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HR 2531 107th Congress House

Save Our Homes Act

Official title: To amend the Truth in Lending Act, the Revised Statutes of the United States, the Home Mortgage Disclosure Act of 1975, and the amendments made by the Home Own… Show full official titleShow less

Official title: To amend the Truth in Lending Act, the Revised Statutes of the United States, the Home Mortgage Disclosure Act of 1975, and the amendments made by the Home Ownership and Equity Protection Act of 1994 to protect consumers from predatory lending practices, and for other purposes.

Introduced: July 17, 2001 Introduced by: Schakowsky, Janice D. Democratic · Illinois See on congress.gov
Finance and Financial Sector Administrative procedureBank loansBank recordsClass actions (Civil procedure)
More subjectsShow fewer subjects
CommerceCommercial arbitrationConsumer educationConsumer protectionCounselingCredit insuranceDebtor and creditorFeesFinancial servicesFines (Penalties)Government Operations and PoliticsGovernment paperworkHealthHealth insuranceHome equity loansHome ownershipHome repair and improvementHousing and Community DevelopmentHousing financeHousing statisticsInsurance premiumsLawLiability (Law)Life insuranceLoan defaultsMedical economicsMortgage banksMortgage interest ratesMortgage loansMortgagesReal estate appraisalRestrictive trade practicesSecondary mortgage marketSettlement costsSocial Welfare
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 31, 2001
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Jul 17, 2001
Introduced in House
Jul 17, 2001
Referred to the House Committee on Financial Services.
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 Latest action July 31, 2001

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Plain-English summary Congressional Research Service
Save Our Homes Act - Amends the Home Mortgage Disclosure Act of 1975 to: (1) mandate itemization and disclosure of the annual percentage rate of mortgage loans and other loans secured by residential real property originated by the lending institution, including the amount of fees and points imposed in connection with loan origination, grouped according to census tract, income level, racial characteristics, age, and gender; and (2) prohibit regulatory exemptions of depository institutions from such reporting requirements.

Amends the Truth in Lending Act to: (1) set forth annual percentage rates that define a high-cost mortgage and the attendant rule relating to mortgage discount points in order to apply high-cost loan protections to home purchase loans, and to lower the threshold for high-cost loans; (2) include certain mortgage broker intermediaries within the statutory definition of "creditor"; (3) subject a creditor to liability for mortgage broker violations of this Act; and (4) proscribe designated practices for a high-cost mortgage. Declares unenforceable under both Federal and State law a high-cost mortgage document in which blanks are left to be filled in after the contract is signed.

Excludes from participation in mortgage-backed security pools high-cost or conforming home loans in violation of this Act.

Prescribes a formula for determining an alternative maximum amount of civil liability for credit or mortgage broker violations involving high-cost mortgages and conforming loans.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 5
All 5 Democratic 4 Independent 1
D
Kaptur, Marcy
Ohio · Sep 10, 2001
 D
Davis, Danny K.
Illinois · Jul 17, 2001
 D
Norton, Eleanor Holmes
District of Columbia · Jul 17, 2001
 I
Sanders, Bernard
Vermont · Jul 17, 2001
 D
Waters, Maxine
California · Jul 17, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2531: Save Our Homes Act. 107th Congress. Open America. https://openamerica.io/bill/107-HR-2531/
MLA
"H.R. 2531: Save Our Homes Act." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-2531/.
Bluebook (legal)
H.R. 2531, 107th Cong. (2026), https://openamerica.io/bill/107-HR-2531/.
Markdown link
[H.R. 2531: Save Our Homes Act](https://openamerica.io/bill/107-HR-2531/)
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