S 2296
110th Congress
Senate
Finance and Financial Sector
Commerce
Consumer education
Economics and Public Finance
Fees
Housing and Community Development
Income
Mortgage interest rates
Mortgages
Real estate appraisal
Variable rate mortgage loans
Mortgage Disclosure Enhancement Act of 2007
Introduced: November 1, 2007
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 1, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Nov 1, 2007
Introduced in Senate
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1