SJRES 146
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Application of Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-In-Interest"
Progress
Timeline
- Mar 25Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Summary
**What it does:** This joint resolution would overturn a rule from the Consumer Financial Protection Bureau (CFPB) that withdrew protections for certain mortgage successors-in-interest under the "Ability-to-Repay" rule. **Who it affects:** - People who inherit homes with existing mortgages (like surviving spouses or family members) - Mortgage lenders and servicers - Anyone who takes over mortgage payments due to death, divorce, or other life changes **What would change:** If passed, this resolution would restore the CFPB's original rule that extended mortgage lending protections to successors-in-interest. Currently, when someone inherits a home with a mortgage, they may face different lending standards than the original borrower. The resolution would ensure these individuals receive the same "ability-to-repay" protections that prevent lenders from making loans people cannot afford. **Current status:** The resolution is still in committee and has not been voted on by Congress.
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