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

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


Summary: Saving Family Homes Act of 2008 - Grants eligible mortgagors subject to foreclosure proceedings the right to continue to occupy forclosed properties subject to the payment of fair market rent for a period of 20 years that begins upon the commencement of occupancy of such property.

saving family homes act grants eligible mortgagors subject foreclosure proceedings right continue occupy properties subject payment fair market rent period years begins commencement occupancy property


Summary: Temporary FHA Direct Endorsement Lender Participation Act of 2008 - Amends the Economic Stimulus Act of 2008 to require the Secretary of Housing and Urban Development to authorize the participation of mortgage brokers and lenders meeting certain criteria as direct endorsement mortgagees under the FHA single family mortgage insurance program for mortgages approved by the end of 2008.

temporary fha direct endorsement lender participation act amends economic stimulus act require secretary housing_and_urban_development authorize participation mortgage brokers lenders meeting certain criteria direct endorsement mortgagees fha single family mortgage insurance program mortgages approved end


Summary: Responsible Investment for Home Ownership Act of 2008 - Amends the Internal Revenue Code to: (1) establish tax-exempt Home Ownership Mortgage Expense Accounts; (2) allow a tax deduction for contributions to such accounts; (3) allow tax-free distributions from such accounts for the financing or remodeling of a principal residence; and (4) set forth rules for such accounts relating to prohibited transactions, rollover contributions, and account termination. Prohibits illegal aliens making tax deductible contributions to such accounts.

responsible investment home ownership act amends internal revenue code establish tax exempt allow tax deduction contributions accounts allow tax free distributions accounts financing remodeling principal residence set forth rules accounts relating prohibited transactions rollover contributions account termination prohibits illegal aliens making tax deductible contributions accounts


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

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


Summary: Financial Disclosure Integrity Act - Amends the Ethics in Government Act of 1978 to require the annual financial disclosure reports of certain federal officers and employees to include mortgages secured by real properties which are the personal residences of the reporting individuals or their spouses. Requires the reporting of any liability consisting of such a mortgage to include applicable interest rate payments during the preceding calendar year and the number of years (or portions) remaining on the mortgage. Requires in the financial report a brief description, the date, and category of value of any purchase, sale, or exchange of such a property during a preceding calendar year.

financial disclosure integrity act amends ethics government act require annual financial disclosure reports certain federal officers employees include mortgages secured real properties personal residences reporting individuals spouses requires reporting liability consisting mortgage include applicable interest rate payments preceding calendar year number years portions remaining mortgage requires financial report brief description date category value purchase sale exchange property preceding calendar year


Summary: Seasoned Customer CTR Exemption Act of 2008 - Amends federal money and finance law to: (1) repeal certain discretionary exemptions of depository institutions from currency transaction reporting (CTR) requirements; and (2) instruct the Secretary of the Treasury to prescribe regulations that exempt any depository institution from filing certain mandatory reports of currency transactions with a qualified customer. Defines qualified customer as any person that: (1) is incorporated or organized under federal or state law, including a sole proprietorship, or is registered as and eligible to do business within the United States or a state; and (2) has maintained a deposit account with the depository institution for at least two months, or has engaged, using such account, in multiple currency transactions subject to federal CTR requirements. Requires such regulations to require a depository institution to file a one-time notice of designation of exemption for each of its qualified customers. Authorizes the Secretary to: (1) suspend, reject, or revoke any qualified customer exemption notice; and (2) set conditions under which exempt qualified customers of an insured depository institution that is merged with, or acquired by another insured depository institution, will continue to be treated as designated exempt qualified customers of the surviving or acquiring institution. Revises certain mandatory exemptions from CTR requirements. Requires the Secretary to exempt a depository institution from domestic CTR requirements without requiring the depository institution to either file a notice of designation of exemption, or to annually review the information supporting the exemption, with respect to transactions between the depository institution and specified categories of entities. Specifies additions to such categories of entities. Permits a depository institution to elect to report such exempted transactions without being subject to any penalty, liability, enforcement remedy, or supervisory criticism for such reporting.

customer ctr exemption act amends federal money finance law repeal certain discretionary exemptions depository institutions currency transaction reporting ctr requirements instruct secretary treasury prescribe regulations exempt depository institution filing certain mandatory reports currency transactions qualified customer defines qualified customer person incorporated organized federal state law including sole proprietorship registered eligible business united_states state maintained deposit account depository institution months engaged account multiple currency transactions subject federal ctr requirements requires regulations require depository institution file time notice designation exemption qualified customers authorizes secretary suspend reject revoke qualified customer exemption notice set conditions exempt qualified customers insured depository institution merged acquired insured depository institution continue treated designated exempt qualified customers surviving acquiring institution revises certain mandatory exemptions ctr requirements requires secretary exempt depository institution domestic ctr requirements requiring depository institution file notice designation exemption annually review information supporting exemption respect transactions depository institution specified categories entities specifies additions categories entities permits depository institution elect report exempted transactions subject penalty liability enforcement remedy supervisory reporting


Summary: FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 - (Sec. 2) Amends the National Housing Act to make exceptions to the prohibition against mortgage insurance for mortgages involving a downpayment using funds furnished by: (1) the seller or any party that benefits financially from the transaction (seller-financed downpayment); or (2) any third party that is reimbursed by the seller or any such party. Makes eligible for mortgage insurance, in spite of a seller-financed downpayment, any mortagors with credit scores equivalent to a FICO score of: (1) 680 or more; (2) at least 620 but less than 680; or (3) 619 or less. Prescribes conditions for mortgage insurance in the latter two situations. Requires entities participating in a governmental or private nonprofit program that provides downpayment assistance for such a mortgage to offer and make available, before loan closing, counseling about the responsibilities and financial management involved in homeownership. Authorizes the Secretary of Housing and Urban Development to impose civil money penalties for improperly influencing appraisals. (Sec. 3) Prohibits the Secretary from implementing: (1) risk-based premiums designed for mortgage lenders to offer a Federal Housing Administration (FHA)-insured product that provides a range of mortgage insurance premium pricing based upon a specified risk that the insurance contract represents; or (2) any other risk-based premium product for mortgage insurance on a single family residence where the premium price for such new product is based upon the borrower's Decision Credit Score. Makes an exception from such prohibition for flexible risk-based premiums. Authorizes the Secretary to establish, for a mortgagor whose FICO credit score is under 600, a mortgage insurance premium structure with a variable rate that reflects the mortgagor's credit risk, if the basis for determining such rate is established before the mortgage is executed. Requires notice to mortgagees and to Congress before such a premium structure is established or changed. Requires the Secretary to consider specified factors when premiums are established and collected under a flexible risk-based premium structure. Authorizes the Secretary to provide for variations in such rates according to the credit risk associated with the type of mortgage product that is being insured. Requires the Secretary to make payment incentives to a mortgagor, in the form of certain refunds, upon payment in full of timely mortgage payments. Authorizes the Secretary, for mortgages with a flexible risk-based premium, to establish a higher annual premium in lieu of a higher up-front premium.

