Mortgage Choice Act
Reintroduced in Congress
U.S. Rep. Bill Huizenga (R-Mich.) has reintroduced a bipartisan bill that aims to amend and clarify the qualified mortgage definition under the Dodd-Frank Act. Identical to the Mortgage Choice Act of 2013 (H.R. 3211), the latest incarnation would adjust the definition of fees and points in the Truth in Lending Act as applied in the qualified mortgage rule. The measure died in the Senate during the last session of Congress. It is designed to improve access to credit and qualified mortgages for low- and moderate-income borrowers while protecting consumers from bad loans. "I am glad to see this bipartisan effort garner unanimous support in committee, and I am hopeful this legislation will see action before the entire House in a timely manner," said Huizenga. Most housing financial and housing trade groups support the plan.
From "Mortgage Choice Act Reintroduced in Congress"
Housing Wire (02/03/15) Garrison, Trey
U.S. Rep. Bill Huizenga (R-Mich.) has reintroduced a bipartisan bill that aims to amend and clarify the qualified mortgage definition under the Dodd-Frank Act. Identical to the Mortgage Choice Act of 2013 (H.R. 3211), the latest incarnation would adjust the definition of fees and points in the Truth in Lending Act as applied in the qualified mortgage rule. The measure died in the Senate during the last session of Congress. It is designed to improve access to credit and qualified mortgages for low- and moderate-income borrowers while protecting consumers from bad loans. "I am glad to see this bipartisan effort garner unanimous support in committee, and I am hopeful this legislation will see action before the entire House in a timely manner," said Huizenga. Most housing financial and housing trade groups support the plan.
From "Mortgage Choice Act Reintroduced in Congress"
Housing Wire (02/03/15) Garrison, Trey
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