S. 912Senate111th Congress (2009-2011)In Committee

Transparency for Homeowners Act of 2009

Introduced April 28, 2009

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

April 28, 2009

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SenateIntro Referral

Introduced in Senate

April 28, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4812-4813)

April 28, 2009

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

April 28, 2009

Floor Debate

10 members

What members said about S. 912 on the floor

3 Republicans7 Democrats
Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Apr 28, 2009

Mr. President, hate crimes harm innocent victims, terrorize entire communities, and threaten the very fabric of our nation. They send a poisonous message that some Americans deserve to be victimized…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Apr 28, 2009

Mr. President. I am pleased to join Senator Carper in reintroducing a bill that will improve agency performance and Congressional oversight of major federal information-technology, IT, projects. We…

Arlen Specter
Sen. Arlen SpecterD-PA · Apr 28, 2009

Mr. President, the bill that I am introducing today would authorize the establishment of the Cures Acceleration Network, CAN. This new $2 billion agency would provide funds to translate research…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Apr 28, 2009

Mr. President, this is National Crime Victims' Rights Week--a time when communities in Vermont and across the Nation recognize the needs of crime victims, and work together to promote victims' rights…

Thomas R. Carper
Sen. Thomas R. CarperD-DE · Apr 28, 2009

Mr. President, I rise today to introduce two bills, S. 920 and S. 921, that I believe could represent the most sweeping reforms of government information technology management reform we've considered…

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Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Apr 28, 2009

I wish today to support the Matthew Shepard Hate Crimes Prevention Act of 2009. I want to thank and commend my friend and colleague, Senator Kennedy, for his leadership and dedication on this…

Jeff Merkley
Sen. Jeff MerkleyD-OR · Apr 28, 2009

Mr. President, I am introducing two pieces of legislation to address the very heart of our economic crisis--the housing market and the deceptive lending practices that have placed millions of homes…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Apr 28, 2009

Mr. President, I am today introducing the proposed Clarification of Characteristics of Combat Service Act of 2009. This legislation is designed to address concerns which have been noted during the…

John Cornyn
Sen. John CornynR-TX · Apr 28, 2009

Mr. President, I rise to introduce the Workforce Health Improvement Program Act of 2009, otherwise known as the WHIP Act. This bipartisan bill I introduce today is the same legislation I introduced…

Judd Gregg
Sen. Judd GreggR-NH · Apr 28, 2009

Mr. President, I rise today to introduce legislation that provides the President with extraordinary, but critical authority under section 451 of the Foreign Assistance Act of 1961 with respect to…

Bill Text

Latest available legislative text

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Introduced in SenateIssued April 28, 2009

II

111th CONGRESS

1st Session

S. 912

IN THE SENATE OF THE UNITED STATES

April 28, 2009

Mr. Merkley introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To prohibit yield spread premiums, and for other purposes.

1.

Short title

This Act may be cited as the Transparency for Homeowners Act of 2009.

2.

Prohibition on yield spread premiums

(a)

In general

No person shall provide, and no mortgage originator shall receive, directly or indirectly, any compensation that is based on, or varies with, the terms of any home mortgage loan (other than the amount of the loan).

(b)

Definitions

For purposes of this Act—

(1)

the term home mortgage loan means a loan secured by a mortgage or lien on residential property;

(2)

the term mortgage originator means any creditor or other person, including a mortgage broker or bank lender, who, for compensation or in anticipation of compensation, engages either directly or indirectly in the—

(A)

acceptance of applications for home mortgage loans;

(B)

solicitation of home mortgage loans on behalf of borrowers;

(C)

negotiation of terms or conditions of home mortgage loans on behalf of borrowers or lenders; or

(D)

negotiation of sales of existing home mortgage loans to institutional or noninstitutional lenders; and

(3)

the term residential property means a 1–4 family, owner-occupied residence, including a 1-family unit in a condominium project, a membership interest and occupancy agreement in a cooperative housing project, and a manufactured home and the lot on which the home is situated.