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Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Fairness for Homeowners Act of
2007''.

SEC. 2. ORIGINATIONS OF CONSUMER CREDIT TRANSACTIONS SECURED BY THE
CONSUMER'S PRINCIPAL DWELLING.

(a) In General.--The Truth in Lending Act (15 U.S.C. 1601 et seq.)
is amended by inserting after section 129 the following new section:
''Sec. 129A. Originations of consumer credit transactions secured by
the consumer's principal dwelling
''(a) Definitions.--For purposes of this section, the following
definitions shall apply:
''(1) Fully indexed rate.--The term 'fully indexed rate'
equals the index rate prevailing at the time a consumer credit
transaction secured by a consumer's principal dwelling is
originated, plus the margin that will apply after the
expiration of an introductory interest rate.
''(2) Mortgage broker.--The term 'mortgage broker' means
any person who is defined as a mortgage broker under applicable
State law.
''(b) Requirements for Originators.--
''(1) Ability to pay.--
''(A) In general.--No creditor or mortgage broker
may make, provide, or arrange for any consumer credit
transaction secured by a consumer's principal dwelling
without verifying the consumer's reasonable ability to
pay the scheduled payments of the following, as
applicable: principal; interest; real estate taxes;
homeowner's insurance, assessments, and mortgage
insurance premiums.
''(B) Variable interest rate.--In the case of any
consumer credit transaction secured by a consumer's
principal dwelling for which the applicable annual
percentage rate may vary over the life of the credit,
the reasonable ability to pay shall be determined, for
purposes of this paragraph, on the basis of a fully
indexed rate plus 200 basis points and a repayment
schedule which achieves full amortization over the life
of the extension of credit.
''(C) Verification of consumer income and financial
resources.--In the case of any consumer credit
transaction secured by a consumer's principal dwelling,
the income and financial resources of the consumer
shall be verified for purposes of this paragraph by tax
returns, payroll receipts, bank records, or other
similarly reliable documents.
''(D) Other criteria.--No provision of this
paragraph shall be construed as prohibiting reliance on
criteria other than a consumer's income and financial
resources to establish the reasonable ability of the
consumer to repay any consumer credit transaction
secured by the consumer's principal dwelling, to the
extent such other criteria are also verified through
reasonably reliable methods and documentation.
''(E) Consumer statement is insufficient proof.--A
statement by a consumer of the consumer's income or
financial resources shall not be sufficient to
establish the existence of any income or financial
resources when verifying the reasonable ability of the
consumer to repay any consumer credit transaction
secured by the consumer's principal dwelling, for
purposes of this paragraph.
''(2) Prohibition on steering.--No creditor or mortgage
broker may make, provide, or arrange for any consumer credit
transaction secured by a consumer's principal dwelling that is
of a lower investment grade if--
''(A) the consumer's credit score; or
''(B) comparable underwriting data, in any case in
which the creditor or mortgage broker does not utilize
credit scoring or a credit score for the consumer is
unavailable,
indicates that the borrower may qualify for a consumer credit
transaction, available from or through the creditor or mortgage
broker, that is of a higher investment grade.
''(3) Prohibition on prepayment penalties for arms.--
''(A) In general.--In the case of any consumer
credit transaction secured by a consumer's principal
dwelling that provides for variable rates of interest
on the credit extended under the transaction, the
transaction may not contain terms under which a
consumer must pay a prepayment penalty for paying all
or part of the principal before the date on which the
principal is due.
''(B) Exclusion for jumbo mortgages.--Subparagraph
(A) shall not apply to any consumer credit transaction
secured by a consumer's principal dwelling the
principal amount (as defined in subsection (c)(2)) of
which exceeds the maximum dollar amount limitation (for
a residence of the applicable size) on the amount of
the principal obligation of a mortgage for a 1- to 4-
family residence that may be purchased by the Federal
Home Loan Mortgage Corporation, as then in effect
pursuant to section 305(a)(2) of the Federal Home Loan
Mortgage Corporation Act.
''(c) Limitation on Financed Points, Charges, and Fees.--
''(1) In general.--No creditor or mortgage broker may, in
connection with any consumer credit transaction secured by the
consumer's principal dwelling, include in the principal amount
of such transaction any portion of any qualified finance charge
in excess of the amount which is equal to 5 percent of the
principal amount of the transaction.
''(2) Definitions.--For purposes of this subsection, the
following definitions shall apply:
''(A) Qualified finance charge.--The term
'qualified finance charge' means the sum of--
''(i) the finance charge as determined
under section 106, minus any interest and time
price differential; and
''(ii) all compensation paid to a mortgage
broker from any source in connection with this
transaction.
''(B) Principal amount.--The term 'principal
amount' means--
''(i) in the case of any consumer credit
transaction under an open end credit plan
secured by the consumer's principal dwelling,
the maximum amount of credit that may be
extended under the terms of such plan as
determined without taking into account any
amount included in determining the finance
charge under section 106; and
''(ii) in the case of any other consumer
credit transaction secured by a consumer's
principal dwelling, the amount financed (as
defined in section 138(a)(2)).
''(3) Prohibition on excessive finance charges.--No
creditor or mortgage broker may, in connection with any
consumer credit transaction secured by the consumer's principal
dwelling, impose or receive any amount included in determining
the qualified finance charge for such transaction that exceeds
the amount which is equal to 5 percent of the principal amount
of the transaction.
''(4) Exception.--This subsection shall not apply to any
