Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Application of Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-In-Interest".
Mortgage Rules: Blocking Changes for People Inheriting Homes
This bill is currently in the early stages of the legislative process and has been sent to the House Committee on Financial Services for review. No further actions or hearings are scheduled at this time. The bill is considered active but is not currently moving forward.
Legislative Progress
These resolutions to block agency rules rarely pass unless the same party controls both Congress and the White House, and they are often blocked by a veto.
Key Points
- This resolution aims to stop a rule from the Consumer Financial Protection Bureau. The agency's rule changed how banks check if someone can afford a mortgage when they inherit a home or receive one through a divorce.
- If this resolution passes, it would cancel the agency's recent changes. This affects people who take over a family member's mortgage after a death or a legal split.
- The main issue is whether these new owners should have to prove they can pay back the loan just like a regular home buyer. This resolution seeks to keep the older standards in place to potentially make it easier for heirs to keep their homes.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Application of Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-In-Interest".
Data Sources
Sponsor
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