100 
‘‘(2) FLIPPING DEFINED.—For purposes of this 
subsection, the term ‘flipping’ means the making of a 
loan or extension of credit in the form a high-cost 
mortgage to a consumer which refinances an existing 
mortgage when the new loan or extension of credit 
does not have reasonable, tangible net benefit to the 
consumer considering all of the circumstances, includ-
ing the terms of both the new and the refinanced 
loans or credit, the cost of the new loan or credit, and 
the consumer’s circumstances. 
‘‘(3) TANGIBLE NET BENEFIT.—The Board may 
prescribe regulations, in the discretion of the Board, 
defining the term ‘tangible net benefit’ for purposes of 
this subsection.’’. 
SEC. 304. AMENDMENT TO PROVISION GOVERNING COR-
RECTION OF ERRORS. 
Section 130(b) of the Truth in Lending Act (15 U.S.C. 
1640(b)) is amended to read as follows: 
‘‘(b) CORRECTION OF ERRORS.—A creditor has no li-
ability under this section or section 108 or 112 for any fail-
ure to comply with any requirement imposed under this 
chapter or chapter 5, if— 
‘‘(1) within 30 days of the loan closing and prior 
to the institution of any action, the consumer is noti-
fied of or discovers the violation, appropriate restitu-
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101 
tion is made, and whatever adjustments are necessary 
are made to the loan to either, at the choice of the 
consumer— 
‘‘(A) make the loan satisfy the requirements 
of this chapter; or 
‘‘(B) in the case of a high-cost mortgage, 
change the terms of the loan in a manner bene-
ficial to the consumer so that the loan will no 
longer be a high-cost mortgage; or 
‘‘(2) within 60 days of the creditor’s discovery or 
receipt of notification of an unintentional violation 
or bona fide error as described in subsection (c) and 
prior to the institution of any action, the consumer 
is notified of the compliance failure, appropriate res-
titution is made, and whatever adjustments are nec-
essary are made to the loan to either, at the choice 
of the consumer— 
‘‘(A) make the loan satisfy the requirements 
of this chapter; or 
‘‘(B) in the case of a high-cost mortgage, 
change the terms of the loan in a manner bene-
ficial so that the loan will no longer be a high- 
cost mortgage.’’. 
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102 
SEC. 305. REGULATIONS. 
(a) IN GENERAL.—The Board of Governors of the Fed-
eral Reserve System shall publish regulations implementing 
this title and the amendments made by this title in final 
form before the end of the 6-month period beginning on the 
date of the enactment of this Act. 
(b) CONSUMER MORTGAGE EDUCATION.— 
(1) REGULATIONS.—The Board of Governors of 
the Federal Reserve System may prescribe regulations 
requiring or encouraging creditors to provide con-
sumer mortgage education to prospective customers or 
direct such customers to qualified consumer mortgage 
education or counseling programs in the vicinity of 
the residence of the consumer. 
(2) COORDINATION WITH STATE LAW.—No re-
quirement established by the Board of Governors of 
the Federal Reserve System pursuant to paragraph 
(1) shall be construed as affecting or superseding any 
requirement under the law of any State with respect 
to consumer mortgage counseling or education. 
SEC. 306. EFFECTIVE DATE. 
The amendments made by this title shall take effect 
on the date of the enactment of this Act and shall apply 
to mortgages referred to in section 103(aa) of the Truth in 
Lending Act (15 U.S.C. 1602(aa) consummated on or after 
that date. 
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103 
TITLE IV—OFFICE OF HOUSING 
COUNSELING 
SEC. 401. SHORT TITLE. 
This title may be cited as the ‘‘Expand and Preserve 
Home Ownership Through Counseling Act’’. 
SEC. 402. ESTABLISHMENT OF OFFICE OF HOUSING COUN-
SELING. 
Section 4 of the Department of Housing and Urban 
Development Act (42 U.S.C. 3533) is amended by adding 
at the end the following new subsection: 
‘‘(g) OFFICE OF HOUSING COUNSELING.— 
‘‘(1) ESTABLISHMENT.—There is established, in 
the Office of the Secretary, the Office of Housing 
Counseling. 
‘‘(2) DIRECTOR.—There is established the posi-
tion of Director of Housing Counseling. The Director 
shall be the head of the Office of Housing Counseling 
and shall be appointed by the Secretary. Such posi-
tion shall be a career-reserved position in the Senior 
Executive Service. 
