Fairness for Homeowners Act of 2009

[AI summary unavailable — showing source text] Fairness for Homeowners Act of 2009 - Amends the Truth in Lending Act to prohibit a creditor or mortgage broker from arranging a consumer credit transaction secured by the principal dwelling of a consumer without first verifying the consumer's reasonable ability to to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums. Prescribes criteria to: (1) determine such consumer's reasonable ability to pay a variable interest rate; and (2) verify the consumer's income and financial resources. Declares a consumer's statement of income or financial resources insufficient evidence of the consumer's financial status. Prohibits consumer equity in the principal dwelling that secures the consumer credit transaction from being used to establish ability to make payments. Prohibits a mortgage broker or creditor from: (1) steering, counseling, or directing a consumer to rates, charges, principal amount, or prepayment terms that are more expensive than those for which the consumer qualifies; (2) arranging for any consumer credit transaction secured by the principal dwelling of a consume…