risk based pricing authorization act sec amends national housing act exceptions prohibition mortgage insurance mortgages involving downpayment funds furnished seller party benefits financially transaction seller financed downpayment party reimbursed seller party makes eligible mortgage insurance seller financed downpayment credit scores equivalent score prescribes conditions mortgage insurance situations requires entities participating governmental private nonprofit program provides downpayment assistance mortgage offer available loan closing counseling responsibilities financial management involved homeownership authorizes secretary housing_and_urban_development impose civil money penalties improperly influencing appraisals sec prohibits secretary implementing risk based premiums designed mortgage lenders offer federal_housing_administration product provides range mortgage insurance premium pricing based specified risk insurance contract represents risk based premium product mortgage insurance single family residence premium price new product based borrower makes exception prohibition flexible risk based premiums authorizes secretary establish mortgagor credit score mortgage insurance premium structure variable rate reflects mortgagor credit risk basis determining rate established mortgage executed requires notice mortgagees congress premium structure established changed requires secretary consider specified factors premiums established collected flexible risk based premium structure authorizes secretary provide variations rates according credit risk associated type mortgage product insured requires secretary payment incentives mortgagor form certain refunds payment timely mortgage payments authorizes secretary mortgages flexible risk based premium establish higher annual premium lieu higher premium


Summary: Expanding Access to Foreclosure Counseling Act of 2008 - Amends the Foreclosure Prevention Act of 2008, Division B of the Housing and Economic Recovery Act of 2008, with regard to priority consideration the Neighborhood Reinvestment Corporation (NRC) is required to give when making grants to Department of Housing and Urban Development-approved counseling intermediaries which target loss mitigation counseling services to minority and low-income homeowners or provide such services in neighborhoods with high concentrations of minority and low-income homeowners. Revises the requirement that the NRC give priority consideration to counseling intermediaries and legal organizations that provide legal assistance in the 100 metropolitan statistical areas (MSAs) with the highest home foreclosure rates. Requires the NRC, in the case of any of such MSAs which do not have adequate counseling intermediaries and legal organizations providing such legal assistance, to give priority consideration to counseling intermediaries and legal organizations that: (1) do provide such legal assistance in areas near such MSA; and (2) have the capacity to provide it also in such MSA.

expanding access foreclosure counseling act amends foreclosure prevention act division housing_and_economic_recovery_act regard priority consideration neighborhood_reinvestment_corporation nrc required making grants department_of_housing_and_urban_development approved counseling intermediaries target loss mitigation counseling services minority low income homeowners provide services neighborhoods high concentrations minority low income homeowners revises requirement nrc priority consideration counseling intermediaries legal organizations provide legal assistance metropolitan statistical areas msas highest home foreclosure rates requires nrc case msas adequate counseling intermediaries legal organizations providing legal assistance priority consideration counseling intermediaries legal organizations provide legal assistance areas near msa capacity provide msa


Summary: Nationwide Mortgage Fraud Coordinator Act of 2008 - Requires the Director of the Federal Bureau of Investigation (FBI) to assign the Chief of its Financial Crimes Section, Criminal Investigative Division, to be the Nationwide Mortgage Fraud Coordinator, who shall oversee all FBI activities related to investigation of mortgage fraud. Directs the Coordinator to: (1) establish regional task forces, consisting of the voluntary participation of federal, state, and local law enforcement and prosecutorial agencies, to organize initiatives to address mortgage fraud; (2) train such agencies; (3) collect and disseminate mortgage fraud data; and (4) perform other related functions. Authorizes the Coordinator to: (1) establish a toll-free hotline and other information systems for receiving reports and informing the public about mortgage fraud; and (2) creating a database of mortgage industry license suspensions and revocations. Authorizes the Department of Justice, upon consideration of any recommendations by the Coordinator, to: (1) propose legislation to federal, state, and local legislative bodies to assist in the detection, investigation, and prosecution of mortgage fraud, including measures to address mortgage loan procedures and property appraiser practices; and (2) make recommendations to Congress as to the need for additional resources to combat mortgage fraud.

requires director federal_bureau_of_investigation fbi assign chief shall oversee fbi activities related investigation mortgage fraud directs coordinator establish regional task forces consisting voluntary participation federal state local law enforcement prosecutorial agencies organize initiatives address mortgage fraud train agencies collect disseminate mortgage fraud data perform related functions authorizes coordinator establish toll free hotline information systems receiving reports informing public mortgage fraud creating database mortgage industry license suspensions revocations authorizes department_of_justice consideration recommendations coordinator propose legislation federal state local legislative bodies assist detection investigation prosecution mortgage fraud including measures address mortgage loan procedures property appraiser practices recommendations congress need additional resources combat mortgage fraud


Summary: Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Federal Housing Finance Regulatory Reform Act of 2008, to require the Director of the Federal Housing Finance Agency to prohibit any golden parachute payment on or after enactment of this Act with respect to any executive officer or member of the board of directors of: (1) the Federal National Mortgage Association (Fannie Mae) and any affiliate; (2) Federal Home Loan Mortgage Corporation (Freddie Mac) and any affiliate; and (3) any Federal Home Loan Bank.

amends federal_housing_enterprises_financial_safety soundness act amended reform act require director federal_housing_finance_agency prohibit golden parachute payment enactment act respect executive officer member board directors federal_national_mortgage_association fannie_mae affiliate federal_home_loan_mortgage_corporation freddie_mac affiliate federal_home_loan_bank


Summary: All Bonuses Left Behind Act of 2008 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Federal Housing Finance Regulatory Reform Act of 2008, to prohibit a golden parachute payment or indemnification payment to any executive officer or member of the board of directors of the Federal National Mortgage Association (Fannie Mae) or of the Federal Home Loan Mortgage Corporation (Freddie Mac), except pursuant to federal law that specifically: (1) names the individual to whom the payment is to be made; and (2) identifies the payment or payments.

bonuses left act amends federal_housing_enterprises_financial_safety soundness act amended reform act prohibit golden parachute payment indemnification payment executive officer member board directors federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac pursuant federal law specifically names individual payment identifies payment payments


Summary: Taxpayer Reimbursement Act of 2008 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Federal Housing Finance Regulatory Reform Act of 2008, to require the Director of the Federal Housing Finance Agency to suspend temporarily any allocations by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) upon: (1) the appointment of a conservator or receiver, and for the duration of a conservatorship or receivership; or (2) a finding that the federal government has not been fully reimbursed for the costs of such a conservatorship. Repeals the reduced percentages for calendar years 2010 and 2011 to require the use of 100% of certain Fannie Mae and Freddie Mac allocations to reimburse the Treasury for payments on bonds of the HOPE for Homeowners Program for calendar 2009-2001. Suspends the annual goals and duties established for Fannie Mae or Freddie Mac during any period it is in conservatorship or receivership.