‘‘(3) FUNCTIONS.— 
‘‘(A) IN GENERAL.—The Director shall have 
ultimate responsibility within the Department, 
except for the Secretary, for all activities and 
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104 
matters relating to homeownership counseling 
and rental housing counseling, including— 
‘‘(i) research, grant administration, 
public outreach, and policy development re-
lating to such counseling; and 
‘‘(ii) establishment, coordination, and 
administration of all regulations, require-
ments, standards, and performance meas-
ures under programs and laws administered 
by the Department that relate to housing 
counseling, homeownership counseling (in-
cluding maintenance of homes), mortgage- 
related counseling (including home equity 
conversion mortgages and credit protection 
options to avoid foreclosure), and rental 
housing counseling, including the require-
ments, standards, and performance meas-
ures relating to housing counseling. 
‘‘(B) SPECIFIC
FUNCTIONS.—The Director 
shall carry out the functions assigned to the Di-
rector and the Office under this section and any 
other provisions of law. Such functions shall in-
clude establishing rules necessary for— 
‘‘(i) the counseling procedures under 
section 106(g)(1) of the Housing and Urban 
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105 
Development Act of 1968 (12 U.S.C. 
1701x(h)(1)); 
‘‘(ii) carrying out all other functions of 
the Secretary under section 106(g) of the 
Housing and Urban Development Act of 
1968, including the establishment, oper-
ation, and publication of the availability of 
the toll-free telephone number under para-
graph (2) of such section; 
‘‘(iii) carrying out section 5 of the 
Real Estate Settlement Procedures Act of 
1974 (12 U.S.C. 2604) for home buying in-
formation booklets prepared pursuant to 
such section; 
‘‘(iv) carrying out the certification 
program under section 106(e) of the Hous-
ing and Urban Development Act of 1968 
(12 U.S.C. 1701x(e)); 
‘‘(v) carrying out the assistance pro-
gram under section 106(a)(4) of the Hous-
ing and Urban Development Act of 1968, 
including criteria for selection of applica-
tions to receive assistance; 
‘‘(vi) carrying out any functions re-
garding abusive, deceptive, or unscrupulous 
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106 
lending practices relating to residential 
mortgage loans that the Secretary considers 
appropriate, which shall include conducting 
the study under section 6 of the Expand 
and Preserve Home Ownership Through 
Counseling Act; 
‘‘(vii) providing for operation of the 
advisory committee established under para-
graph (4) of this subsection; 
‘‘(viii) collaborating with community- 
based organizations with expertise in the 
field of housing counseling; and 
‘‘(ix) providing for the building of ca-
pacity to provide housing counseling serv-
ices in areas that lack sufficient services. 
‘‘(4) ADVISORY COMMITTEE.— 
‘‘(A) IN GENERAL.—The Secretary shall ap-
point an advisory committee to provide advice 
regarding the carrying out of the functions of the 
Director. 
‘‘(B) MEMBERS.—Such advisory committee 
shall consist of not more than 12 individuals, 
and the membership of the committee shall equal-
ly represent all aspects of the mortgage and real 
estate industry, including consumers. 
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107 
‘‘(C) TERMS.—Except as provided in sub-
paragraph (D), each member of the advisory 
committee shall be appointed for a term of 3 
years. Members may be reappointed at the dis-
cretion of the Secretary. 
‘‘(D) TERMS OF INITIAL APPOINTEES.—As 
designated by the Secretary at the time of ap-
pointment, of the members first appointed to the 
advisory committee, 4 shall be appointed for a 
term of 1 year and 4 shall be appointed for a 
term of 2 years. 
‘‘(E) PROHIBITION
OF
PAY; TRAVEL
EX-
PENSES.—Members of the advisory committee 
shall serve without pay, but shall receive travel 
expenses, including per diem in lieu of subsist-
ence, in accordance with applicable provisions 
under subchapter I of chapter 57 of title 5, 
United States Code. 
‘‘(F) ADVISORY ROLE ONLY.—The advisory 
committee shall have no role in reviewing or 
awarding housing counseling grants. 
