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house Bill H.R. 2673

Home Mortgages: Safe Harbor for Loans Held in Portfolio

Argument in favor

Would improve access to home financing for low-income borrowers by looking at tangible and intangibles, in regard to the borrower’s finances.

Argument opposed

Opens the door for smaller, community banks to offer predatory loans similar to those that derailed the economy in 2007.

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 has not voted
      house Committees
      Committee on Financial Services
    IntroducedJuly 11th, 2013

Bill Details

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Portfolio Lending and Mortgage Access Act

Official Title

To amend the Truth in Lending Act to provide that residential mortgage loans held on portfolio qualify as qualified mortgages for purposes of the presumption of the ability to repay requirements under such Act.


Portfolio Lending and Mortgage Access Act - Amends the Truth in Lending Act with respect to the permission that a creditor may presume that a residential mortgage loan has met the requirement that, at the time the loan is consummated, the consumer has a reasonable ability to repay it, if the loan is a qualified mortgage. Treats as a qualified mortgage any residential mortgage loan made by a creditor so long as it appears on the creditor's balance sheet (held on portfolio).

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