PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
Version 00 · Introduced in House · Apr 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.
People & committees
Rep. Cummings, Elijah E. [D-MD-7] · D–MD
Legislative record
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Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jan 2, 2025. Consult Congress.gov for the current record.
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Analyze H.Con.Res.127 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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