taxpayer reimbursement act amends federal_housing_enterprises_financial_safety soundness act amended reform act require director federal_housing_finance_agency suspend temporarily allocations federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac appointment conservator receiver duration conservatorship receivership finding federal government fully reimbursed costs conservatorship repeals reduced percentages calendar years require use certain fannie_mae freddie_mac allocations reimburse treasury payments bonds hope homeowners program calendar suspends annual goals duties established fannie_mae freddie_mac period conservatorship receivership


Summary: Loan Shark Prevention Act - Amends the Truth in Lending Act to limit: (1) the annual percentage rate (APR) applicable to any extension of credit to a maximum of 8 percentage points above the interest rate on tax underpayments established under the Internal Revenue Code; and (2) the amount of any fee or charge that a creditor may impose, under the terms of a credit transaction, to $15. Declares that, in the case of any credit card account under an open end consumer credit plan, no fee (including any annual fee, late payment fee, or over-the-limit fee) may be imposed on such account until 30 days after the obligor receives a specific notice of the imposition of such fee. Requires such a notice to explain how, when, and why a fee will be imposed and what options the obligor may have for addressing the fee or any reason for it, including the prevention of any future imposition of such fee.

loan shark prevention act amends truth lending act limit annual percentage rate apr applicable extension credit maximum percentage points interest rate tax underpayments established internal revenue code fee charge creditor impose terms credit transaction declares case credit card account open end consumer credit plan fee including annual fee late payment fee limit fee imposed account days obligor receives specific notice imposition fee requires notice explain fee imposed options obligor addressing fee reason including prevention future imposition fee


Summary: Credit Card Safety Star Act of 2008 - Amends the Truth in Lending Act to direct the Board of Governors of the Federal Reserve System to promulgate rules to implement a Safety Star System, with one to five stars, to allow consumers to compare quickly and easily the terms, conditions, and levels of safety associated with various open end credit plan agreements. Specifies a point structure for rating credit cards. Assigns an automatic one-star rating (the lowest level of safety) to any open end credit plan: (1) that allows the card issuer to modify the terms of the agreement with a cardholder at any time or periodically for unspecified or unstated reasons; or (2) under which other accounts, or changes by a third party in the cardholder's credit rating, are used as a basis for adverse changes in the agreement (including universal default). Establishes the Credit Card Safety Star Advisory Commission.

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


Summary: Independent Fannie Mae and Freddie Mac Investigative Commission Act - Establishes the Independent Fannie Mae and Freddie Mac Investigative Commission to investigate and issue a final report on the period following the savings and loan crisis of the 1980s to the present. Requires the Commission to investigate: (1) the policies, practices, and board decisions of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from the 1990s through the present that led to their financial instability and subsequent federal conservatorship; (2) Fannie Mae and Freddie Mac's involvement, if any, in the creation and proliferation of the securitized mortgage instrument, and how such instrument affected their solvency; (3) the role of their boards of directors in developing their accounting and financial risk policies; (4) the actions of each board member or members, executive officer or officers, or the board member or members and executive officer or officers responsible for making the financial decisions to grow the enterprises' portfolios of subprime mortgage loans; and (5) the board member or members, executive officer or officers, or the board member or members and executive officer or officers responsible for making the decisions that may have encouraged the proliferation of the subprime mortgage industry.

independent fannie_mae act establishes investigate issue final report period following savings loan crisis present requires commission investigate policies practices board decisions federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac present led financial instability subsequent federal conservatorship fannie_mae freddie_mac involvement creation proliferation securitized mortgage instrument instrument affected solvency role boards directors developing accounting financial risk policies actions board member members executive officer officers board member members executive officer officers responsible making financial decisions grow enterprises portfolios subprime mortgage loans board member members executive officer officers board member members executive officer officers responsible making decisions encouraged proliferation subprime mortgage industry


Summary: Government-Sponsored Enterprises Free Market Reform Act of 2008 - Sets a deadline for the Director of the Federal Housing Finance Agency to terminate the conservatorship of either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) if the Director determines that it is financially viable. (Refers to both Fannie Mae and Freddie Mac as enterprises.) Requires the Director to appoint the Federal Housing Finance Agency immediately as receiver of either enterprise if it is found not to be financially viable. Restricts the authority of an enterprise to acquire mortgage assets following its emergence from conservatorship. Requires the Director to establish mandatory minimum capital levels for the enterprises. Amends the Economic Stimulus Act of 2008 to repeal the temporary conforming loan limit increase for the enterprises.Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to repeal provisions governing enterprise authority to purchase and sell certain insured and conventional mortgages and to engage in certain lending activities.Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to repeal the new housing price index.Amends the Housing and Economic Recovery Act of 2008 to repeal certain conforming loan limits.Requires the enterprises to pay state and local taxes.Instructs the Director to assess each enterprise for the amount necessary to recoup to the federal government the full value of the benefit the enterprise receives from federal guarantees for its obligations and financial viability. Directs the Comptroller General to study and report to Congress on a risk-based pricing mechanism to determine accurately the value of the benefit the enterprises receive from such federal guarantees. Requires the wind down and dissolution of an enterprise whose charter is not renewed.

sets deadline director federal_housing_finance_agency terminate conservatorship federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac director determines financially viable refers fannie_mae freddie_mac enterprises requires director appoint federal_housing_finance_agency immediately receiver enterprise found financially viable restricts authority enterprise acquire mortgage assets following conservatorship requires director establish mandatory minimum capital levels enterprises amends economic stimulus act repeal temporary conforming loan limit increase enterprises amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act repeal provisions governing enterprise authority purchase sell certain insured conventional mortgages engage certain lending activities amends federal_housing_enterprises_financial_safety soundness act repeal new housing price index amends housing_and_economic_recovery_act repeal certain conforming loan limits requires enterprises pay state local taxes instructs director assess enterprise necessary recoup federal government value benefit enterprise receives federal guarantees obligations financial viability directs comptroller general study report congress risk based pricing mechanism determine accurately value benefit enterprises receive federal guarantees requires wind dissolution enterprise charter renewed


Summary: Preserve Our Neighborhoods Act of 2008 - Cites conditions under which a local government may purchase from the Secretary of the Treasury at the price of $1 per mortgage a group of at least 25 available mortgages, each of which is secured by real property. Requires the Secretary to make available to the public, at 90-day intervals, a list of all parcels of real estate, identified by specific address, that are available for purchase. Authorizes the Secretary to sell such mortgages. Applies the National Historic Preservation Act with respect to the rights in property acquired by local governments as a result of the foreclosure of mortgages purchased under this Act.

preserve neighborhoods act cites conditions local government purchase secretary treasury price mortgage group available mortgages secured real property requires secretary available public day intervals list parcels real estate identified specific address available purchase authorizes secretary sell mortgages applies national_historic_preservation_act respect rights property acquired local governments result foreclosure mortgages purchased act


