H.R 1876 (Andrews - Lewis): Mortgage Cancelation Relief Act of 2007
This bill would change existing law that forces individuals to pay an income tax when they have had a part of a mortgage loan forgiven or have been forced to foreclose because of their inability to pay their mortgage. The current tax code requires a lender who forgives debt to provide a Form 1099 to the IRS stating the amount the borrower has been forgiven. That disclosure applies whether it is a short sale, foreclosure, deed in lieu of foreclosure or any similar arrangement that relieves borrowers of the obligation to pay some portion of their debt. If the property is sold at foreclosure or is sold for less than was borrowed, that difference is considered income and is subject to the tax. The Andrews-Lewis bill would ensure that any debt forgiven on disposition of a principal residence will not be taxed.

1. Bill Text: http://thomas.loc.gov/cgi-bin/query/C?c110:./temp/~c110ry0ukG
2. Status: Introduced April 17, 2007; Referred to House Ways & Means Committee
3. CAMB Position: Support

H.R 111 (Kanjorski - Calvert): Community Choice in Real Estate Act
Community Choice in Real Estate Act, H.R.111/S.413 amends the Bank Holding Company Act to prohibit financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities. In early 2001 the Federal Reserve Board and the U.S. Treasury Department proposed rules to expand the powers of national bank conglomerates. The agencies proposed allowing national bank conglomerates to engage in real estate brokerage and management, reclassifying these activities as financial in nature. H.R.111/S.413, removes the powers of the Fed and the Treasury Department to regulate these real estate activities.

1. Bill Text: http://thomas.loc.gov/cgi-bin/query/C?c110:./temp/~c1100siy6g
2. Status: Introduced January 4, 2007; Referred to House Financial Services Committee
3. CAMB Position: Support

H.R 1427 (Frank): Federal Housing Finance Reform Act of 2007
H.R. 1427, the Federal Housing Finance Reform Act of 2007, would strengthen the regulation of the housing government-sponsored enterprises (GSEs) Fannie Mae, Freddie Mac and the Federal Home Loan Banks. Included in the legislation are high-cost area provisions that would allow the conforming loan limit in high cost areas to be equal to the median home price up to 150 percent of the national loan limit.

1. Bill Text: http://thomas.loc.gov/cgi-bin/query/C?c110:./temp/~c110PvR2oY
2. Status: In Senate Banking, Housing and Urban Affairs Committee.
3. CAMB Position: Support

HR. 1852 (Waters/Frank): Expanding American Homeownership Act of 2007
H.R. 1852 would modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers. This legislation allows for the revision of the formula used to calculate FHA maximum loan amounts to make the FHA program more accessible to borrowers in high-cost areas. The bill does not remove the annual audit requirements, as specified in H.R 1752 (Beggert – Miller), which was introduced this year and mirrors similar bi-partisan legislative efforts of the 109th Congress.

1. Bill Text: http://thomas.loc.gov/cgi-bin/query/C?c110:./temp/~c110u2ihd8
2. Status: In Senate Banking, Housing and Urban Affairs Committee.
3. CAMB Position: Support H.R 1852 and encourage adoption of provisions in H.R 1752

H.R 480 (Doolittle): To Amend the Truth In Lending Act
H.R. 480, introduced by Rep. John T. Doolittle (R-Calif.), would amend the Truth in Lending Act to prohibit financial institutions from providing home mortgages to anyone who does not have a Social Security number. The bill is limited to mortgages where the property is to be used as a principal residence.

1. Bill Text: http://thomas.loc.gov/cgi-bin/query/C?c110:./temp/~c110uMk5we
2. Status: Referred to House Financial Services Subcommittee on April 12, 2007
3. CAMB Position: Oppose

H.R. 3915 (Frank): Mortgage Reform and Anti-Predatory Lending Act of 2007
H.R. 3915, introduced by Rep. Barney Frank (D-MA), would amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators, to provide certain minimum standards for consumer mortgage loans, and for other purposes. H.R. 3915 also contains language relative to the potential elimination of yield spread premiums, establishes anti-steering requirements and, makes such provisions applicable to all loan originators.

1. Bill Text: http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.3915
2. Status: Passed full House of Representatives on November 15, 2007 (291-127). In Senate Banking, Housing and Urban Affairs Committee
3. CAMB Position: Oppose unless Amended

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