership rental counseling procedures requirements direct secretary grants qualified organizations homeownership rental counseling assistance require organizations use hud certified counselors sec directs hud secretary study report congress root causes home loan defaults foreclosures including role escrow accounts helping prime borrowers avoid defaults foreclosures sec amends real_estate_settlement_procedures_act require public information federally related mortgage loans specified contents title iii combating mortgage fraud sec authorizes appropriations fy2008 fy2012 federal prosecution mortgage fraud


Summary: Homeownership Protection and Housing Market Stabilization Act of 2008 - Sets forth a licensing and registry system for residential mortgage loan originators. Amends the Truth in Lending Act to require additional creditor disclosures on residential mortgage loans. Expand and Preserve Home Ownership Through Counseling Act - Amends the Department of Housing and Urban Development Act to establish the Office of Housing Counseling in the Office of the Secretary of Housing and Urban Development (HUD). Amends the Community Reinvestment Act of 1977 to grant community investment credit for certain lender practices. Expanding American Homeownership Act of 2008 - Amends the National Housing Act to revise the single family mortgage insurance program under the Federal Housing Administration (FHA), including Hawaiian home lands and Indian reservations, and home equity conversion (reverse) mortgages. Amends the Economic Stimulus Act of 2008 to grant a temporary increase in the maximum loan guaranty amount for veterans' housing loans guaranteed by Secretary of Veterans Affairs. Directs the Secretary of Defense to implement a mortgage foreclosure prevention counseling program for members of the Armed Forces returning from active duty abroad.Amends the Servicemembers Civil Relief Act to extend the period of protection against mortgage foreclosures. Amends the Truth in Lending Act to: (1) require escrow and impound accounts for periodic payments for certain credit transactions; and (2) set forth property appraisal requirements. Authorizes appropriations for federal prosecution of mortgage fraud. Federal Housing Finance Reform Act of 2008 - Amends the Housing and Community Development Act of 1992 to establish: (1) the Federal Housing Finance Agency (FHFA) to exercise oversight authority over the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal National Mortgage Association (Fannie Mae) (enterprises) ; and (2) the Federal Housing Enterprise Board. Prescribes: (1) minimum and critical capital levels for regulated entities; and (2) special enforcement powers. Requires the FHFA Director to establish standards for enterprise assets and liabilities. Abolishes: (1) the Office of Federal Housing Enterprise Oversight; and (2) the Federal Housing Finance Board. Transfers their functions, personnel, and property to the FHFA. Terminates enterprise-related functions of HUD.

homeownership protection housing market stabilization act sets forth licensing registry system residential mortgage loan originators amends truth lending act require additional creditor disclosures residential mortgage loans expand establish office_of_the_secretary housing_and_urban_development hud amends community reinvestment act grant community investment credit certain lender practices expanding american homeownership act amends national housing act revise single family mortgage insurance program federal_housing_administration fha including hawaiian home lands indian reservations home equity conversion reverse mortgages amends economic stimulus act grant temporary increase maximum loan guaranty veterans housing loans guaranteed secretary veterans_affairs directs secretary defense implement mortgage foreclosure prevention counseling program members armed_forces returning active duty abroad amends servicemembers_civil_relief_act extend period protection mortgage foreclosures amends truth lending act require escrow impound accounts periodic payments certain credit transactions set forth property appraisal requirements authorizes appropriations federal prosecution mortgage fraud reform act amends housing_and_community_development_act establish federal_housing_finance_agency fhfa exercise oversight authority federal_home_loan_banks federal_home_loan_mortgage_corporation freddie_mac federal_national_mortgage_association fannie_mae enterprises prescribes minimum critical capital levels regulated entities special enforcement powers requires fhfa director establish standards enterprise assets liabilities abolishes office_of_federal_housing_enterprise_oversight transfers functions personnel property fhfa terminates enterprise related functions hud


Summary: Homeowner Opportunity Act of 2008 - Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the National Housing Act to make permanent certain increases in the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Expresses the sense of the Congress to encourage Fannie Mae and Freddie Mac to securitize mortgages acquired under the increased conforming loan limits to the extent that such securitizations do not impose additional costs for mortgages originated, purchased, or securitized under the existing limits, or interfere with the goal of adding liquidity to the market. Amends the National Housing Act to: (1) increase the mortgage loan limit for mortgage insurance in high-cost areas; and (2) direct the Secretary of Housing and Urban Development to publish the median house prices and mortgage principal obligation limits for all areas each year.

homeowner opportunity act amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act national housing act permanent certain increases maximum original principal obligation mortgage purchased federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac expresses sense congress encourage fannie_mae freddie_mac securitize mortgages acquired increased conforming loan limits extent impose additional costs mortgages originated purchased securitized existing limits interfere goal adding liquidity market amends national housing act increase mortgage loan limit mortgage insurance high cost areas direct secretary housing_and_urban_development publish median house prices mortgage principal obligation limits areas year


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: Employers Financial Literacy Act - Amends the Internal Revenue Code to allow small business taxpayers a tax credit for up to 35% of the costs of providing continuing financial education to their employees. Grants a preference to such small businesses in the awarding of federal contracts or assistance.

employers financial literacy act amends internal revenue code allow small business taxpayers tax credit costs providing continuing financial education employees grants preference small businesses awarding federal contracts assistance


Summary: Fair and Justifiable Credit Card Interest Rate Act of 2008 - Amends the Truth in Lending Act to prohibit the annual percentage rate applicable to any extension of credit on a credit card account under an open end consumer credit plan from exceeding 20%.

fair amends truth lending act prohibit annual percentage rate applicable extension credit credit card account open end consumer credit plan exceeding


Summary: Prohibits an individual from purchasing or leasing any housing acquired using federal loan or grant funds made available for use under the Neighborhood Stabilization Act of 2008, or any dwelling unit in any such housing, if such individual has been convicted under federal or state law of a drug-dealing offense, a sex offense, or mortgage fraud. Requires each state, metropolitan city, and urban county that is provided such loan or grant amounts, notwithstanding any other preferences required or authorized under such Act for use of such amounts, to give highest priority to providing housing for disabled veterans.

prohibits individual purchasing leasing housing acquired federal loan grant funds available use neighborhood stabilization act dwelling unit housing individual convicted federal state law drug dealing offense sex offense mortgage fraud requires state metropolitan city urban county provided loan grant amounts notwithstanding preferences required authorized act use amounts highest priority providing housing disabled veterans


Summary: Personal Lines of Insurance Fairness Act of 2008 - Amends the Fair Credit Reporting Act to prohibit a consumer reporting agency from furnishing to any person, and any person from using or obtaining, either a consumer report or consumer information for use in making any decision to underwrite or rate any personal lines of insurance. Exempts from such prohibition insurance information derived from specified data bases, including property loss, driver history, and medical history .

personal lines insurance fairness act amends fair credit reporting act prohibit consumer reporting agency furnishing person person obtaining consumer report consumer information use making decision underwrite rate personal lines insurance exempts prohibition insurance information derived specified data bases including property loss driver history medical history