Protecting America's Homeowners Act of 2008

[AI summary unavailable — showing source text] Protecting America's Homeowners Act of 2008 - Amends the Internal Revenue Code to extend through January 1, 2011, the temporary exclusion from gross income of the discharge of an indebtedness for a qualified principal residence. Declares invalid, throughout a specified moratorium period, the terms of any home mortgage loan that requires a consumer to pay a prepayment penalty for paying all or part of the outstanding principal before its contractual due date. Directs the Neighborhood Reinvestment Corporation (NRC) to continue to award to counseling intermediaries and State Housing Finance Agencies certain funds previously designated for mortgage foreclosure mitigation activities in states and areas with high rates of mortgage foreclosures or defaults. Appropriates additional funds for FY2008 for: (1) NRC foreclosure mitigation activities; and (2) state and local governmental redevelopment of abandoned and foreclosed homes. Sets forth across-the-board 0.25 percent rescissions in non-defense, non-homeland-security discretionary spending for FY2009. Amends the Truth In Lending Act to require additional creditor disclosures concerning mortgage loans. Requires the annual percentage rate …