consumer credit transaction secured by the consumer's principal
dwelling that is ensured or guaranteed by the Secretary of
Housing and Urban Development, the Secretary of Veterans
Affairs, or the Farmers Home Administration.
''(d) Mortgage Broker Duties of Agency.--
''(1) In general.--Any mortgage broker acting to obtain or
arrange for any consumer credit transaction secured by the
consumer's principal dwelling shall be considered to have an
agency relationship with the consumer in all cases by operation
of law and shall comply with the following duties:
''(A) Mortgage brokers shall act in the consumer's
best interest and in the utmost good faith toward each
consumer and shall not compromise a consumer's right or
interest in favor of another's right or interest,
including a right or interest of the mortgage broker.
''(B) A mortgage broker shall not accept, give, or
charge any undisclosed compensation or realize any
undisclosed remuneration, either through direct or
indirect means, that inures to the benefit of the
mortgage broker on an expenditure made for the
consumer.
''(C) Mortgage brokers shall carry out all lawful
instructions given by the consumer.
''(D) Mortgage brokers shall disclose to consumers
all material facts of which the mortgage broker has
knowledge which might reasonably affect the consumer's
rights, interests, or ability to receive the consumer's
intended benefit from the consumer credit transaction,
but not facts which are reasonably susceptible to the
knowledge of the consumer.
''(E) Mortgage brokers shall use reasonable care in
performing duties.
''(F) Mortgage brokers shall account to a consumer
for all the consumer's money and property received as
agent.
''(2) Scope.--The duty of agency between mortgage broker
and consumer applies when the mortgage broker is acting in the
capacity of mortgage broker providing mortgage brokerage
services with respect to any consumer credit transaction
secured by the consumer's principal dwelling for which the
broker is not the creditor.
''(3) Rules of construction.--
''(A) Fees for services rendered.--No provision of
this subsection shall be construed as prohibiting a
mortgage broker from contracting for or collecting a
fee for services rendered which had been disclosed to
the consumer in advance of the provision of such
services.
''(B) Duty of broker.--No provision of this
subsection shall be construed as requiring a mortgage
broker--
''(i) to obtain or arrange for any consumer
credit transaction secured by the consumer's
principal dwelling on behalf of a consumer that
contains terms or conditions not available to
the mortgage broker in the mortgage broker's
usual course of business; or
''(ii) to obtain or arrange for any
consumer credit transaction secured by the
consumer's principal dwelling from a creditor
with whom the mortgage broker does not have a
business relationship.
''(e) Independent Verification of Consumer Counseling Before
Refinancing Special Mortgages.--
''(1) In general.--No creditor or mortgage broker may make,
provide, or arrange for any consumer credit transaction secured
by the consumer's principal dwelling all or a portion of the
proceeds of which are used to fully or partially pay off a
special mortgage unless the borrower has obtained a written
certification from an authorized independent loan counselor
that the borrower has received counseling on the advisability
of the transaction.
''(2) Definitions.--For purposes of this section, the
following definitions shall apply:
''(A) Special mortgage.--The term 'special
mortgage' means any consumer credit transaction secured
by the consumer's principal dwelling that was
originated, subsidized, funded, or guaranteed by or
through a State, tribal, or local government, or
nonprofit organization, that bears 1 or more of the
following nonstandard payment terms which substantially
benefit the consumer:
''(i) Payments vary with income.
''(ii) Payments of principal or interest
are not required or can be deferred under
specified conditions.
''(iii) Principal or interest is forgivable
under specified conditions.
''(iv) Either no interest or an annual
interest rate of 2 percent or less is charged
in connection with the loan.
''(B) Authorized loan counselor.--The term
'authorized independent loan counselor' means any
nonprofit, third-party individual or organization
providing homebuyer education programs, foreclosure
prevention services, mortgage loan counseling, or
credit counseling that is certified by the Secretary of
Housing and Urban Development, or certified by any
State housing agency or nonprofit organization
designated by such Secretary, for such purposes.
''(f) Minimum Financial Requirements for Mortgage Brokers.--No
mortgage broker may obtain or arrange for any consumer credit
transaction secured by the consumer's principal dwelling unless at all
times the mortgage broker--
''(1) maintains a minimum net worth, net of intangibles, of
at least $500,000, as determined in accordance with generally
accepted accounting principles; or
''(2) maintains a surety bond or irrevocable letter of
credit in the amount of $50,000.
''(g) Enforcement.--For purposes of providing a cause of action for
any failure by a mortgage broker to comply with any requirement imposed
under this section, section 130(a) shall be applied with respect to any
such failure--
''(1) by substituting 'mortgage broker' for 'creditor' each
place such term appears in such section; and
''(2) by treating all qualified finance charges (as defined
in subsection (c)(2)(A)) incurred in the origination of any
consumer credit transaction secured by the consumer's principal
dwelling as actual damages sustained by the consumer as a
result of the failure.
''(h) Exclusion of Reverse Mortgages.--This section shall not apply
with respect to any consumer mortgage transaction that constitutes a
reverse mortgage.''.
(b) Technical and Conforming Amendments.--The Truth in Lending Act
is amended--
(1) in section 103 (u) (15 U.S.C. 1602(u)), by striking
''and the disclosures required by section 129(a)'' and
inserting ''and the provisions of section 129 and 129A''; and
(2) in section 130 (15 U.S.C. 1640), by inserting ''or
129A'' after section 129 each place such term appears.
(c) Clerical Amendment.--The table of sections for chapter 2 of the
Truth in Lending Act is amended by inserting after the item relating to
section 129 the following new item:

