An Act to amend the National Housing Act to prevent the funding of unnecessary or excessive costs for obtaining a home equity conversion mortgage, to require automatic cancellation and notice of cancellation rights with respect to private mortgage insurance required as a condition for entering into a residential mortagage transaction, to abolish the Thrift Depositor Protection Oversight Board, and for other purposes.

[AI summary unavailable — showing source text] Homeowners Insurance Protection Act - Amends the Truth in Lending Act to require a creditor to provide free, specified written disclosures about cancellation rights for private mortgage insurance if a consumer is required to obtain such insurance as a condition for entering into a residential mortgage transaction. Imposes civil liability in the amount of treble damages for noncompliance with such disclosure requirements.…