To establish the Commission on the Foreclosure and Mortgage Lending Crisis.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Commission on the Foreclosure and 
Mortgage Lending Crisis Act''.

SEC. 2. ESTABLISHMENT OF COMMISSION.

    There is established in the legislative branch a commission to be 
known as the ``Commission on the Foreclosure and Mortgage Lending 
Crisis'' (in this Act referred to as the ``Commission'').

SEC. 3. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds the following:
            (1) The United States is experiencing a steady increase in 
        foreclosures and mortgage lending problems that have impacted 
        homeowners, families, communities, the United States economy 
        and the global credit markets.
            (2) In 2006, there were an estimated 1,300,000 foreclosures 
        in the United States.
            (3) This number increased by 79 percent in 2007, bringing 
        the estimated number of foreclosures nationwide to 2,200,000.
            (4) In 2008, an estimated 3,200,000 foreclosures were 
        reported nationwide.
            (5) Estimates suggest that this trend is likely to continue 
        with millions more Americans potentially losing their homes to 
        foreclosure in the next 4 years.
    (b) Purpose.--The purpose of this Act is to establish a commission 
to undertake a comprehensive analysis and review of the causes of the 
current foreclosure and mortgage lending crisis and to submit a report 
of its findings to the Congress. The Commission shall also recommend 
legislative and regulatory changes that will prohibit the kinds of 
lending practices that contributed to the increased foreclosure rate 
and the current mortgage lending crisis.

SEC. 4. COMPOSITION.

    (a) Members.--The Commission shall be composed of 10 members as 
follows:
            (1) 2 members shall be appointed by the Speaker of the 
        House of Representatives.
            (2) 2 members shall be appointed by the minority leader of 
        the House of Representatives.
            (3) 2 members shall be appointed by the majority leader of 
        the Senate.
            (4) 2 members shall be appointed by the minority leader of 
        the Senate.
            (5) The Secretary of the Treasury or his designee.
            (6) The Chairman of the Board of Governors of the Federal 
        Reserve System or his designee.
    (b) Deadline for Appointment.--All members of the Commission shall 
be appointed not later than 30 days after the date of the enactment of 
this Act.
    (c) Co-Chairmen.--Of the members appointed to the Commission under 
paragraphs (1) through (4) of subsection (a), 2 shall be designated as 
the Co-Chairmen of the Commission. One Co-Chairman shall be designated 
by the Speaker of the House of Representatives in consultation with the 
majority leader of the Senate and the other Co-Chairman shall be 
designated by the minority leader of the House of Representatives in 
consultation with the minority leader of the Senate.
    (d) Vacancies.--Any vacancy in the Commission shall not affect its 
powers and shall be filled in the same manner in which the original 
appointment was made.
    (e) Compensation.--
            (1) In general.--Members of the Commission shall serve 
        without pay.
            (2) Travel expenses.--While away from their homes or 
        regular places of business in the performance of services for 
        the Commission, members of the Commission shall be allowed 
        travel expenses, including per diem in lieu of subsistence, in 
        the same manner as persons employed intermittently in the 
        Government service are allowed expenses under section 5703 of 
        title 5, United States Code.
    (f) Initial Meeting; Rules of Procedure; Quorum.--
            (1) Initial meeting.--The Commission shall meet and begin 
        the operations of the Commission not later than 60 days after 
        the date of the enactment of this Act.
            (2) Meetings.--After its initial meeting, the Commission 
        shall meet upon the call of a majority of its members.
            (3) Quorum.--A majority of the members of the Commission 
        shall constitute a quorum.
            (4) Rules of procedure.--The Commission may establish rules 
        for the conduct of the Commission's business, if such rules are 
        consistent with this Act and other applicable law.

SEC. 5. DUTIES.

