Has anyone heard anything about H.R. 1728?
This is bill has been created to amend the Truth in Lending Act and is reform for consumer mortgage practices, provide accountability and to provide certain minimum standards for consumer mortgage loans.
It permits a consumer to assert a right to mortgage loan rescission as a defense to foreclosure.
It prohibits specified practices, including: (1) certain prepayment penalties; (2) single premium credit insurance; (3) mandatory arbitration (except for reverse mortgages); (4) mortgage loan provisions that waive a statutory cause of action by the consumer; and (5) mortgages with negative amortization.
This could be scary stuff.
Here is a link for more info.http://www.govtrack.us/congress/bill.xpd?bill=h111-1728
|
|
Keller Williams Real Estate
|
 |
 |
Comments (3)Subscribe to CommentsComment