S.2296 - Mortgage Disclosure Enhancement Act of 2007110th Congress (2007-2008)
|Sponsor:||Sen. Schumer, Charles E. [D-NY] (Introduced 11/01/2007)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||11/01/2007 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.2296 — 110th Congress (2007-2008)All Bill Information (Except Text)
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.