A bill to amend the Truth in Lending Act to provide that residential mortgage loans held in portfolio qualify and qualified mortgages for purposes of the presumption of the ability to repay requirements under such Act, and for other purposes.

Bill: 113-s-2641
Sponsor: full_name: Sen. Landrieu, Mary L. [D-LA]
Introduced: 2014-07-22
Policy area: Finance and Financial Sector
Subjects: Consumer credit

Housing finance and home ownership
Latest action: action_date: 2014-07-22
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2014-07-22
action_desc: Introduced in Senate
text: <p> 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.</p> <p>Treats as a qualified mortgage any residential mortgage loan made by a creditor having less than $10 billion in total assets, so long as it appears on the creditor's balance sheet (held on portfolio).</p>

tv_txt: II 113th CONGRESS 2d Session S. 2641 IN THE SENATE OF THE UNITED STATES July 22, 2014 Ms. Landrieu introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Truth in Lending Act to provide that residential mortgage loans held in portfolio qualify as qualified mortgages for purposes of the presumption of the ability to repay requirements under such Act, and for other purposes.

1. Loans held on portfolio treated as qualified mortgages Section 129C(b)(2) of the Truth in Lending Act ( 15 U.S.C. 1639c(b)(2) ) is amended by adding at the end the following: (F) Loans held on portfolio The term qualified mortgage includes a residential mortgage loan made by a creditor having less than $10,000,000,000 in total assets so long as such loan appears on the balance sheet of such creditor. .