An amendment numbered 7 printed in House Report 110-450 to remove the civil liability of a lender and cancel the right of rescission for a borrower in instances when a borrower knowingly lied on their mortgage loan application.
What it does: Adds SEC. 211. LENDER RIGHTS IN THE CONTEXT OF BORROWER DECEPTION on page 73, line 25
Rep. Jeb Hensarling (R-TX)Description
Amendment removes the civil liability of a lender and cancel the right of rescission for a borrower in instances when a borrower knowingly lied on their mortgage loan application.
What it changes
1 change to H.R. 3915
Adds SEC. 211. LENDER RIGHTS IN THE CONTEXT OF BORROWER DECEPTION on page 73, line 25
Adds a sectionPrinted pageInserted: SEC. 211. LENDER RIGHTS IN THE CONTEXT OF BORROWER DECEPTION.
Inserted: Section 130 of the Truth in Lending Act is amended by adding at the end the following new subsection:
Inserted: "(j) Exemption From Liability and Rescission in Case of Borrower Fraud or Deception.--In addition to any other remedy available by law or contract, no creditor, assignee, or securitizer shall be liable to an obligor under this section, nor shall it be subject to the right of rescission of any obligor under 129B, if such obligor, or co-obligor, knowingly, or willfully furnished material information known to be false for the purpose of obtaining such residential mortgage loan.".
Original wording
Page 73, after line 25, insert the following new section (and redesignate subsequent sections accordingly):
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
Page 73, after line 25, insert the following new section (and redesignate subsequent sections accordingly):
SEC. 211. LENDER RIGHTS IN THE CONTEXT OF BORROWER DECEPTION.
Section 130 of the Truth in Lending Act is amended by adding at the end the following new subsection:
“(j) Exemption From Liability and Rescission in Case of Borrower Fraud or Deception.--In addition to any other remedy available by law or contract, no creditor, assignee, or securitizer shall be liable to an obligor under this section, nor shall it be subject to the right of rescission of any obligor under 129B, if such obligor, or co-obligor, knowingly, or willfully furnished material information known to be false for the purpose of obtaining such residential mortgage loan.”.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
House amendment offered
November 15, 2007
View full timeline
House amendment offered
November 15, 2007
House amendment agreed to: On agreeing to the Hensarling amendment (A010) as amended Agreed to by voice vote.
November 15, 2007 • 3:56 PM
Amendment agreed to Committee of the Whole
November 15, 2007 • 3:56 PM
House amendment offered/reported by : Amendment (A010) offered by Mr. Hensarling.(consideration: CR H14022; text: CR H14022)
November 15, 2007 • 3:45 PM
Amendment (A010) offered by Mr. Hensarling. (consideration: CR H14022; text: CR H14022)
November 15, 2007 • 3:45 PM
On agreeing to the Hensarling amendment (A010) as amended Agreed to by voice vote.
November 15, 2007 • 3:56 PM
Amendments
1 amendmentOffered to this amendment
Amendments
1 amendmentOffered to this amendment