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November 19, 2007

House Votes - H.R. 3915: Mortgage Reform and Anti-Predatory Lending Act

H.Res. 825: Providing for consideration of H.R. 3915
Providing For Consideration of H.R. 3915
Rep. Hensarling [R-TX]: I thank the gentleman for yielding. Mr. Speaker, I rise in opposition to this rule. I am very disappointed that one of the most substantial portions of the bill will not be able to be debated today as it was in committee. That has to do with the entirety of the issue of what is known as 'assignee liability.'

On Ordering the Previous Question
Passed 224-195

On agreeing to the resolution
Agreed to by voice vote.


H.R. 3915: Mortgage Reform and Anti-Predatory Lending Act of 2007
To amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators, to provide certain minimum standards for consumer mortgage loans, and for other purposes.

Debate

Amendments (GovTrack, Thomas)

Votes

H.Amdt. 902 by Rep. Watt [D-NC]
An amendment numbered 4 printed in House Report 110-450 to allow for actual damages in the liability section.
Failed 169-250

H.Amdt. 903 by Rep. Price [R-GA]
An amendment numbered 16 printed in House Report 110-450 to exempt prime loans from the bill.
Failed 172-249

H.Amdt. 911 by Rep. Garrett [R-NJ]
An amendment numbered 12 printed in House Report 110-450 to strike the rebuttable presumption under section 203, stating that all qualified safe harbor loans that meet the requirements listed in section 203(c)(3)(C) fall under the safe harbor.
Failed 188-229

H.Amdt. 914 by Rep. Mchenry [R-NC]
An amendment numbered 15 printed in House Report 110-450 to strike Title III--High-Cost Mortgages from the bill.
Failed 168-245

On Motion to Recommit with Instructions
(consideration: CR H14035-14037; text: CR H14035)
Failed 188-231

On Passage
Passed 291-127


Abusive lending bill passes
Congress disappoints advocates on both sides of mortgage divide with new bill.

1 comment:

  1. It is hard to know where to begin and end about this monstrocity. First, this bill is an anti predatory lending bill. Yet, here is something interesting that I found.

    http://www.journalnow.com/servlet/Satellite?pagename=WSJ%2FMGArticle%2FWSJ_BasicArticle&c=MGArticle&cid=1173352684163&path=!localnews&s=1037645509099

    "There is no specific definition about what exactly predatory lending entails, though most observers believe that the description applies when lenders take advantage of borrowers by charging high interest rates and consider only the value of a borrower’s assets, as opposed to what the borrower can afford to pay."

    Thus, our fair legislators are attacking a problem they can't define. In my business the only thing that leads to is more useless paperwork and that is the only thing this bill will produce.

    Here is how I see it...

    www.proprietornation.blogspot.com/2007/11/sad-story-about-mortgage-broker.html

    ReplyDelete

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