Summary: Housing Options Made Effective Act or the HOME Act - Requires the mortgagee of a residential mortgage to: (1) file a specified notice of default before foreclosure; and (2) make direct contact with, or exercise due diligence to contact, the borrower to provide foreclosure avoidance options. Prescribes loan modification and workout plan duties for loan servicers. Requires that timely payments made under a loan modification or workout plan be reported to the appropriate consumer reporting agency and included in the borrower's consumer file and consumer report. Requires a covered residential mortgage agreement to grant the borrower and the mortgagee the right to negotiate a loan modification or workout plan if: (1) the mortgage is in payment default or payment default is reasonably foreseeable; or (2) the mortgagee's anticipated recovery under a loan workout plan exceeds the anticipated recovery through foreclosure on a net present value basis. Prohibits the mortgagee from refusing partial mortgage payments. Requires the mortgagee to credit such partial payments to the borrower's account . States that mortgagee acceptance of partial payments does not affect determination of mortgage default. Sets forth the rights of renters in a property foreclosure, including a tenant right to occupy the property under a lease entered into prior to foreclosure. Requires a mortgagee, where a judicial or non-judicial foreclosure has been initiated, to file a notice of sale in a public filing or recordation office before the foreclosure sale.

home act requires mortgagee residential mortgage file specified notice default foreclosure direct contact exercise diligence contact borrower provide foreclosure avoidance options prescribes loan modification workout plan duties loan servicers requires timely payments loan modification workout plan reported appropriate consumer reporting agency included borrower consumer file consumer report requires covered residential mortgage agreement grant borrower mortgagee right negotiate loan modification workout plan mortgage payment default payment default reasonably foreseeable mortgagee anticipated recovery loan workout plan exceeds anticipated recovery foreclosure net present value basis prohibits mortgagee refusing partial mortgage payments requires mortgagee credit partial payments borrower account states mortgagee acceptance partial payments affect determination mortgage default sets forth rights property foreclosure including tenant right occupy property lease entered prior foreclosure requires mortgagee judicial non judicial foreclosure initiated file notice sale public filing recordation office foreclosure sale


Summary: Tax Refund Anticipation Loan Consumer Protection Act - Amends the Truth in Lending Act to prescribe advertising and disclosure requirements for tax refund anticipation loans. Prohibits an advertisement for an income tax refund anticipation loan from: (1) describing such a loan as a tax refund or rebate; or (2) advertising or soliciting tax preparation services as including the possibility of obtaining an immediate or rapid income tax refund or rebate if the refund or rebate involves an income tax refund anticipation loan origination. Requires an advertisement for an income tax refund anticipation loan to disclose: (1) fees imposed by the originator in connection with the loan origination; (2) the applicable annual percentage rate (APR) and fees; and (3) the name of the creditor if other than the originator. Sets forth contract and disclosure requirements for income tax refund anticipation loan origination services. Instructs the Board of Governors of the Federal Reserve System to publish model disclosure forms to implement this Act.

tax refund anticipation loan consumer protection act amends truth lending act prescribe advertising disclosure requirements tax refund anticipation loans prohibits advertisement income tax refund anticipation loan describing loan tax refund rebate advertising soliciting tax preparation services including possibility obtaining immediate rapid income tax refund rebate refund rebate involves income tax refund anticipation loan origination requires advertisement income tax refund anticipation loan disclose fees imposed originator connection loan origination applicable annual percentage rate apr fees creditor originator sets forth contract disclosure requirements income tax refund anticipation loan origination services instructs board_of_governors federal_reserve_system publish model disclosure forms implement act


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

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


Summary: Mortgage Credit Repair Act of 2008 - Amends the Fair Credit Reporting Act to define "front end ratio" as a ratio that indicates what portion of an individual's income is used to make mortgage payments, calculated by dividing an individual's gross monthly income by their housing expenses, particularly the mortgage principal, interest, taxes, and insurance (PITI). Prohibits a consumer reporting agency from making a consumer report containing cases under title 11 or under the Bankruptcy Act that antedate the report by more than three years when certain criteria are met. Includes among such criteria that a consumer's front-end debt ratio on a mortgage instrument originated or refinanced on or after January 1, 2003, was 37% or higher for at least six months before and continuing through the time that the bankruptcy is filed. Prohibits a consumer reporting agency from making a consumer report containing any adverse information excluding bankruptcy, but including closed accounts, amounts in collections, accounts charged to profit or loss, repossessions, and foreclosures, if certain circumstances have occurred.

mortgage credit repair act amends fair credit reporting act define end ratio ratio indicates portion individual income mortgage payments calculated dividing individual gross monthly income housing expenses particularly mortgage principal interest taxes insurance prohibits consumer reporting agency making consumer report containing cases title bankruptcy act report years certain criteria met includes criteria consumer end debt ratio mortgage instrument originated refinanced january higher months continuing time bankruptcy filed prohibits consumer reporting agency making consumer report containing adverse information excluding bankruptcy including closed accounts amounts collections accounts charged profit loss foreclosures certain circumstances occurred


Summary: Amends the Emergency Economic Stabilization Act to revise the process for exercising the authority of the Secretary of the Treasury to make purchases of troubled assets in any amount in excess of the $350 billion previously obligated. Changes the Joint Resolution of Disapproval, regarding the exercise of such authority, to a Joint Resolution of Approval. Prohibits the Secretary, that is, from exercising any authority to make any such purchases unless a joint resolution approving the plan is enacted into law.

amends emergency economic stabilization act revise process exercising authority secretary treasury purchases troubled assets excess billion previously obligated changes joint resolution disapproval exercise authority joint resolution approval prohibits secretary exercising authority purchases joint resolution approving plan enacted law


Summary: Financial Literacy Improvement Act of 2008 - Amends the Elementary and Secondary Education Act of 1965 to direct the Secretary of Education to award formula matching grants to states or partnerships between states and experienced nonprofit providers of financial literacy or personal finance education programs. Requires grantees to use 25% of the grant funds to: (1) develop financial literacy standards and assessments for at least three grade levels; (2) create teacher training programs to embed financial literacy or personal finance education into core academic subjects; and (3) evaluate the impact such education has on students' financial literacy. Requires the remaining grant funds to be used for subgrants to local educational agencies (LEAs) or partnerships between LEAs and community organizations, local businesses, or other educational entities to implement such financial literacy activities, including student assessments and teacher training. Amends the Higher Education Act of 1965 to direct the Secretary to award competitive grants to institutions of higher education (IHEs) or partnerships between IHEs and experienced nonprofit providers of financial literacy or personal finance education programs for activities that increase student knowledge in consumer, economic, and personal financial concepts.

financial literacy improvement act amends elementary secondary education act direct secretary education award formula matching grants states partnerships states experienced nonprofit providers financial literacy personal finance education programs requires grantees use grant funds develop financial literacy standards assessments grade levels create teacher training programs embed financial literacy personal finance education core academic subjects evaluate impact education students financial literacy requires remaining grant funds subgrants local educational agencies leas partnerships leas community organizations local businesses educational entities implement financial literacy activities including student assessments teacher training amends higher education act direct secretary award competitive grants institutions higher education ihes partnerships ihes experienced nonprofit providers financial literacy personal finance education programs activities increase student knowledge consumer economic personal financial concepts


