A bill to amend the Truth in Lending Act to provide that residential mortgage loans held in portfolio qualify and qualified mortgages for purposes of the presumption of the ability to repay requirements under such Act, and for other purposes.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Jul 22, 2014)
Amends the Truth in Lending Act with respect to the permission that a creditor may presume that a residential mortgage loan has met the requirement that, at the time the loan is consummated, the consumer has a reasonable ability to repay it, if the loan is a qualified mortgage.
Treats as a qualified mortgage any residential mortgage loan made by a creditor having less than $10 billion in total assets, so long as it appears on the creditor's balance sheet (held on portfolio).
What just happenedJul 22, 2014
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
- Introduced in SenateJul 22, 2014
- Jul 22, 2014IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jul 22, 2014IntroReferralB00100
Sponsor introductory remarks on measure. (CR S4708)
- Jul 22, 2014IntroReferral10000
Introduced in Senate