,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #eadh  ,,in ,,the ,,house ,,of  
,,representatives  ,july #ag1 #bjad ,mr4
 ,luetkemeyer introduced the following  
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to amend the ,truth in ,lending
 ,act to exempt certain higher-risk     
mortgages from property appraisal       
requirements and to exempt individuals  
from penalties for failure to report    
certain appraisers1 and to amend the    
,financial ,institutions ,reform1       
,recovery1 and ,enforcement ,act of     
#aihi to exempt certain higher-risk     
mortgages from property appraisal       
requirements1 and for other purposes4   
#a4 ,short title ,this ,act may be cited
 as the ,access to ,affordable          
,mortgages ,act of #bjad4  #b4          
,exemption from property appraisal      
requirements for lower-cost dwellings   
,section #abi;,h of the ,truth in       
,lending ,act 7#ae ,u4,s4,c4 #afci;h7 is
 amended by adding at the end the       

following new subsection3  7g7          
,exemption for higher-,risk mortgages   
,this section shall not apply to a      
higher-risk mortgage loan of #bej1jjj or
 less if such loan appears on the       
balance sheet of the creditor of such   
loan for a period of not less than #c   
years4  4  #c4 ,exemption from penalties
 for failure to report appraisers       
,paragraph 7#a7 of section #abi;,e7k7 of
 the ,truth in ,lending ,act 7#ae       
,u4,s4,c4 #afci;e7k77#a77 is amended by 
inserting after this section the        
following3 1 other than subsection 7e714
  #d4 ,exemption from appraisal standard
 requirements for lower-cost dwellings  
,section #aaaj of the ,financial        
,institutions ,reform1 ,recovery1 and   
,enforcement ,act of #aihi 7#ab         
,u4,s4,c4 #ccci7 is amended--  7#a7 by  
striking ,each ,federal financial       
institutions regulatory agency and      
inserting the following3  7a7 ,real     
estate appraisals in connection with    
federally related transactions ,each    

,federal financial institutions         
regulatory agency  2  7#b7 by striking  
,each such agency or instrumentality and
 inserting the following3  7b7          
,additional standards ,each such agency 
or instrumentality described under      
subsection 7a7  2 and  7#c7 by adding at
 the end the following new subsection3  
7c7 ,exception for certain higher-,risk 
mortgage loans ,standards prescribed    
under this section shall not apply to a 
real estate appraisal or evaluation     
conducted in connection with a          
higher-risk mortgage loan 7as defined in
 section #abi;,h7f7 of the ,truth in    
,lending ,act 7#ae ,u4,s4,c4            
#afci;h7f777 of #bej1jjj or less if such
 loan appears on the balance sheet of   
the creditor of such loan for a period  
of not less than #c years4  4