''129A. Originations of consumer credit transactions secured by the
consumer's principal dwelling.''.

Answer: Fairness for Homeowners Act of 2007 - Amends the Truth in Lending Act to prohibit any creditor or mortgage broker from making, providing, or arranging for any consumer credit transaction secured by a consumer's principal dwelling without verifying the consumer's reasonable ability to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums.

Prescribes criteria for determining the reasonable ability to make such payments.

Prohibits steering (arranging for a lower investment grade credit transaction if the consumer qualifies for a higher investment grade transaction) and prepayment penalties for adjustable rate mortgages (ARMs) that are not jumbo mortgages.

Limits financed points, finance charges, and fees to 5% of a transaction's principal, unless the transaction is ensured or guaranteed by the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, or the Farmers Home Administration.

Specifies duties of agency for mortgage brokers acting to obtain or arrange for any consumer credit transaction secured by the consumer's principal dwelling.

Requires creditors and mortgage brokers to obtain independent verification that a borrower seeking to refinance a special mortgage has received counseling on the transaction's advisability. Defines "special mortgage" as one that: (1) was originated, subsidized, funded, or guaranteed by or through a state, tribal, or local government, or nonprofit organization; and (2) bears one or more specified nonstandard payment terms which substantially benefit the consumer.

Prescribes minimum financial requirements for mortgage brokers.

Excludes reverse mortgages from coverage by this Act.

Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Protecting American Jobs Act''.

SEC. 2. AMENDMENTS TO THE NATIONAL LABOR RELATIONS ACT.

