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June 7, 2011, 8:00 pm ET - Amendment SA 407 proposed by Senator Cardin.
June 8, 2011, 8:00 pm ET - Considered by Senate.
June 13, 2011, 8:00 pm ET - Considered by Senate.
June 14, 2011, 8:00 pm ET - Considered by Senate.
June 15, 2011, 8:00 pm ET - Considered by Senate.
June 20, 2011, 8:00 pm ET - Considered by Senate.

Full Text of this Amendment

SA 407. Mr. CARDIN submitted an amendment intended to be proposed by him to the bill S. 782, to amend the Public Works and Economic Development Act of 1965 to reauthorize that Act, and for other purposes; which was ordered to lie on the table; as follows:

At the end, add the following:
SEC. 22. PROHIBITION ON INTEREST CHARGES FOR ON-TIME PRINCIPAL PAYMENTS.
Section 203 of the National Housing Act (12 U.S.C. 1709) is amended by adding at the end the following:
"(z) Prohibition on Interest Charges for On-time Principal Payments.--Each mortgagee (or servicer) with respect to a mortgage under this section may not impose, nor may the Secretary require the imposition of, any interest charge on such a mortgage as a result of the loss of any time period provided by the mortgagee (or servicer) within which the mortgagor may fully repay the principal balance amount of the mortgage, with respect to--
"(1) any days in the billing cycle that precedes the most recent billing cycle in which such amounts were repaid; or
"(2) any amounts repaid in the current billing cycle that were repaid within such time period.".


(As printed in the Congressional Record for the Senate on Jun 7, 2011.)