S.1299 - Federal Government - A bill to establish on behalf of consumers a fiduciary duty and other standards of care for mortgage brokers and originators, and to establish standards to assess a consumer's ability to repay, and for other purposes.

A bill to establish on behalf of consumers a fiduciary duty and other standards of care for mortgage brokers and originators, and to establish standards to assess a consumer's ability to repay, and for other purposes. 5/3/2007--Introduced. Borrower's Protection Act of 2007 - Amends the Truth in Lending Act to deem a mortgage broker, in the case of a home mortgage loan, to have a fiduciary relationship with the consumer. Subjects each such mortgage broker to all federal and state requirements for fiduciaries. Requires each mortgage originator, in addition to the duties imposed by federal and state requirements, to act with respect to each home mortgage loan: (1) with reasonable skill, care, and diligence; and (2) in good faith and with fair dealing in any transaction, practice, or with associated course of business. Requires a mortgage originator, before entering into or otherwise facilitating a home mortgage loan, to verify the borrower's reasonable ability to [...]

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