Bill Summary & Status for the 107th Congress

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H.R.2531
Title: To amend the Truth in Lending Act, the Revised Statutes of the United States, the Home Mortgage Disclosure Act of 1975, and the amendments made by the Home Ownership and Equity Protection Act of 1994 to protect consumers from predatory lending practices, and for other purposes.
Sponsor: Rep Schakowsky, Janice D. [IL-9] (introduced 7/17/2001)      Cosponsors: 20
Latest Major Action: 7/31/2001 Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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TITLE(S):  (italics indicate a title for a portion of a bill)
STATUS: (color indicates Senate actions)
7/17/2001:
Referred to the House Committee on Financial Services.
7/31/2001:
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
COMMITTEE(S):
RELATED BILL DETAILS:

***NONE***

AMENDMENT(S):

***NONE***

COSPONSORS(20), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Rep Blagojevich, Rod R. - 3/6/2002 [IL-5] Rep Bonior, David E. - 3/12/2002 [MI-10]
Rep Clay, Wm. Lacy - 7/18/2001 [MO-1] Rep Clayton, Eva M. - 7/17/2001 [NC-1]
Rep Davis, Danny K. - 7/17/2001 [IL-7] Rep DeFazio, Peter A. - 7/17/2001 [OR-4]
Rep Filner, Bob - 7/17/2001 [CA-50] Rep Gutierrez, Luis V. - 7/17/2001 [IL-4]
Rep Hinchey, Maurice D. - 7/17/2001 [NY-26] Rep Jackson, Jesse L., Jr. - 7/17/2001 [IL-2]
Rep Jackson-Lee, Sheila - 7/17/2001 [TX-18] Rep Jefferson, William J. - 7/17/2001 [LA-2]
Rep Kaptur, Marcy - 9/10/2001 [OH-9] Rep Lee, Barbara - 3/6/2002 [CA-9]
Rep McKinney, Cynthia A. - 7/17/2001 [GA-4] Rep Norton, Eleanor Holmes - 7/17/2001 [DC]
Rep Payne, Donald M. - 7/17/2001 [NJ-10] Rep Rush, Bobby L. - 7/17/2001 [IL-1]
Rep Sanders, Bernard - 7/17/2001 [VT] Rep Waters, Maxine - 7/17/2001 [CA-35]

SUMMARY AS OF:
7/17/2001--Introduced.

Save Our Homes Act - Amends the Home Mortgage Disclosure Act of 1975 to: (1) mandate itemization and disclosure of the annual percentage rate of mortgage loans and other loans secured by residential real property originated by the lending institution, including the amount of fees and points imposed in connection with loan origination, grouped according to census tract, income level, racial characteristics, age, and gender; and (2) prohibit regulatory exemptions of depository institutions from such reporting requirements.

Amends the Truth in Lending Act to: (1) set forth annual percentage rates that define a high-cost mortgage and the attendant rule relating to mortgage discount points in order to apply high-cost loan protections to home purchase loans, and to lower the threshold for high-cost loans; (2) include certain mortgage broker intermediaries within the statutory definition of "creditor"; (3) subject a creditor to liability for mortgage broker violations of this Act; and (4) proscribe designated practices for a high-cost mortgage. Declares unenforceable under both Federal and State law a high-cost mortgage document in which blanks are left to be filled in after the contract is signed.

Excludes from participation in mortgage-backed security pools high-cost or conforming home loans in violation of this Act.

Prescribes a formula for determining an alternative maximum amount of civil liability for credit or mortgage broker violations involving high-cost mortgages and conforming loans.