H.AMDT.118 to H.R.1728

Amendment requires that the costs and benefits of each residential mortgage loan offered, discussed or referred to by the originator be clearly presented side by side and that the disclosures for each product have equal prominence. Amendment also provides that disclosure must be made in writing, the understanding of which will be acknowledged by the signature of the mortgage originator and consumer.

H.AMDT.118(A012)
Amends: H.R.1728
Sponsor: Rep Titus, Dina [NV-3](offered 5/7/2009)

AMENDMENT DESCRIPTION:
Amendment requires that the costs and benefits of each residential mortgage loan offered, discussed or referred to by the originator be clearly presented side by side and that the disclosures for each product have equal prominence. Amendment also provides that disclosure must be made in writing, the understanding of which will be acknowledged by the signature of the mortgage originator and consumer.

AMENDMENT PURPOSE:
An amendment numbered 12 printed in House Report 111-98 to require that the costs and benefits of each residential mortgage loan offered, discussed or referred to by the originator be clearly presented side by side and that the disclosures for each product have equal prominence. Would require that disclosure be made in writing, the understanding of which will be acknowledged by the signature of the mortgage originator and consumer.

STATUS:

    5/7/2009 1:47pm:
    Amendment (A012) offered by Ms. Titus. (consideration: CR H5361-5362; text: CR H5361)
    5/7/2009 1:57pm:
    On agreeing to the Titus amendment (A012) Agreed to by voice vote.

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