11/15/07 4:52 PM
An amendment numbered 18 printed in House Report 110-450 to require loan creditors or servicers to provide a written notice to consumers with hybrid adjustable rate mortgages six months before their interest rates are due to reset. This notice would state the new interest rate, an explanation of how the new interest rate would be determined, the creditor's or servicer's good faith estimate of the monthly payment that will apply after the reset, a list of alternatives consumers may pursue before the date of adjustment or reset, and contact information for local HUD-approved housing counseling agencies and the state housing finance authority.
By unanimous consent, the Van Hollen amendment was withdrawn.
11/15/07 4:52 PM
DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Sutton amendment.
Amendment offered by Ms. Sutton.
11/15/07 4:48 PM
DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Van Hollen amendment.
Amendment offered by Mr. Van Hollen.
11/15/07 4:48 PM
An amendment numbered 17 printed in House Report 110-450 to require that in the case of a residential mortgage loan, closing costs may not exceed by more than 10% any estimate of closing costs disclosed to the consumer in advance of closing.
11/15/07 4:47 PM
POSTPONED PROCEEDINGS - At the conclusion of debate on the McHenry amendment, the Chair put the question on adoption of the amendment and by voice vote, annnounced that the noes had prevailed. Mr. McHenry demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
11/15/07 4:36 PM
DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the McHenry amendment.
11/15/07 4:35 PM
An amendment numbered 15 printed in House Report 110-450 to strike Title III--High-Cost Mortgages from the bill.
On agreeing to the Green, Al amendment Agreed to by voice vote.
11/15/07 4:35 PM
Amendment offered by Mr. McHenry.
11/15/07 4:29 PM
An amendment numbered 14 printed in House Report 110-450 to state that educational requirements include instruction on fraud, consumer protection, and fair lending issues.
By unanimous consent, the Frank (MA) amendment was withdrawn.
11/15/07 4:29 PM
DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Al Green amendment.
Amendment offered by Mr. Green, Al.