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

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


Summary: Homeowners' Protection Act of 2008 - Amends the federal bankruptcy code to eliminate the pre-petition credit counseling requirement for a debtor under chapter 13 (Adjustment of Debts of an Individual with Regular Income) who is facing foreclosure, if the debtor submits to the court a certification that the debtor has received notice that the holder of a claim secured by the debtor's principal residence may commence foreclosure. Allows modification of the rights of claim holders, in the event of a foreclosure notice for a chapter 13 debtor, among other means by: (1) reducing a claim to equal the value of the debtor's interest in the residence securing such claim, and any adjustments to a related adjustable rate of interest; (2) waiving early repayment or prepayment penalties; and (3) extending the repayment period. Denies debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements. Adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of such claim as reduced and modified or the discharge of a debtor from all debts; and (2) the plan modifies the claim in good faith. Excludes from final discharge of a debtor from all debts: (1) any payments to claim holders whose rights are modified under this Act; and (2) any unpaid portion of a claim as reduced.

homeowners protection act amends federal bankruptcy code eliminate pre petition credit counseling requirement debtor chapter adjustment debts individual regular income facing foreclosure debtor submits court certification debtor received notice holder claim secured debtor principal residence commence foreclosure allows modification rights claim holders event foreclosure notice chapter debtor means reducing claim equal value debtor interest residence securing claim adjustments related adjustable rate interest waiving early repayment prepayment penalties extending repayment period denies debtor liability certain fees charges incurred bankruptcy case pending arising debt secured debtor principal residence claim holder observes specified requirements adds conditions court confirmation plan bankruptcy holder claim secured debtor principal residence retain lien securing claim later payment claim reduced modified discharge debtor debts plan modifies claim good faith excludes final discharge debtor debts payments claim holders rights modified act unpaid portion claim reduced


Summary: Amends the Economic Stimulus Act of 2008 to extend through December 31, 2009: (1) the increased ceiling amount for mortgages purchased by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the temporary loan limit increase for Federal Housing Administration (FHA)-insured mortgages in specified high-cost areas for which a borrower received credit approval.

amends economic stimulus act extend december increased ceiling mortgages purchased federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac temporary loan limit increase federal_housing_administration mortgages specified high cost areas borrower received credit approval


Summary: Pell Grant Equity Act of 2007 - Amends the Higher Education Act of 1965 to make the formula for calculation of an individual Pell Grant which includes, in part, the sum of the student's tuition, inapplicable for the 2007-2008 academic year. (Thus suspends for such year the "tuition sensitivity provision" which prohibits maximum Pell Grant awards to students attending low-tuition institutions of higher education even if their income is low enough to otherwise qualify for the maximum award.) Amends the Federal Family Education Loan program to lower from 23% to 22% for FY2008 the percentage of a borrower's student loan payment made subsequent to default that a guaranty agency may retain for deposit in its operating fund if the Secretary of Education has already reimbursed it for such default.

pell grant equity act amends higher education act formula calculation individual pell_grant includes sum student tuition inapplicable academic year suspends year tuition sensitivity provision prohibits maximum pell_grant awards students attending low tuition institutions higher education income low qualify maximum award amends federal_family_education_loan program lower fy2008 percentage borrower student loan payment subsequent default guaranty agency retain deposit operating fund secretary education reimbursed default


Summary: Consumer Rental-Purchase Agreement Act of 2007 - Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) rental-purchase advertising disclosures. Declares that an action for civil liability may be brought against a merchant's assignee only if the violation is apparent on the face of a rental-purchase agreement to which it relates, including, but not limited to, a disclosure that can be determined to be incomplete or inaccurate from the face of the agreement. Authorizes the Board of Governors of the Federal Reserve System to promulgate implementing regulations. Grants enforcement powers to the Federal Trade Commission and to state attorneys general. Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act.

amends consumer credit protection act prescribe consumer protection guidelines rental purchase transactions including determination rental purchase cost disclosure requirements prohibitions confessions judgment wage assignments waiver consumer claims defenses furnishing statements account point rental disclosures rental purchase advertising disclosures declares action civil liability brought merchant assignee violation apparent face rental purchase agreement relates including limited disclosure determined incomplete inaccurate face agreement authorizes board_of_governors federal_reserve_system promulgate implementing regulations grants enforcement powers federal_trade_commission state attorneys general subjects criminal penalties willful knowing violation information disclosure requirements act


Summary: Federal Housing Enterprise Regulatory Reform Act of 2007 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency, headed by a Director, which shall have authority over: the Federal Home Loan Banks, the Finance Facility, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac). Establishes the Federal Housing Enterprise Board, without executive authority, to advise the Director. Sets forth operating, administrative, and regulatory provisions of the Agency, including: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) mandatory affordable housing focused portfolios; (5) risk-based capital test; (6) capital classifications and undercapitalized enterprises; (7) enforcement actions and penalties; (8) golden parachutes and (9) mandatory reporting of fraudulent loans. Amends the Federal National Mortgage Association Charter Act to require registration of enterprise securities. Requires prior approval by the Director for any initial enterprise product offering. Sets forth conforming loan limitations for Fannie Mae and Freddie Mac (enterprises). Makes it the duty of such enterprises to increase mortgage investments liquidity and improve the distribution of investment capital available for mortgage financing for underserved markets. Instructs the Director to establish an annual home purchase goal for the purchase by each enterprise of mortgage financing of owner-occupied single family dwelling units. Prescribes requirements for prompt corrective and enforcement actions. Amends the Federal Home Loan Bank Act to: (1) revise criteria for Federal Home Loan Bank Board directors, providing for at least two independent directors; and (2) establish the Federal Home Loan Bank Finance Facility. Authorizes the Facility to issue and service consolidated Federal Home Loan Bank obligations. Exempts the Federal Home Loan Banks from certain securities reporting requirements. Authorizes reduction of Federal Home Loan Bank districts by voluntary merger. Transfers to such Facility the functions of the Office of Finance of the Federal Home Loan Banks. Abolishes: (1) the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development; and (2) the Federal Housing Finance Board. Requires the Director to review annually the Freddie Mac Foundation and the Office of Corporate Giving of the Federal National Mortgage Corporation ("Fannie Mae Foundation") to ensure that they are not engaged in impermissible lobbying activities.

