To provide exemptions under the Truth in Lending Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to encourage access to affordable mortgages, and for other purposes.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Securing Access to Affordable Mortgages Act
(Sec. 2) This bill amends the Truth in Lending Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt from property appraisal requirements a mortgage loan of $250,000 or less if it appears on the loan creditor's balance sheet for at least three years.
The bill exempts mortgage lenders and others involved in real estate transactions from incurring penalties for failing to report appraiser misconduct.
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 32 - 26.
Reported by the Committee on Financial Services. H. Rept. 115-590.
Reported by the Committee on Financial Services. H. Rept. 115-590.
Placed on the Union Calendar, Calendar No. 448.
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