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S. 2641 (113th): A bill to amend the Truth in Lending Act to provide that residential mortgage loans held in portfolio qualify and qualified mortgages for purposes of the presumption of the ability to repay requirements under such Act, and for other purposes.

The text of the bill below is as of Jul 22, 2014 (Introduced).

II

113th CONGRESS

2d Session

S. 2641

IN THE SENATE OF THE UNITED STATES

July 22, 2014

introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

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.

1.

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:

(F)

Loans held on portfolio

The term 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.

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