The Homebuyers Assistance Act, a bill that would provide a safe harbor from both agency enforcement and private lawsuits for lenders acting in good faith to comply with new TILA-RESPA disclosure requirements, passed the House of Representatives Wednesday by a vote of 303 to 121. That count included 239 Republicans and 64 Democrats in favor of the bill; 121 Democrats and no Republicans voted against it.
The bill was introduced by Rep. Brad Sherman (D-Calif.) and Rep. French Hill (R-Ark.).
Sherman was the only Democrat to speak on the floor in favor of the bill. Minority Leader Nancy Pelosi and Financial Services Ranking Member Maxine Waters both spoke on the House floor against the bill. The Obama Administration also denounced the bill and threatened a veto should it also pass the Senate.
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