IN THE SENATE OF THE UNITED STATES
July 22, 2014
Ms. Landrieu introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Truth in Lending Act to provide that residential mortgage loans held in portfolio qualify as qualified mortgages for purposes of the presumption of the ability to repay requirements under such Act, and for other purposes.
Loans held on portfolio treated as qualified mortgages
Section 129C(b)(2) of the Truth in Lending Act ( 15 U.S.C. 1639c(b)(2) ) is amended by adding at the end the following:
Loans held on portfolio
qualified mortgage includes a residential mortgage loan made by a creditor having less than $10,000,000,000 in total
assets so long as such loan appears on the
balance sheet of such creditor.