Sec. 908. Protecting consumer access to mortgage credit
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Section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 ) is amended— by redesignating subsections
(aa)and
(bb)as subsections
(bb)and (aa), respectively, and moving subsection (bb), as so redesignated, after subsection (aa), as so redesignated; and in subsection (aa)(4), as so redesignated— in the matter preceding subparagraph (A), by striking paragraph (1)(B) and inserting paragraph (1)(A) and section 129C ; in subparagraph (C)— in the matter preceding clause (i), by inserting and insurance after taxes ; and in clause (iii), by striking ; and and inserting a semicolon; and in subparagraph (D)— by striking accident, ; and by striking or any payments and inserting and any payments . Not later than 90 days after the date of enactment of this title, the Bureau of Consumer Financial Protection shall promulgate regulations to carry out the amendments made by subsection (a)(2). The Comptroller General of the United States shall conduct a study to determine the effects that the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq. ) has had on the availability and affordability of credit for consumers, small businesses, first-time homebuyers, and mortgage lending, including the effects— on the mortgage market for mortgages that are not qualified mortgages; on the ability of prospective homebuyers to obtain financing, including first-time homebuyers; on the ability of homeowners facing resets or adjustments to refinance, including whether homeowners have fewer refinancing options due to the unavailability of certain loan products that were available before the date of enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq. ); on the ability of minorities to access affordable credit compared with other prospective borrowers; on home sales and construction; of extending any right of rescission on adjustable rate loans and the impact of the right of rescission on litigation; of any State foreclosure law and the ability of investors to transfer a property after foreclosure; of expanding the existing provisions of the Home Ownership and Equity Protection Act of 1994 ( 15 U.S.C. 1601 note and 1602 note); of prohibiting prepayment penalties on high-cost mortgages; of establishing counseling services under the Department of Housing and Urban Development and offered through the Office of Housing Counseling; and on the differences in title insurance premiums and ancillary charges paid by low- and moderate-income consumers to affiliates of mortgage lenders to purchase title insurance versus title insurance premiums and ancillary charges paid by low- and moderate-income consumers to unaffiliated title agencies or attorneys to purchase title insurance in those markets in which both affiliated and unaffiliated mortgage lenders compete. Not later than 1 year after the date of enactment of this title, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that includes— the findings and conclusions of the Comptroller General with respect to the study conducted under paragraph (1); and any recommendations for legislative or regulatory actions that— would enhance the access of a consumer to mortgage credit; is consistent with consumer protections and safe and sound banking operations; and would address any negative effects on mortgage credit and mortgage availability identified in the study.
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