Portfolio Lending and Mortgage Access Act

Bill: 113-hr-2673
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2013-07-11
Policy area: Finance and Financial Sector
Subjects: Consumer credit

Housing finance and home ownership
Latest action: action_date: 2014-09-16
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.

Summaries:
action_date: 2013-07-11
action_desc: Introduced in House
text: <p>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.</p> <p>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).</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2673 IN THE HOUSE OF REPRESENTATIVES July 11, 2013 Mr. Barr introduced the following bill; which was referred to the Committee on Financial Services A BILL 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.

1. Short title This Act may be cited as the Portfolio Lending and Mortgage Access Act . 2. 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 so long as such loan appears on the balance sheet of such creditor. .