‘‘(5) 
SCOPE
OF
HOMEOWNERSHIP
COUN-
SELING.—In carrying out the responsibilities of the 
Director, the Director shall ensure that homeowner-
ship counseling provided by, in connection with, or 
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108 
pursuant to any function, activity, or program of the 
Department addresses the entire process of home-
ownership, including the decision to purchase a home, 
the selection and purchase of a home, issues arising 
during or affecting the period of ownership of a home 
(including refinancing, default and foreclosure, and 
other financial decisions), and the sale or other dis-
position of a home.’’. 
SEC. 403. COUNSELING PROCEDURES. 
(a) IN GENERAL.—Section 106 of the Housing and 
Urban Development Act of 1968 (12 U.S.C. 1701x) is 
amended by adding at the end the following new subsection: 
‘‘(g) PROCEDURES AND ACTIVITIES.— 
‘‘(1) COUNSELING PROCEDURES.— 
‘‘(A) IN GENERAL.—The Secretary shall es-
tablish, coordinate, and monitor the administra-
tion by the Department of Housing and Urban 
Development of the counseling procedures for 
homeownership counseling and rental housing 
counseling provided in connection with any pro-
gram of the Department, including all require-
ments, standards, and performance measures 
that relate to homeownership and rental housing 
counseling. 
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109 
‘‘(B) HOMEOWNERSHIP COUNSELING.—For 
purposes of this subsection and as used in the 
provisions referred to in this subparagraph, the 
term ‘homeownership counseling’ means coun-
seling related to homeownership and residential 
mortgage loans. Such term includes counseling 
related to homeownership and residential mort-
gage loans that is provided pursuant to— 
‘‘(i) section 105(a)(20) of the Housing 
and Community Development Act of 1974 
(42 U.S.C. 5305(a)(20)); 
‘‘(ii) in the United States Housing Act 
of 1937— 
‘‘(I) 
section 
9(e) 
(42 
U.S.C. 
1437g(e)); 
‘‘(II) 
section 
8(y)(1)(D) 
(42 
U.S.C. 1437f(y)(1)(D)); 
‘‘(III) section 18(a)(4)(D) (42 
U.S.C. 1437p(a)(4)(D)); 
‘‘(IV) section 23(c)(4) (42 U.S.C. 
1437u(c)(4)); 
‘‘(V) section 32(e)(4) (42 U.S.C. 
1437z–4(e)(4)); 
‘‘(VI) 
section 
33(d)(2)(B) 
(42 
U.S.C. 1437z–5(d)(2)(B)); 
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110 
‘‘(VII) 
sections 
302(b)(6) 
and 
303(b)(7) (42 U.S.C. 1437aaa–1(b)(6), 
1437aaa–2(b)(7)); and 
‘‘(VIII) 
section 
304(c)(4) 
(42 
U.S.C. 1437aaa–3(c)(4)); 
‘‘(iii) section 302(a)(4) of the Amer-
ican Homeownership and Economic Oppor-
tunity Act of 2000 (42 U.S.C. 1437f note); 
‘‘(iv) sections 233(b)(2) and 258(b) of 
the Cranston-Gonzalez National Affordable 
Housing 
Act 
(42 
U.S.C. 
12773(b)(2), 
12808(b)); 
‘‘(v) this section and section 101(e) of 
the Housing and Urban Development Act of 
1968 (12 U.S.C. 1701x, 1701w(e)); 
‘‘(vi) section 220(d)(2)(G) of the Low- 
Income Housing Preservation and Resident 
Homeownership Act of 1990 (12 U.S.C. 
4110(d)(2)(G)); 
‘‘(vii) sections 422(b)(6), 423(b)(7), 
424(c)(4), 442(b)(6), and 443(b)(6) of the 
Cranston-Gonzalez 
National 
Affordable 
Housing 
Act 
(42 
U.S.C. 
12872(b)(6), 
12873(b)(7), 12874(c)(4), 12892(b)(6), and 
12893(b)(6)); 
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111 
‘‘(viii) section 491(b)(1)(F)(iii) of the 
McKinney-Vento Homeless Assistance Act 
(42 U.S.C. 11408(b)(1)(F)(iii)); 
‘‘(ix) sections 202(3) and 810(b)(2)(A) 
of the Native American Housing and Self- 
Determination Act of 1996 (25 U.S.C. 
4132(3), 4229(b)(2)(A)); 
‘‘(x) in the National Housing Act— 
‘‘(I) in section 203 (12 U.S.C. 
