Mortgage Protections: Rules for Inherited Homes
A joint resolution 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".
This bill was introduced in the Senate and is currently being reviewed by the Committee on Banking, Housing, and Urban Affairs. No further actions are scheduled at this time. The bill is not moving forward right now.
Legislative Progress
Key Points
- Sen. Schiff introduced a resolution to protect people who inherit a home or receive property after a divorce. It focuses on making sure these people can keep their mortgages under fair terms.
- The resolution blocks a recent move by the Consumer Financial Protection Bureau that canceled older mortgage guidelines. Those guidelines helped clarify how banks should treat family members who take over a loan.
- If this passes, it would restore rules from 2014 that require lenders to follow specific steps when a new person takes over a mortgage. This prevents banks from making it too difficult for heirs to stay in their family homes.
- This action uses a special law that allows Congress to overrule decisions made by government agencies. It aims to keep consumer protections strong for families facing the loss of a loved one or a major life change.
Milestones
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Source Information
Document Type
Congressional Bill
Official Title
A joint resolution 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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