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HR 3535 110th Congress House Housing and Community Development Bank accounts Commerce Consumer credit Consumer education Consumer protection Debtor and creditor Finance and Financial Sector Housing finance Insurance premiums Mortgage banks Mortgages Property insurance Property tax Real estate appraisal Taxation

Homebuyer's Protection Act of 2007

Introduced: September 14, 2007 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 14, 2007
Referred to the House Committee on Financial Services.
Sep 14, 2007
Introduced in House
 Plain-English summary Congressional Research Service

Homebuyer's Protection Act of 2007 - Amends the Truth in Lending Act to require a creditor to establish, in an insured depository institution, an escrow or impound account for payment of taxes and hazard insurance at the time of the consummation of a subprime mortgage transaction.

Requires such account to remain in existence for as long as the subprime mortgage is outstanding.

Requires creditors, before consummating a consumer credit transaction involving an impound, trust, or escrow account, to provide the following written disclosures: (1) that an escrow or impound account will be established; (2) the amount required to fund such account; (3) the amount in the initial year of estimated taxes and hazard insurance premiums; and (4) the estimated monthly amount payable for taxes and hazard insurance.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to extend its appraisal requirements to all real estate related financial transactions, not only those that are federally related.

What's happening now September 14, 2007

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1