The House overwhelmingly passed the Homebuyers Assistance Act last night by a vote of 303-121. The Act provides entities who are now subject to the new integrated disclosure rules with a temporary safe harbor, precluding actions to enforce violations until February 1, 2016. The safe harbor only applies so long as entities have made a good faith efforts to comply with the new integrated disclosure requirements. The White House's attempt to veto the bill by issuing a Statement of Administrative Policy failed. The White House position is premised upon a belief that the bill would revise the effective date and shield lenders from liability so long as they made a good faith effort to comply. "The Administration strongly opposes H.R. 3192, as it would unnecessarily delay implementation of important consumer protections designed to eradicate opaque lending practices that contribute to risky mortgages, hurt homeowners by removing private right of action for violations, and undercut the Nation's financial stability."
The bill now moves to the Senate.