reform act amends federal_housing_enterprises_financial_safety soundness act establish lieu office_of_federal_housing_enterprise_oversight department_of_housing_and_urban_development hud independent headed director shall authority federal_home_loan_banks federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac establishes executive authority advise director sets forth operating administrative regulatory provisions agency including assessment authority authority limit related assets minimum critical capital levels mandatory affordable housing focused portfolios risk based capital test capital classifications undercapitalized enterprises enforcement actions penalties golden mandatory reporting fraudulent loans amends federal_national_mortgage_association charter act require registration enterprise securities requires prior approval director initial enterprise product offering sets forth conforming loan limitations fannie_mae freddie_mac enterprises makes duty enterprises increase mortgage investments liquidity improve distribution investment capital available mortgage financing underserved markets instructs director establish annual home purchase goal purchase enterprise mortgage financing owner occupied single family dwelling units prescribes requirements prompt corrective enforcement actions amends federal_home_loan_bank act revise criteria directors providing independent directors establish authorizes facility issue service consolidated federal_home_loan_bank obligations exempts federal_home_loan_banks certain securities reporting requirements authorizes reduction federal_home_loan_bank districts voluntary merger transfers facility functions federal_home_loan_banks abolishes office_of_federal_housing_enterprise_oversight department_of_housing_and_urban_development requires director review annually ensure engaged impermissible lobbying activities


Summary: Credit Card Minimum Payment Warning Act of 2007 - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: Making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding balance;" (2) the number of years and months it would take the consumer to pay the entire amount of the balance if the consumer pays only the required minimum monthly payments; (3) the total cost to the consumer, as well as a breakdown in principal and interest payments, of paying that balance in full if the consumer pays only the required minimum monthly payments, and if no further advances are made; (4) the monthly payment amount that would be required to eliminate the outstanding balance in 36 months if no further advances are made; and (5) a toll-free telephone number for information about accessing credit counseling and debt management services. Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission jointly to issue guidelines for creditors to establish and maintain a toll-free telephone number for such disclosures.

amends truth lending act include mandatory disclosures billing cycle open end consumer credit plans words minimum payment warning making minimum payment increase interest pay time repay outstanding balance number years months consumer pay entire balance consumer pays required minimum monthly payments total cost consumer breakdown principal interest payments paying balance consumer pays required minimum monthly payments advances monthly payment required eliminate outstanding balance months advances toll free telephone number information accessing credit counseling debt management services directs board_of_governors federal_reserve_system federal_trade_commission jointly issue guidelines creditors establish maintain toll free telephone number disclosures


Summary: Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse and Underdevelopment Act, or the STOP FRAUD Act - Amends federal criminal law to make it unlawful for any mortgage professional to: (1) defraud any natural person or financial institution regarding an offer of consumer credit secured by an interest either in real property or in personal property used as a principal dwelling; or (2) falsely obtain money or property from a natural person in connection with an extension of consumer credit secured by an interest in such property.Subjects violations of this Act to civil and criminal penalties.Directs the Attorney General to establish: (1) a system for authorized mortgage professionals to receive updates from federal law enforcement agencies on suspicious activity trends in the mortgage industry and mortgage fraud-related convictions; (2) a Debarred or Censured Mortgage Professional Database that may be accessed to determine the federal and state bar status of mortgage professionals; and (3) grants to assist law enforcement agencies establish and improve mortgage fraud task forces.Grants whistleblower protection to personnel of a widely accepted private certification board.Amends the Housing and Urban Development Act of 1968 to authorize the Secretary of Housing and Urban Development (HUD) to provide tenants, homeowners, and other consumers with mortgage fraud counseling.Directs the Secretary to provide grants to state appraisal agencies to improve the monitoring and enforcement of housing appraisal regulations.Sets forth additional rights of borrowers in foreclosure proceedings.

stopping mortgage transactions operate promote fraud risk abuse act stop fraud act amends federal criminal law unlawful mortgage professional defraud natural person financial institution offer consumer credit secured interest real property personal property principal dwelling falsely obtain money property natural person connection extension consumer credit secured interest property subjects violations act civil criminal penalties directs attorney general establish system authorized mortgage professionals receive updates federal law enforcement agencies suspicious activity trends mortgage industry mortgage fraud related convictions accessed determine federal state bar status mortgage professionals grants assist law enforcement agencies establish improve mortgage fraud task forces grants whistleblower protection personnel widely accepted private certification board amends housing_and_urban_development_act authorize secretary housing_and_urban_development hud provide tenants homeowners consumers mortgage fraud counseling directs secretary provide grants state appraisal agencies improve monitoring enforcement housing appraisal regulations sets forth additional rights borrowers foreclosure proceedings


Summary: Borrower's Protection Act of 2007 - Amends the Truth in Lending Act to deem a mortgage broker, in the case of a home mortgage loan, to have a fiduciary relationship with the consumer. Subjects each such mortgage broker to all federal and state requirements for fiduciaries. Requires each mortgage originator, in addition to the duties imposed by federal and state requirements, to act with respect to each home mortgage loan: (1) with reasonable skill, care, and diligence; and (2) in good faith and with fair dealing in any transaction, practice, or with associated course of business. Requires a mortgage originator, before entering into or otherwise facilitating a home mortgage loan, to verify the borrower's reasonable ability to pay the principal and interest, real estate taxes, and homeowners insurance fees and premiums. Prescribes a formula for determining ability to pay variable mortgage rates. Makes the lender liable for acts, omissions, and representations of a mortgage broker in connection with any rate spread mortgage loan the broker sells or delivers to the lender. Prohibits a mortgage originator from steering a consumer to home mortgage loan rates, charges, principal amount, or prepayment terms not reasonably advantageous to the consumer. Prescribes mortgage originator duties to consumers. Prohibits specified mortgage originator conduct, especially entering into a home mortgage loan when the originator has reason to believe that the appraiser of the property securing the loan failed to act in good faith and fair dealing in its appraisal. Prohibits a mortgage originator from: (1) seeking to influence an appraiser or otherwise to encourage a targeted value; or (2) selecting an appraiser on the expectation that the appraiser would provide a targeted value. Requires the mortgage originator to provide a copy of the appraisal report to a home mortgage loan applicant, whether credit is granted, denied, or the application was withdrawn.

amends truth lending act deem mortgage broker case home mortgage loan fiduciary relationship consumer subjects mortgage broker federal state requirements fiduciaries requires mortgage originator addition duties imposed federal state requirements act respect home mortgage loan reasonable skill care diligence good faith fair dealing transaction practice associated course business requires mortgage originator entering facilitating home mortgage loan verify borrower reasonable ability pay principal interest real estate taxes homeowners insurance fees premiums prescribes formula determining ability pay variable mortgage rates makes lender liable acts omissions representations mortgage broker connection rate spread mortgage loan broker sells delivers lender prohibits mortgage originator steering consumer home mortgage loan rates charges principal prepayment terms reasonably advantageous consumer prescribes mortgage originator duties consumers prohibits specified mortgage originator conduct especially entering home mortgage loan originator reason believe appraiser property securing loan failed act good faith fair dealing appraisal prohibits mortgage originator seeking influence appraiser encourage targeted value selecting appraiser expectation appraiser provide targeted value requires mortgage originator provide copy appraisal report home mortgage loan applicant credit granted denied application withdrawn


Summary: Universal Default Prohibition Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor from: (1) using any adverse information concerning any consumer, including any in a consumer report or any change in the consumer's credit score, as the basis for increasing any annual percentage rate of interest for a credit card account of the consumer's under an open end consumer credit plan; or (2) removing or increasing any introductory annual percentage rate of interest for that account, for reasons other than actions or omissions of the consumer directly related to the account. Requires such limitation on the use of adverse information to be clearly and conspicuously described to the consumer by the credit card issuer.

