Summary: S.2296 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for S.2296. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (11/01/2007)

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.