H.Con.Res.127 - Supporting home ownership and responsible lending.110th Congress (2007-2008)
Concurrent ResolutionHide Overview icon-hide
|Sponsor:||Rep. Cummings, Elijah E. [D-MD-7] (Introduced 04/24/2007)|
|Committees:||House - Financial Services|
|Latest Action:||04/24/2007 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.Con.Res.127 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (04/24/2007)
Expresses the sense of Congress that legislation should be enacted that protects buyers who have been victims of unscrupulous mortgage brokers and lenders.
Urges that such legislation: (1) include an anti-predatory lending provision that bans unfair and deceptive practices; (2) require lenders to evaluate a borrower's ability to pay over the life of the loan (at the fully indexed rate for the fully amortized amount); (3) establish federal regulations regarding licensing, education, and experience requirements for mortgage brokers and loan officers in non-bank companies; (4) require that disclosures be written in plain language and prominently displayed in a manner that is visually clear and effectively communicates the intended information to the potential borrower; (5) reduce or eliminate prepayment penalties; (6) notify potential home buyers of lenders or brokers with high foreclosure rates; and (7) mandate pre-loan counseling.