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house Bill H.R. 2226

Portfolio Lending and Mortgage Access Act

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 March 6th, 2018
    Passed by Voice Vote
      house Committees
      Committee on Financial Services
    IntroducedApril 28th, 2017

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Bill Details

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Title

Portfolio Lending and Mortgage Access Act

Official Title

To amend the Truth in Lending Act to provide a safe harbor from certain requirements related to qualified mortgages for residential mortgage loans held on an originating depository institution's portfolio, and for other purposes.

Summary

Portfolio Lending and Mortgage Access Act (Sec. 2) This bill amends the Truth in Lending Act to allow a depository institution or credit union with assets below a specified threshold to forgo certain ability-to-pay requirements regarding residential mortgage loans. Specifically, those requirements are waived if a loan: (1) is originated by and continuously retained by the institution, (2) complies with requirements regarding prepayment penalties and points and fees, and (3) does not have negative amortization or interest-only terms. Furthermore, for such requirements to be waived, the institution must consider and verify the debt, income, and financial resources of the consumer. The bill also provides for circumstances in which such requirements shall be waived with respect to a loan that is transferred: (1) by reason of bankruptcy or failure of the originating institution, (2) to a similar institution, (3) in the event of a merger, or (4) to a wholly owned subsidiary of the institution.
    Who sits around thinking of bills to cause the collapse of our economy? Weakening Dodd-Frank came close to destroying the entire economy across the earth – much less American economy – so now we wanna try that again? Safe harbor from ethics? Safe harbor from the good of all as opposed to the profits of the privileged few? This is an appalling bill that is wrong at every level.
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    Oh how quickly we forget the mistakes of the past when money is involved. Giving lenders protection against suit removes the accountability needed to keep us from another Great Recession!
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    Institutions that are qualifying borrowers should be held accountable if they wrongly qualify individuals. It isn’t the fault of the individual that the institution classified them incorrectly.
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    Do not weaken consumer protections on mortgages. Let us not forget it was this industry that brought our economy into recession and destroyed life savings of millions. Please vote no.
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    Have you no memory? Weakening the Dodd Frank and the Truth in a Lending legislation enacted after the Great Recession is a BAD idea! We the People paid for it in the bailouts, lower equity in our homes, lost jobs and loss of consumer confidence. Greed caused it and by relaxing regulations you will give banks and lenders the ‘green light’ to revert to the same lending practices that harm consumers and add to their ‘bottom line’. VOTE NO!
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    Ability to pay is not the main concern for a depository institution when it comes to residential mortgage loans. It is the mortgage lender’s and home buyer’s responsibility to become qualified for such loans, and the banks responsibility to loan the money to the buyer.
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    Please retain protections for the consumers
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