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house Bill H.R. 1153

Changing How "Points and Fees" are Calculated for Qualified Mortgages

Argument in favor

This bipartisan bill would improve access to credit and qualified mortgages for low- and middle-income borrowers, which is a worthwhile goal.

Matthew's Opinion
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02/08/2018
The federal government shouldn’t be in the business of regulating securities or loans. No constitutional authority and the states do a good enough job locally. Plus the market weeds out bad banks and loans. Quit messing with it.
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Brian's Opinion
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02/06/2018
They should still make sure they can pay it off though.
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Kathy's Opinion
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02/07/2018
Just as long as there are controls in place that makes sure they can pay back the money they borrow
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Argument opposed

This bill weakens reforms enacted after the financial crisis that kept banks from offering low-income families high-fee loans they can't afford.

OlderNWiser's Opinion
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02/06/2018
Sorry, having lived through the mortgage crisis created by lack of oversight, I smell a rat. My hard-working mail carrier lost her hair, lost weight, and ended up with a never ending mortgage in her attempt to house her family and gain equity. The history of slavery and the ongoing Jim Crow have made climbing the ladder almost impossible for African-Americans, and now we want to let the mortgage industry and banks destroy more people’s lives? No, enough hurting the poor and middle class to profit the wealthy few.
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singinghawk926's Opinion
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02/07/2018
I will not support anything that works against Dodd-Frank. It offers little enough protection as it is!!
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Michael777's Opinion
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02/05/2018
Why is there bipartisan support to bring America back before Dodd-Frank? Have the cosponsors of this bill forgotten that it was the deregulation of Wall Street banks which began in the 1990s that led to the banks gambling with people's money, which caused the Financial Crisis of 2008? And now they want to roll back regulations to where they were right before that happened? This is a stupid bill that needs to be stopped before it hurls us into a Second Financial Crisis!
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed February 8th, 2018
    Roll Call Vote 280 Yea / 131 Nay
      house Committees
      Committee on Financial Services
    IntroducedFebruary 16th, 2017

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Bill Details

Official information provided by the Congressional Research Service. Learn more or make a suggestion.
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Title

Mortgage Choice Act of 2017

Official Title

To amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction.

Summary

(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) Mortgage Choice Act of 2017 (Sec. 2) This bill amends the Truth in Lending Act to specify that neither escrow charges for insurance nor affiliated title charges shall be considered "points and fees" for purposes of determining whether a mortgage is a "high-cost mortgage." (A high-cost mortgage designation restricts the terms of the loan and requires a lender to make certain disclosures to the borrower.)
    The federal government shouldn’t be in the business of regulating securities or loans. No constitutional authority and the states do a good enough job locally. Plus the market weeds out bad banks and loans. Quit messing with it.
    Like (12)
    Follow
    Share
    Sorry, having lived through the mortgage crisis created by lack of oversight, I smell a rat. My hard-working mail carrier lost her hair, lost weight, and ended up with a never ending mortgage in her attempt to house her family and gain equity. The history of slavery and the ongoing Jim Crow have made climbing the ladder almost impossible for African-Americans, and now we want to let the mortgage industry and banks destroy more people’s lives? No, enough hurting the poor and middle class to profit the wealthy few.
    Like (120)
    Follow
    Share
    I will not support anything that works against Dodd-Frank. It offers little enough protection as it is!!
    Like (50)
    Follow
    Share
    Why is there bipartisan support to bring America back before Dodd-Frank? Have the cosponsors of this bill forgotten that it was the deregulation of Wall Street banks which began in the 1990s that led to the banks gambling with people's money, which caused the Financial Crisis of 2008? And now they want to roll back regulations to where they were right before that happened? This is a stupid bill that needs to be stopped before it hurls us into a Second Financial Crisis!
    Like (44)
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    And of course the same practices that led to the last recession are, once again, being allowed. The GOP screws up everything.
    Like (18)
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    Really? GOP has the nerve to start the housing crisis again?
    Like (17)
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    Stop it. Stop being dumbasses who only care about the rich. The 1% May have more money but they are not the majority of this country. You help the wealthy, you’ve destroyed the middle class and are pushing more and more people into homelessness and then you want to turn around and bitch about the homeless, welfare and Medicaid. Get fucked!
    Like (15)
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    It’s not beneficial to all classes this for people who already have had plenty of benefits.
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    The bill this proposes to overturn was designed to keep the economy safe from another recession. No.
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    As an MLO, seeing what happens behind the scene I understand why these regulations were put in place in the first place. Let’s not forget 2008, and the reason these regulations were pt into place in the first place. Interest rates have already made a significant climb as of end of 2017 and we’re seeing an increase on a weekly basis this year too. If we roll back these regulations we will have another 2008 debacle within the next 4 years. I vote NO.
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    They should still make sure they can pay it off though.
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    Didn’t easy mortgages cause the Great Recession?
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    We should be working to strengthen regulations on banking institutions. Lack of proper oversight led to the last financial crisis and this time we don’t have pro-consumer politicians in place to look out for people’s interests over corporate interests. No.
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    Just as long as there are controls in place that makes sure they can pay back the money they borrow
    Like (4)
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    This bill weakens reforms enacted after the financial crisis that kept banks from offering low-income families high-fee loans they can't afford. One more weakening of Dodd-Frank that moves us one step closer to the financial disaster we had in 2008. Why are you systematically removing all of the consumer protections put in place to save us from having to bail out financial institutions that are irresponsible??
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    No, this is just another way for republicans bought by the banking industry to deregulate and undermine the Dodd-Frank laws set forth after the last recession.
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    This bipartisan bill would improve access to credit and qualified mortgages for low- and middle-income borrowers, which is a worthwhile goal.
    Like (3)
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    We MUST maintain protection for the average Americans..Dodd Frank must be saved..anything that moron #45 and coward money grubbing republicans supports screws us!
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    Have we learned nothing from the housing crisis? Vote no.
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    There was recently a global economic crash caused by de-regulating mortgages and lending practices in the name of quick profit. It took us 8 years of solid leadership and austerity measures to prevent a full economic depression. The answer to this question should be a no.
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