Mortgages; requirements for certain. (HB1093)
Introduced By
Del. Mark Sickles (D-Alexandria)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Low-document, no-document and stated income mortgages. Prohibits certain lenders from making a low-document, no-document, or stated-document mortgage loan unless the lender has obtained detailed documentation of all sources of income claimed by the borrower in the loan application, or corroborated the claimed income by independent verification, and determined, that a reasonable creditor would believe at the time the loan is closed that the borrower will be able to make the scheduled payments associated with the loan. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/09/2008 | Committee |
| 01/09/2008 | Prefiled and ordered printed; offered 01/09/08 080066736 |
| 01/09/2008 | Referred to Committee on Commerce and Labor |
| 01/23/2008 | Impact statement from SCC (HB1093) |
| 02/07/2008 | Continued to 2009 in Commerce and Labor |