HR 1728 Mortgage Reform and Anti-Predatory Lending Act
On March 26th, Rep. Bradley Miller [D-NC] introduced H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act, a bill that he is sponsoring. It has currently been referred to committee, the same committee of which will report on the act later.
For those not familiar with the basic life cycle of a bill (from govtrack.us):
- Introduced – Mar 26, 2009
- Referred to Committee – Mar 26, 2009
- Reported by Committee – (pending)
- Voted on in House – (pending)
- Voted on in Senate – (pending)
- Signed by President – (pending)
According to the NAFAC:
One key provision of H.R. 1728 would create a nationwide licensing and registration system for residential mortgage providers, something already included in the 2008 Housing and Economic Recovery Act. NCUA and other federal financial institution regulators are responsible for handling implementation for credit unions, banks and thrifts.
Tuesday’s session will be held at 10 a.m. in the Rayburn House Office Building. The committee said it may also hold additional sessions on subsequent days if needed.