(a) Duties of the General Counsel and Administrative Law Judges.--
The National Labor Relations Act (29 U.S.C. 151 et seq.) is amended--
(1) in section 3(d) (29 U.S.C. 153(d)), by striking
''investigation of charges and issuance of complaints under
section 10, and in respect of the prosecution of such
complaints before the Board'' and inserting ''investigation of
allegations under section 10''; and
(2) in section 4(a) (29 U.S.C. 154(a)), by striking the
fourth sentence.
(b) Clarification of the Board's Rulemaking Authority.--Section 6
of such Act (29 U.S.C. 156) is amended by adding at the end the
following: ''Such rulemaking authority shall be limited to rules
concerning the internal functions of the Board. The Board shall not
promulgate rules or regulations that affect the substantive or
procedural rights of any person, employer, employee, or labor
organization, including rules and regulations concerning unfair labor
practices and representation elections.''.
(c) Investigatory Power and Adjudicatory Authority Over Unfair
Labor Practice Allegations.--Section 10 of such Act (29 U.S.C. 160) is
amended--
(1) in subsection (a)--
(A) by striking ''prevent any person from engaging
in'' and inserting ''investigate''; and
(B) by striking ''This power shall'' and all that
follows through the end of the subsection;
(2) in subsection (b)--
(A) by striking ''Whenever it is charged'' and
inserting ''Whenever it is alleged'';
(B) by striking ''or is engaging in'' and inserting
'', is engaging in, or is about to engage in'';
(C) by striking ''the Board, or any agent'' and all
that follows through ''Provided, That no complaint
shall issue'' and inserting ''the aggrieved person may
bring a civil action for such relief (including an
injunction) as may be appropriate. Any such civil
action may be brought in the district court of the
United States where the violation occurred, or, at the
option of the parties, in the United States District
Court for the District of Columbia. No civil action may
be brought'';
(D) by striking ''charge with the Board'' and all
that follows through ''prevented from filing such
charge'' and inserting ''civil action, unless the
person aggrieved thereby was prevented from filing such
civil action''; and
(E) by striking ''Any such complaint may be
amended'' and all that follows through ''Any such
proceeding shall, so far as practicable,'' and
inserting ''Any proceeding under this subsection
shall'';
(3) by striking subsections (c) through (k);
(4) by redesignating subsections (l) and (m) as subsections
(c) and (d), respectively;
(5) in subsection (c) (as so redesignated)--
(A) by striking ''Whenever it is charged'' and
inserting ''Whenever it is alleged'';
(B) in the first sentence, by striking ''charge''
and inserting ''allegation''; and
(C) by striking ''such charge is true and that a
complaint should issue, he shall'' and all that follows
through the end of the subsection and inserting ''such
allegation is true, the officer or regional attorney
shall, on behalf of the Board, submit a written summary
of the findings to all parties involved in the alleged
unfair labor practice.''; and
(6) in subsection (d) (as so redesignated)--
(A) by striking ''Whenever it is charged'' and
inserting ''Whenever it is alleged'';
(B) by striking ''such charge'' and inserting
''such allegation''; and
(C) by striking ''and cases given priority under
subsection (i)''.
(d) Conforming Amendments.--The National Labor Relations Act (29
U.S.C. 151 et seq.) is amended--
(1) in section 9 (29 U.S.C. 159)--
(A) in subsection (c)(2), by striking ''and in no
case shall the Board'' and all that follows through the
end of such subsection and inserting a period;
(B) by striking subsection (d); and
(C) by redesignating subsection (e) as subsection
(d);
(2) in section 3(b) (29 U.S.C. 153(b)), by striking ''or
(e) of section 9'' and inserting ''or (d) of section 9'';
(3) in section 8 (29 U.S.C. 158), by striking ''9(e)'' each
place it appears and inserting ''9(d)''; and
(4) in section 18 (29 U.S.C. 168), by striking ''section 10
(e) or (f)'' and inserting ''subsection (e) or (f) of section
10, as such subsections were in effect on the day before the
date of enactment of the Protecting American Jobs Act,''.

SEC. 3. REGULATIONS.

Not later than 6 months after the date of enactment of this Act,
the National Labor Relations Board shall review all regulations
promulgated before such date of enactment and revise or rescind any
such regulations as necessary to implement the amendment made by
section 2(b).

Answer: Protecting American Jobs Act This bill amends the National Labor Relations Act, with respect to the authority of the National Labor Relations Board, to: repeal the authority of the General Counsel ofthe board, to issue, and prosecute before the board, complaints of unfair labor practices; limit the board's rulemaking authority to rules concerning the internal functions of the board; prohibit the board from promulgating regulations affecting the substantive or procedural rights of any person, employer, employee, or labor organization, including rules concerning unfair labor practices and representation elections; repeal the board's authority to prevent persons from engaging in unfair labor practices, limiting such authority to the investigation of allegations of such practices; and repeal the board's authority to petition courts for enforcement of its orders, seek injunctions, or hold hearings on jurisdictional strikes.

