Mortgage Reform and Anti-Predatory Lending Act

[AI summary unavailable — showing source text] Mortgage Reform and Anti-Predatory Lending Act - Amends the Truth in Lending Act to specify duty of care standards for originators of residential mortgages. Prohibits steering incentives in connection with origination of mortgage loans. Directs the federal banking agencies to prohibit or condition terms, acts, or practices relating to residential mortgage loans that are abusive, unfair, deceptive, predatory, inconsistent with reasonable underwriting standards, or not in the interest of the borrower. Prescribes minimum standards for residential mortgage loans, including a mandatory net tangible benefit to the consumer for refinancing a residential mortgage loan. Subjects a creditor to civil actions for rescission of a residential mortgage loan in the case of specified abuses. Limits the liability of good faith assignees or securitizers of a residential mortgage loan to loan rescission and certain other obligor costs. Permits a consumer to assert a right to mortgage loan rescission as a defense to foreclosure. Prohibits specified practices, including: (1) certain prepayment penalties; (2) single premium credit insurance; (3) mandatory arbitration (except for reverse mortgages); (4) m…