universal default prohibition act amends truth lending act prohibit creditor adverse information concerning consumer including consumer report change consumer credit score basis increasing annual percentage rate interest credit card account consumer open end consumer credit plan removing increasing introductory annual percentage rate interest account reasons actions omissions consumer directly related account requires limitation use adverse information clearly conspicuously described consumer credit card issuer


Summary: Mortgage Cancellation Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to the discharge of certain residential mortgage obligations.

mortgage cancellation relief act amends internal revenue code exclude gross income amounts attributable discharge certain residential mortgage obligations


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: Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums.

amends internal revenue code permanent tax deduction mortgage insurance premiums


Summary: Rent-To-Own Reform Act of 2007 - Amends the Consumer Credit Protection Act to prohibit a seller in a rent-to-own transaction from receiving or assessing any interest, finance charge, or other fee for the transaction that exceeds the interest, fees, or finance charges permissible under the laws of the state in which the seller is located which establish: (1) a maximum rate or amount of interest, finance charge, or time-price differential that may be charged in connection with a credit sale or retail installment sale for the same or a similar item; (2) the types of fees and the maximum amount of fees that a seller may so charge; or (3) the types of credit insurance and the maximum amount of premiums that can be charged for credit insurance in such a connection. Permits certain additional termination charges and fees. Cites federal laws which are applicable to a rent-to-own transaction. Sets forth required disclosures, prohibitions, and enforcement, as well as civil liability for failure to properly disclose the terms of a rent-to-own transaction. Declares this Act inapplicable to certain motor vehicles sales and leases otherwise subject to the Truth in Lending Act.

rent reform act amends consumer credit protection act prohibit seller rent transaction receiving assessing interest finance charge fee transaction exceeds interest fees finance charges permissible laws state seller located establish maximum rate interest finance charge time price differential charged connection credit sale retail installment sale similar item types fees maximum fees seller charge types credit insurance maximum premiums charged credit insurance connection permits certain additional termination charges fees cites federal laws applicable rent transaction sets forth required disclosures prohibitions enforcement civil liability failure properly disclose terms rent transaction declares act inapplicable certain motor vehicles sales leases subject truth lending act


Summary: FHA Manufactured Housing Loan Modernization Act of 2007 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes). Exempts such loans from certain financial institution portfolio limits, increasing an allowable claim for loss from 10% to 90% of an institution's total amount of such loans, credit advances, and purchases. Makes any new contract of insurance for such loans, credit advances, or purchases conclusive evidence of an institution's insurance eligibility. (Thus requires each loan to be insured individually instead of as part of a bundle of such loans.) Increases loan limits, requiring annual indexing. Sets forth borrower premium charges, including an up-front premium of up to 2.25% and an annual premium of up to 1%. Revises requirements for the handling and disposal of any real or personal conveyed to or acquired by the Secretary of Housing and Urban Development (HUD), and the pursuit of all claims against mortgagors assigned to the Secretary by mortgagees. Directs the Secretary of HUD to establish underwriting criteria that will ensure the manufactured housing program's financial soundness.

fha manufactured housing loan modernization act amends national housing act respect federal_housing_administration fha housing loan insurance manufactured homes lots homes exempts loans certain financial institution portfolio limits increasing allowable claim loss institution total loans credit advances purchases makes new contract insurance loans credit advances purchases conclusive evidence institution insurance eligibility requires loan insured individually instead bundle loans increases loan limits requiring annual indexing sets forth borrower premium charges including premium annual premium revises requirements handling disposal real personal conveyed acquired secretary housing_and_urban_development hud pursuit claims mortgagors assigned secretary mortgagees directs secretary hud establish underwriting criteria ensure manufactured housing program financial soundness


Summary: FHA Loan Limit Adjustment Act of 2007 - Amends the National Housing Act with respect to mortgage insurance eligibility to revise requirements for the principal amount of a mortgage loan, in part increasing the amount of a mortgage that may be insured by the Federal Housing Administration (FHA). Repeals the requirement that certain mortgagors, before a mortgage is insured, complete a program of counseling on the responsibilities and financial management involved in homeownership. Increases high-cost area and project-based additional mortgage loan limits for FHA-insured mortgages for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing insurance; (4) moderate income and displaced family housing; (5) housing for the elderly; and (6) condominiums.

amends national housing act respect mortgage insurance eligibility revise requirements principal mortgage loan increasing mortgage insured federal_housing_administration fha repeals requirement certain mortgagors mortgage insured complete program counseling responsibilities financial management involved homeownership increases high cost area project based additional mortgage loan limits fha insured mortgages rental housing cooperative housing rehabilitation neighborhood conservation housing insurance moderate income displaced family housing housing elderly


Summary: Private Student Loan Disclosure Enhancement Act of 2007 - Amends the Truth in Lending Act to subject private education loans to its consumer credit disclosure requirements. Sets forth the private student loan terms and conditions which lenders must clearly and conspicuously disclose to borrowers in any application or solicitation for such a loan and contemporaneously with the approval of a private student loan application. Gives private student loan borrowers 30 days after the loan is approved and the required loan disclosure information is received to accept and consummate the loan transaction. Subjects lenders to civil liability for violating such requirements. Requires civil actions to be brought within one year after the first monthly payment on the loan becomes due after the borrower leaves school, unless full repayment begins earlier. Requires private student loan providers, when making the required loan disclosures, to inform borrowers of their possible eligibility for federal educational loans. Requires the Board of Governors of the Federal Reserve System to develop and test a student borrower disclosure statement that encourages students to use federal educational loans and discloses their average interest rate and the fact that they are less costly than private education loans.

private student loan disclosure enhancement act amends truth lending act subject private education loans consumer credit disclosure requirements sets forth private student loan terms conditions lenders clearly conspicuously disclose borrowers application solicitation loan approval private student loan application gives private student loan borrowers days loan approved required loan disclosure information received accept loan transaction subjects lenders civil liability violating requirements requires civil actions brought year monthly payment loan borrower leaves school repayment begins earlier requires private student loan providers making required loan disclosures inform borrowers possible eligibility federal educational loans requires board_of_governors federal_reserve_system develop test student borrower disclosure statement encourages students use federal educational loans discloses average interest rate fact costly private education loans


Summary: Student Credit Card Protection Act of 2007 - Amends the Truth in Lending Act to limit by a specified formula the total credit which may be extended by a creditor during any full calendar year to a full time, traditional-aged college student under a college student credit card account, unless a parent, legal guardian, or spouse of the student assumes joint liability for debts incurred. Prohibits increasing the credit limit on an account for which a parent, guardian, or spouse has assumed joint liability without that person's written approval. States that a creditor must require adequate proof of income, income history, and credit history, before any such college student credit card account may be opened. Prohibits a creditor from opening a credit card account for, or issue any credit card to, any college student who: (1) has no verifiable annual gross income; and (2) already maintains a credit card account under an open end consumer credit plan with the same creditor or any affiliate. Directs the Board of Governors of the Federal Reserve System to promulgate implementing regulations.

