H.R.3705: To amend the Truth in Lending Act to require notice to consumers of an upcoming adjustment or reset date with respect to hybrid adjustable rate mortgages, and for other purposes.

To amend the Truth in Lending Act to require notice to consumers of an upcoming adjustment or reset date with respect to hybrid adjustable rate mortgages, and for other purposes. 9/27/2007--Introduced. Fair Disclosure for Homeowners Act of 2007 - Amends the Truth in Lending Act to require the creditor or servicer of a loan to disclose specified financial information in writing to a consumer concerning the interest rate in effect during the introductory period of a hybrid adjustable rate mortgage which adjusts or resets to a variable interest rate. Requires such disclosure to include: (1) any index or formula used in making adjustments to or resetting the interest rate and a source of information about the index or formula; (2) an explanation of how the new interest rate and payment would be determined; (3) the best estimate of the creditor or servicer of the amount of the monthly payment that will apply after the date of the adjustment or reset, and the assumptions [...]

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