1709), the penultimate undesignated 
paragraph of paragraph (2) of sub-
section (b), subsection (c)(2)(A), and 
subsection (r)(4); 
‘‘(II) subsections (a) and (c)(3) of 
section 237 (12 U.S.C. 1715z–2); and 
‘‘(III) subsections (d)(2)(B) and 
(m)(1) of section 255 (12 U.S.C. 
1715z–20); 
‘‘(xi) section 502(h)(4)(B) of the Hous-
ing Act of 1949 (42 U.S.C. 1472(h)(4)(B)); 
and 
‘‘(xii) section 508 of the Housing and 
Urban Development Act of 1970 (12 U.S.C. 
1701z–7). 
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112 
‘‘(C) RENTAL HOUSING COUNSELING.—For 
purposes of this subsection, the term ‘rental hous-
ing counseling’ means counseling related to rent-
al of residential property, which may include 
counseling regarding future homeownership op-
portunities and providing referrals for renters 
and prospective renters to entities providing 
counseling and shall include counseling related 
to such topics that is provided pursuant to— 
‘‘(i) section 105(a)(20) of the Housing 
and Community Development Act of 1974 
(42 U.S.C. 5305(a)(20)); 
‘‘(ii) in the United States Housing Act 
of 1937— 
‘‘(I) 
section 
9(e) 
(42 
U.S.C. 
1437g(e)); 
‘‘(II) 
section 
18(a)(4)(D) 
(42 
U.S.C. 1437p(a)(4)(D)); 
‘‘(III) section 23(c)(4) (42 U.S.C. 
1437u(c)(4)); 
‘‘(IV) section 32(e)(4) (42 U.S.C. 
1437z–4(e)(4)); 
‘‘(V) 
section 
33(d)(2)(B) 
(42 
U.S.C. 1437z–5(d)(2)(B)); and 
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113 
‘‘(VI) section 302(b)(6) (42 U.S.C. 
1437aaa–1(b)(6)); 
‘‘(iii) section 233(b)(2) of the Cran-
ston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12773(b)(2)); 
‘‘(iv) section 106 of the Housing and 
Urban Development Act of 1968 (12 U.S.C. 
1701x); 
‘‘(v) section 422(b)(6) of the Cranston- 
Gonzalez National Affordable Housing Act 
(42 U.S.C. 12872(b)(6)); 
‘‘(vi) section 491(b)(1)(F)(iii) of the 
McKinney-Vento Homeless Assistance Act 
(42 U.S.C. 11408(b)(1)(F)(iii)); 
‘‘(vii) sections 202(3) and 810(b)(2)(A) 
of the Native American Housing and Self- 
Determination Act of 1996 (25 U.S.C. 
4132(3), 4229(b)(2)(A)); and 
‘‘(viii) the rental assistance program 
under section 8 of the United States Hous-
ing Act of 1937 (42 U.S.C. 1437f). 
‘‘(2) STANDARDS
FOR
MATERIALS.—The Sec-
retary, in conjunction with the advisory committee es-
tablished under subsection (g)(4) of the Department of 
Housing and Urban Development Act, shall establish 
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114 
standards for materials and forms to be used, as ap-
propriate, by organizations providing homeownership 
counseling services, including any recipients of assist-
ance pursuant to subsection (a)(4). 
‘‘(3) MORTGAGE SOFTWARE SYSTEMS.— 
‘‘(A) CERTIFICATION.—The Secretary shall 
provide for the certification of various computer 
software programs for consumers to use in evalu-
ating different residential mortgage loan pro-
posals. The Secretary shall require, for such cer-
tification, that the mortgage software systems 
take into account— 
‘‘(i) the consumer’s financial situation 
and the cost of maintaining a home, includ-
ing insurance, taxes, and utilities; 
‘‘(ii) the amount of time the consumer 
expects to remain in the home or expected 
time to maturity of the loan; 
‘‘(iii) such other factors as the Sec-
retary considers appropriate to assist the 
consumer in evaluating whether to pay 
points, to lock in an interest rate, to select 
an adjustable or fixed rate loan, to select a 
conventional 
or 
government-insured 
or 
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115 
guaranteed loan and to make other choices 
during the loan application process. 
