Reporting Issues Under the Home Mortgage Disclosure Act. CRS Report for Congress

摘要

Recent developments in the subprime home loan market have triggered concern in Congress and the public at large as to whether borrowers were fully informed about the terms of their mortgage loans. Some observers have suggested that some borrowers in the subprime market may have been victims of predatory lending practices or other discriminatory activity. Bills introduced in the 110th Congress, such as S. 1299 (Senator Charles Schumer et al.) and S. 2452 (Senator Christopher Dodd et al.) would seek to remedy perceived abuses particularly with higher-priced mortgage lending. This report describes current issues and recent changes to the Home Mortgage Disclosure Act (HMDA) of 1975. Also included are brief explanations of how recent reporting revisions may affect the reporting of loans covered by the Home Ownership and Equity Protection Act of 1994 as well as those insured by the Federal Housing Administration.