amends truth lending act limit specified formula total credit extended creditor calendar year time traditional aged college student college student credit card account parent legal guardian spouse student assumes joint liability debts incurred prohibits increasing credit limit account parent guardian spouse assumed joint liability person written approval states creditor require adequate proof income income history credit history college student credit card account opened prohibits creditor opening credit card account issue credit card college student verifiable annual gross income maintains credit card account open end consumer credit plan creditor affiliate directs board_of_governors federal_reserve_system promulgate implementing regulations


Summary: Amends the Internal Revenue Code to allow bonds guaranteed by any federal home loan bank to be treated as tax-exempt state or local bonds (thus excluding interest on such bonds from gross income).

amends internal revenue code allow bonds guaranteed federal home loan bank treated tax exempt state local bonds excluding interest bonds gross income


Summary: Home Ownership Made Easier Act or the HOME Act - Amends the Housing Act of 1949 to revise eligibility, qualifying population limit, guarantee fee, and refinancing requirements of the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program.Replaces the current 115% of area median income eligibility limit for families with three income tiers, including households of up to four members, of up to eight members, and of over eight members.Repeals the requirement that the loan applicant qualify for other specified federal housing loans as well. Requires the single-family residence acquired or constructed with such a loan to be located in a rural area (as under current law), but allows the area population to range up to 40,000.Increases from 1% to 2% of the principal obligation of a guaranteed loan the guarantee fee which the Secretary may collect from the lender.Permits the refinancing of a guaranteed loan to: (1) pay off any other loan (including a first or second purchase mortgage) not made or guaranteed under such Act; (2) repair mechanical or structural deficiencies to the borrower's residence; (3) pay for authorized closing costs, including a discount of up to 200 basis points and an origination fee of up to 100 basis points; (4) allow the borrower to consolidate debts of up to the greater of $10,000 or 10% percent of the loan amount; and (5) carry out other authorized purposes.Prohibits denial of a loan or loan guarantee to an eligible borrower solely because the borrower is not eligible (or is eligible and has not applied for) assistance under any other federal loan, housing, housing assistance, or other housing related program.Makes $2,400 the mandatory exclusion amount in the adjusted income of minors, students, and persons with disabilities under the farm housing financial assistance program.

home ownership act home act amends housing act revise eligibility qualifying population limit guarantee fee refinancing requirements doug bereuter section single family housing loan guarantee program replaces current area median income eligibility limit families income tiers including households members members members repeals requirement loan applicant qualify specified federal housing loans requires single family residence acquired constructed loan located rural area current law allows area population range principal obligation guaranteed loan guarantee fee secretary collect lender permits refinancing guaranteed loan pay loan including second purchase mortgage guaranteed act repair mechanical structural deficiencies borrower residence pay authorized closing costs including discount basis points origination fee basis points allow borrower consolidate debts greater percent loan carry authorized purposes prohibits denial loan loan guarantee eligible borrower solely borrower eligible eligible applied assistance federal loan housing housing assistance housing related program makes mandatory exclusion adjusted income minors students persons disabilities farm housing financial assistance program


Summary: Protecting Access to Safe Mortgages Act - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to increase mortgage portfolio limitations placed upon: (1) the Federal National Mortgage Association (Fannie Mae); and (2) the Federal Home Loan Mortgage Corporation (Freddie Mac), respectively. Instructs the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development (HUD) to lift: (1) the limitation on growth provision set forth in the Fannie Mae Consent Decree; and (2) the voluntary temporary growth limitation described in a certain Freddie Mac Letter. Requires 50% of such portfolio increase to be used on loans which have had or will have interest rate resets between June 2005 and December 2009.

charter act federal_home_loan_mortgage_corporation_act increase mortgage portfolio limitations placed federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac respectively instructs director office_of_federal_housing_enterprise_oversight ofheo department_of_housing_and_urban_development hud lift limitation growth provision set forth fannie_mae consent decree voluntary temporary growth limitation described certain requires portfolio increase loans interest rate resets june december


Summary: American Home Ownership Preservation Act of 2007 - Amends the Truth in Lending Act to require certain mortgage originators or lenders with primary responsibility for underwriting an assessment on a home mortgage loan to include a borrower's ability to repay certain associated costs. Requires a mortgage broker to clearly disclose its relationship to the borrower. Directs the federal banking agencies to establish a nationwide registry and database system in which all mortgage brokers in the United States must register. Eliminates prepayment penalties for home mortgages. Instructs the Secretary of the Department of Housing and Urban Development (HUD) to make grants to state governments and tribal organizations to assist: (1) programs established for foreclosure mitigation; and (2) housing trust funds supporting low- and moderate-income housing. Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the HUD Secretary to establish an annual goal for each government-sponsored enterprise to identify and assist homeowners at risk of default or foreclosure on their mortgage, but who would be able to stabilize the situation with fixed rate 30- or 40-year mortgages. Authorizes appropriations for mortgage fraud enforcement and prosecution.

amends truth lending act require certain mortgage originators lenders primary responsibility underwriting assessment home mortgage loan include borrower ability repay certain associated costs requires mortgage broker clearly disclose relationship borrower directs federal banking agencies establish nationwide registry database system mortgage brokers united_states register eliminates prepayment penalties home mortgages instructs secretary department_of_housing_and_urban_development hud grants state governments tribal organizations assist programs established foreclosure mitigation housing trust funds supporting low- moderate income housing amends federal_housing_enterprises_financial_safety soundness act direct hud secretary establish annual goal government sponsored enterprise identify assist homeowners risk default foreclosure mortgage able stabilize situation fixed rate year mortgages authorizes appropriations mortgage fraud enforcement prosecution


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

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


Summary: Community Health Center Capital Investment Act - Amends the National Housing Act to revise the eligibility requirements for mortgages insured by the Secretary of Housing and Urban Development (HUD) to include a mortgage executed by a health center.

national housing act revise eligibility requirements mortgages insured secretary housing_and_urban_development hud include mortgage executed health center


Summary: Mortgage Disclosure Enhancement Act of 2007 - Amends the Truth In Lending Act to require additional mortgage loan disclosures by a creditor to a consumer, including: (1) ) the percentage of the loan, as compared to the appraised value of the property; (2) the term of the loan; (3) the monthly income of the borrower, as relied upon in making the loan; (4) the annual percentage rate of interest for loans that are fixed, and for loans that are variable; (5) prepayment fees; and (6) balloon payments. Amends the Real Estate Settlement Procedures Act of 1974 to conform with this Act.

mortgage disclosure enhancement act amends truth lending act require additional mortgage loan disclosures creditor consumer including percentage loan compared appraised value property term loan monthly income borrower relied making loan annual percentage rate interest loans fixed loans variable prepayment fees balloon payments amends real_estate_settlement_procedures_act conform act