Rep. Bean Introduces Negative Amortization Mortgage Loan Transparency Act

US Fed News Service, Including US State News | October 22, 2007 | Copyright

WASHINGTON, Oct. 22 -- Rep. Melissa Bean, D-Illinois, has introduced the Negative Amortization Mortgage Loan Transparency Act (H.R. 3894), legislation that would "amend the Truth in Lending Act to establish requirements for providing negatively amortizing mortgage loans to first-time borrowers."

The bill was introduced on Oct. 18. It was referred to the House Financial Services Committee.

For more information about this report, contact US Fed News through its Washington, D.C.-area office, 703/304-1897 or by e-mail at myron@targetednews.com.

A copy of the full-text of the legislation ...

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