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Full Text of this Amendment

SA 4436. Mr. BOND submitted an amendment intended to be proposed to amendment SA 4387 submitted by Mr. Dodd (for himself and Mr. Shelby) to the bill H.R. 3221, moving the United States toward greater energy independence and security, developing innovative new technologies, reducing carbon emissions, creating green jobs, protecting consumers, increasing clean renewable energy production, and modernizing our energy infrastructure, and to amend the Internal Revenue Code of 1986
to provide tax incentives for the production of renewable energy and energy conservation; which was ordered to lie on the table; as follows:

On page 61, between lines 5 and 6, insert the following:
``(iii) If the loan is an adjustable rate mortgage that includes an initial fixed interest rate--
``(I) state in conspicuous type size and format the following phrase: This loan is an adjustable rate mortgage with an initial fixed interest rate. Your initial fixed interest rate is AAA with a monthly payment of BBB until CCC. After that date, the interest rate on your loan will `reset' to an adjustable rate and both your interest rate and payment could go higher on that date and in the future. For example, if your initial fixed rate ended today, your new adjustable interest rate would be
DDD and your new payment EEE. If interest rates are one percent higher than they are today or at some point in the future, your new payment would be FFF. There is no guarantee you will be able to refinance your loan to a lower interest rate and payment before your initial fixed interest rate ends.;
``(II) the blank AAA in subparagraph (I) to be filled in with the initial fixed interest rate;
``(III) the blank BBB in subparagraph (I) to be filled in with the payment amount under the initial fixed interest rate;
``(IV) the blank CCC in subparagraph (I) to be filled in with the loan reset date;
``(V) the blank DDD in subparagraph (I) to be filled in with the adjustable rate as if the initial rate expired on the date of disclosure under subparagraph (B);
``(VI) the blank EEE in subparagraph (I) to be filled in with the payment under the adjustable rate as if the initial rate expired on the date of disclosure under subparagraph (B); and
``(VII) the blank FFF in subparagraph (I) to be filled in with the payment under the adjustable rate as if index rate on which the adjustable rate was one percent higher than of the date of disclosure under subparagraph (B).
``(iv) If the loan contains a prepayment penalty--
``(I) state in conspicuous type and format the following phrase: This loan contains a prepayment penalty. If you desire to pay off this loan before GGG, you will pay a penalty of HHH.;
``(II) the blank GGG in subparagraph (I) to be filled in with the date the prepayment penalty expires; and
``(III) the blank HHH in subparagraph (I) to be filled in with the prepayment penalty amount.


(As printed in the Congressional Record for the Senate on Apr 4, 2008.)