Question: SECTION 1. MASTER TEACHER EXCLUSION.

(a) Master Teacher Exclusion.--Part III of subchapter B of chapter
1 of the Internal Revenue Code of 1986 is amended by inserting after
section 139A the following new section:

''SEC. 139B. CERTAIN WAGES OF CERTIFIED MASTER TEACHERS.

''(a) 25 Percent Exclusion.--Gross income does not include 25
percent of wages earned by a certified master teacher in remuneration
for employment at a qualified school in need of improvement or a Head
Start program assisted under the Head Start Act (42 U.S.C. 9831 et
seq.).
''(b) Certified Master Teacher.--For purposes of this section--
''(1) In general.--The term 'certified master teacher'
means any eligible teacher who is certified by a State as being
eligible for the exclusion from gross income provided under
subsection (a) with respect to wages earned during a 4-year
certification period. A teacher shall not be treated as a
certified master teacher except during the certification
period.
''(2) Recertification prohibited.--A teacher shall not be
certified as a certified master teacher for more than one
certification period.
''(3) State limitation on number of certified master
teachers.--A State may not certify any teacher if such
certification would result (at the time of such certification)
in more than 10 percent of the State's public school teachers
being certified master teachers.
''(c) Qualified School in Need of Improvement.--For purposes of
this section, the term 'qualified school in need of improvement' means,
with respect to any certified master teacher--
''(1) the school in need of improvement which first employs
such teacher during the certification period,
''(2) any school in need of improvement which subsequently
employs such teacher, but only if each school in need of
improvement which previously employed such teacher during the
certification period has ceased to be a school in need of
improvement, and
''(3) any school described in paragraph (1) or (2) which
ceases to be a school in need of improvement, but only if such
teacher was employed by such school (during such teacher's
certification period) at the time that such school ceased to be
a school in need of improvement.
''(d) School in Need of Improvement.--For purposes of this section,
the term 'school in need of improvement' means a public elementary or
secondary school that--
''(1) is identified for school improvement, corrective
action, or restructuring under section 1116 of the Elementary
and Secondary Education Act of 1965 (20 U.S.C. 6316), and
''(2) is eligible for a schoolwide program under section
1114 of the Elementary and Secondary Education Act of 1965 (20
U.S.C. 6314).
''(e) Eligible Teacher.--For purposes of this section, the term
'eligible teacher' means a teacher who--
''(1) has had at least 5 years of teaching experience in a
public elementary or secondary school,
''(2) is highly qualified, as defined in section 9101 of
the Elementary and Secondary Education Act of 1965 (20 U.S.C.
7801),
''(3) has a master's degree, and
''(4) has earned--
''(A) advanced certification in the teacher's State
licensing system, or
''(B) in the case of a teacher in a State that does
not offer advanced certification, certification from
the National Board for Professional Teaching Standards.
''(f) Certification Period.--For purposes of this section, the term
'certification period' means, with respect to any certified master
teacher, the 4-year period described in subsection (b).
''(g) State Identification Required on Return.--With respect to any
certified master teacher, no exclusion shall be allowed under
subsection (a) for any taxable year unless the certified master teacher
includes the State in which the teacher has been certified on the
certified master teacher's return of tax for such taxable year.
''(h) Termination.--This section shall not apply to any taxable
year beginning after December 31, 2013.''.
(b) Clerical Amendment.--The table of sections for part III of
subchapter B of chapter 1 of the Internal Revenue Code of 1986 is
amended by inserting after the item relating to section 139A the
following new item:

''Sec. 139B. Certain wages of certified master teachers''.
(c) Report to Congress.--The Secretary of the Treasury shall
transmit to the Congress for each of calendar years 2007 through 2013
an annual report stating, with respect to each State, the number of
individuals certified by such State as certified master teachers who
were allowed an exclusion from gross income under section 139B of the
Internal Revenue Code of 1986 for a taxable year ending in such
calendar year.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2006.

Answer:
Amends the Internal Revenue Code to exclude from gross income up to 25 percent of the wages earned by a certified master teacher in certain schools identified as in need of improvement or in a Head Start program. Defines "certified master teacher" as a teacher who: (1) has at least five years teaching experience in a public elementary or secondary school; (2) is highly qualified as defined by the Elementary and Secondary Education Act of 1965; (3) has a master's degree; and (4) has advanced certification in the applicable State licensing system. Terminates such exclusion after 2013.