Amendment110th Congress
Amendment requires a borrower to receive the option of a mortgage without a prepayment penalty, if they are offered an amendment with a prepayment penalty. Sets the maximum time for a prepayment penalty of 3 years and a maximum prepayment amount of 3% of the loan for the first year, 2% for the second year and 1% for the third year.
- Amendment Number
- 901
- Description
- Amendment requires a borrower to receive the option of a mortgage without a prepayment penalty, if they are offered an amendment with a prepayment penalty. Sets the maximum time for a prepayment penalty of 3 years and a maximum prepayment amount of 3% of the loan for the first year, 2% for the second year and 1% for the third year.
- Purpose
- An amendment numbered 3 printed in House Report 110-450 to require a borrower to receive the option of a mortgage without a prepayment penalty, if they are offered an amendment with a prepayment penalty. Sets the maximum time for a prepayment penalty of 3 years and a maximum prepayment amount of 3% of the loan for the first year, 2% for the second year and 1% for the third year.
- Congress
- 110
- Type
- HAMDT
- Latest Action Date
- Nov 15, 2007
- Latest Action Text
- On agreeing to the Maloney (NY) amendment (A004) Agreed to by voice vote.
- Latest Action Time
- 13:42:11
- Submitted Date
- Nov 15, 2007
- Chamber
- House of Representatives
- Update Date
- Dec 5, 2020