H.R. 4719: Mortgage Market Protection Act of 2004

108th Congress · introduced 2004-06-25 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Financial Institutions and Consumer Credit.

federal

Follow this bill, step by step

Where it came from: introduced 2004-06-25 · official record
Who proposed it: Rep. Baker, Richard H. [R-LA-6] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on Financial Institutions and Consumer Credit. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Mortgage Market Protection Act of 2004

Plain summary

Mortgage Market Protection Act of 2004 - Amends the Truth in Lending Act governing liability of a creditor assignee to redefine a "violation on the face of the disclosure statement" as one where: (1) the disclosure can be determined to be incomplete or inaccurate from a comparison of any disclosure provided pursuant to specified statutory criteria; or (2) credit disclosures do not contain the terms required by such criteria. Repeals a consumer's right to rescind a credit transaction as against an assignee. Extends joint and several liability to the mortgage assignee, the original creditor, and prior or subsequent assignees for material violations committed by the original creditor, to the extent that the violation is apparent on the face of the disclosure. Revises the limitation on damages to: (1) provide that a cause of action for a liability may be asserted by the borrower only in an individual action; (2) limit the amount of relief to the total amount that the borrower has paid in connection with the loan, including reasonable attorney's fees; (3) bar such action from being brought after the end of the three-year period beginning on the date of the violation giving rise to the liability; and (4) provide that such cause of action shall constitute the exclusive remedy of the consumer against an assignee of a mortgage. Denies a consumer the right to void or rescind high cost mortgages as against an assignee of such mortgage. Repeals assignee liability for consumer credit transactions secured by real property.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Mortgage Market Protection Act of 2004

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Baker, Richard H. [R-LA-6] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Statute: A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-108hr4719.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/108/hr>

Record fed-us-cong108-hr4719 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108