On July 12, House Financial Services Committee Ranking Member Spencer Bachus (R-AL) introduced H.R. 3012, the "Fair Mortgages Practices Act of 2007." MBA has prepared a brief summary (attached) of the legislation. The bill includes provisions that would establish: a licensing system for all mortgage originators, including mortgage brokers; a new consumer disclosure and home buying information booklet; new requirements for subprime mortgages; creation of a new housing counseling office in the Department of Housing and Urban Affairs (HUD); and establish new appraisal requirements.

Please select the Related Document to view the MBA Summary