If the Secretary determines that available exist-
ing software is inadequate to assist consumers 
during the residential mortgage loan application 
process, the Secretary shall arrange for the devel-
opment by private sector software companies of 
new mortgage software systems that meet the 
Secretary’s specifications. 
‘‘(B) USE
AND
INITIAL
AVAILABILITY.— 
Such certified computer software programs shall 
be used to supplement, not replace, housing coun-
seling. The Secretary shall provide that such pro-
grams are initially used only in connection with 
the assistance of housing counselors certified pur-
suant to subsection (e). 
‘‘(C) AVAILABILITY.—After a period of ini-
tial availability under subparagraph (B) as the 
Secretary considers appropriate, the Secretary 
shall take reasonable steps to make mortgage 
software systems certified pursuant to this para-
graph widely available through the Internet and 
at public locations, including public libraries, 
senior-citizen centers, public housing sites, offices 
of public housing agencies that administer rental 
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116 
housing assistance vouchers, and housing coun-
seling centers. 
‘‘(4) NATIONAL
PUBLIC
SERVICE
MULTIMEDIA 
CAMPAIGNS TO PROMOTE HOUSING COUNSELING.— 
‘‘(A) IN GENERAL.—The Director of Hous-
ing Counseling shall develop, implement, and 
conduct national public service multimedia cam-
paigns designed to make persons facing mortgage 
foreclosure, persons considering a subprime 
mortgage loan to purchase a home, elderly per-
sons, persons who face language barriers, low-in-
come persons, and other potentially vulnerable 
consumers aware that it is advisable, before seek-
ing or maintaining a residential mortgage loan, 
to obtain homeownership counseling from an un-
biased and reliable sources and that such home-
ownership counseling is available, including 
through programs sponsored by the Secretary of 
Housing and Urban Development. 
‘‘(B) CONTACT
INFORMATION.—Each seg-
ment of the multimedia campaign under sub-
paragraph (A) shall publicize the toll-free tele-
phone number and web site of the Department of 
Housing and Urban Development through which 
persons seeking housing counseling can locate a 
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117 
housing counseling agency in their State that is 
certified by the Secretary of Housing and Urban 
Development and can provide advice on buying 
a home, renting, defaults, foreclosures, credit 
issues, and reverse mortgages. 
‘‘(C) 
AUTHORIZATION
OF
APPROPRIA-
TIONS.—There are authorized to be appropriated 
to the Secretary, not to exceed $3,000,000 for fis-
cal years 2008, 2009, and 2010, for the develop, 
implement, and conduct of national public serv-
ice multimedia campaigns under this paragraph. 
‘‘(5) EDUCATION
PROGRAMS.—The Secretary 
shall provide advice and technical assistance to 
States, units of general local government, and non-
profit organizations regarding the establishment and 
operation of, including assistance with the develop-
ment of content and materials for, educational pro-
grams to inform and educate consumers, particularly 
those most vulnerable with respect to residential mort-
gage loans (such as elderly persons, persons facing 
language barriers, low-income persons, and other po-
tentially vulnerable consumers), regarding home 
mortgages, mortgage refinancing, home equity loans, 
and home repair loans.’’. 
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118 
(b) CONFORMING AMENDMENTS TO GRANT PROGRAM 
FOR HOMEOWNERSHIP COUNSELING ORGANIZATIONS.— 
Section 106(c)(5)(A)(ii) of the Housing and Urban Devel-
opment Act of 1968 (12 U.S.C. 1701x(c)(5)(A)(ii)) is 
amended— 
(1) in subclause (III), by striking ‘‘and’’ at the 
end; 
(2) in subclause (IV) by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by inserting after subclause (IV) the fol-
lowing new subclause: 
‘‘(V) notify the housing or mort-
gage applicant of the availability of 
mortgage software systems provided 
pursuant to subsection (g)(3).’’. 
SEC. 404. GRANTS FOR HOUSING COUNSELING ASSISTANCE. 
Section 106(a) of the Housing and Urban Development 
Act of 1968 (12 U.S.C. 1701x(a)(3)) is amended by adding 
at the end the following new paragraph: 
‘‘(4) HOMEOWNERSHIP AND RENTAL COUNSELING AS-
SISTANCE.— 
‘‘(A) IN GENERAL.—The Secretary shall make fi-
nancial assistance available under this paragraph to 
States, units of general local governments, and non-
profit organizations providing homeownership or 
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