Supporting home ownership and responsible lending.
The source supplies the latest action, but no lifecycle stage.
Latest action (24 Apr 2007): Referred to the House Committee on Financial Services.
What this bill does
This concurrent resolution, H.Con.Res. 127, expresses the sense of Congress regarding home ownership and responsible lending. It urges that legislation be enacted to protect individuals who have been victims of unscrupulous mortgage brokers and lenders.
The bill specifically calls for new legislation to include provisions against predatory lending, requiring lenders to assess a borrower's ability to repay a loan. It also proposes federal regulations for mortgage brokers and loan officers in non-bank companies, mandating plain-language disclosures for borrowers, and reducing prepayment penalties. Furthermore, it suggests notifying potential buyers about lenders with high foreclosure rates and requiring pre-loan counseling.
H.Con.Res. 127 was introduced in the House of Representatives and referred to the Committee on Financial Services. As a concurrent resolution, it expresses the opinion of both the House and Senate but does not require the President's signature to become law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
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.
Timeline
24 Apr 2007
Referred to the House Committee on Financial Services.
Common questions
- What does H.Con.Res. 127 do?
- This concurrent resolution, H.Con.Res. 127, expresses the sense of Congress regarding home ownership and responsible lending. It urges that legislation be enacted to protect individuals who have been victims of unscrupulous mortgage brokers and lenders. The bill specifically calls for new legislation to include provisions against predatory lending, requiring lenders to assess a borrower's ability to repay a loan. It also proposes federal regulations for mortgage brokers and loan officers in non-bank companies, mandating plain-language disclosures for borrowers, and reducing prepayment penalties. Furthermore, it suggests notifying potential buyers about lenders with high foreclosure rates and requiring pre-loan counseling. H.Con.Res. 127 was introduced in the House of Representatives and referred to the Committee on Financial Services. As a concurrent resolution, it expresses the opinion of both the House and Senate but does not require the President's signature to become law.
- Has H.Con.Res. 127 become law?
- The source does not supply a confirmed lifecycle stage for H.Con.Res. 127. Check the latest action and official source below.
- Who sponsored H.Con.Res. 127?
- H.Con.Res. 127 was sponsored by Rep. Cummings, Elijah E. [D-MD-7] (D-MD), with 1 cosponsor.
- What's the latest action on H.Con.Res. 127?
- Referred to the House Committee on Financial Services. (24 Apr 2007).
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