A bill to amend the Consumer Credit Protection Act to prohibit certain practices in the case of second mortgages which secure residential real property.

Amends the Consumer Credit Protection Act to: (1) allow the mortgagor of a second mortgage to pay all or part of the unpaid balance ahead of schedule without penalty; (2) require a judicial hearing to determine whether a default has occurred before sale, foreclosure, or seizure of real property for nonpayment of any payment due under any second mortgage; (3) prohibit the extension of credit in the form of a second mortgage to a prospective mortgagor whose projected income is not sufficient to meet the payments of the second mortgage; (4) prohibit harassment of a mortgagor of the second mortgage by the mortgagee or person employed by the mortgagee in connection with collection of any payment; (5) entitle a mortgagor of a second mortgage to specified remedies for violations of this Act; and (6) prohibit a real estate broker who has arranged a second mortgage to acquire such property at a foreclosure sale.