    (a) In General.--The Commission shall--
            (1) study and assess the current legal and regulatory 
        framework governing the housing mortgage lending markets and 
        investigate how such framework contributed to the increased 
        foreclosure rate, including--
                    (A) refinancing practices;
                    (B) loan-to-value ratios; and
                    (C) the prevalence of fraudulent industry 
                practices;
            (2) recommend changes to the current legal and regulatory 
        framework to prohibit lending practices that have contributed 
        to the mortgage lending crisis;
            (3) review the impact of subprime abuses and predatory 
        lending practices;
            (4) assess the role of States in enacting policies to 
        reduce predatory lending practices and abuses in the subprime 
        markets;
            (5) assess the impact of mortgage-backed securities and the 
        Federal National Mortgage Corporation (``Fannie Mae'') and the 
        Federal Home Loan Mortgage Corporation (``Freddie Mac'') on the 
        mortgage lending crisis; and
            (6) assess the impact of the Community Reinvestment Act of 
        1977 (12 U.S.C. 2901 et seq.) on the mortgage lending crisis.
    (b) Final Report.--Not later than 12 months after the date of 
enactment of this Act, the Commission shall submit to the Congress a 
final report containing such findings, conclusions, and recommendations 
as have been agreed to by a majority of Commission members. If, at the 
conclusion of such 12-month period, a majority of the Commission 
determines it necessary, the Commission may be granted a 6-month 
extension for submission of its final report upon written notification 
to the Congress.

SEC. 6. POWERS OF THE COMMISSION.

    (a) Hearings and Evidence.--The Commission may, for the purpose of 
carrying out this Act--
            (1) hold such hearings and sit and act at such times and 
        places, take such testimony, receive such evidence, administer 
        such oaths; and
            (2) subject to subsection (b)(1), subpoena or otherwise 
        require the attendance and testimony of such witnesses and the 
        production of such books, records, correspondence, memoranda, 
        papers, and documents as the Commission may determine 
        advisable.
    (b) Subpoenas.--
            (1) Issuance.--
                    (A) In general.--A subpoena may be issued under 
                this section only by the affirmative vote of a majority 
                of the members of the Commission.
                    (B) Signature.--Subject to subparagraph (A), 
                subpoenas issued under this section may be issued under 
                the signature of the Co-Chairmen or any member 
                designated by a majority of the Commission, may be 
                served by any person designated by the Co-Chairmen or 
                by a member designated by a majority of the Commission.
            (2) Enforcement.--
                    (A) In general.--In the case of contumacy or 
                failure to obey a subpoena issued under paragraph (1), 
                the United States district court for the judicial 
                district in which the subpoenaed person resides, is 
                served, or may be found, or where the subpoena is 
                returnable, may issue an order requiring such person to 
                appear at any designated place to testify or to produce 
                documentary or other evidence. Any failure to obey the 
                order of the court may be punished by the court as a 
                contempt of that court.
                    (B) Additional enforcement.--In the case of any 
                failure of any witness to comply with any subpoena or 
                to testify when summoned under authority of this 
                section, the Commission may, by majority vote, certify 
                a statement of fact constituting such failure to the 
                appropriate United States attorney, who may bring the 
                matter before the grand jury for its action, under the 
                same statutory authority and procedures as if the 
                United States attorney had received as certification 
                under section 102 through 104 of the Revised Statutes 
                of the United States (2 U.S.C. 192 through 194).
    (c) Contract Authority.--The Commission may, to such extent and in 
such amounts as are provided in appropriation Acts, enter into 
contracts to enable the Commission to carry out its duties under this 
Act.
    (d) Information From Federal Agencies.--
            (1) In general.--The Commission is authorized to secure 
        directly from any executive department, bureau, agency, board, 
        commission, office, independent establishment, or 
        instrumentality of the Government, information, suggestions, 
        estimates, and statistics to carry out its duties under this 
        Act. Each department, bureau, agency, board, commission, 
        office, independent establishment, or instrumentality shall, to 
        the extent authorized by law, furnish such information, 
        suggestions, estimates, and statistics directly to the 
        Commission, upon request made by a majority of the members of 
        the Commission.
            (2) Receipt, handling, storage, and dissemination.--
        Information shall only be received, handled, stored, and 
        disseminated by members of the Commission and its staff 
        consistent with all applicable statutes, regulations, and 
        Executive orders.
    (e) Assistance From Federal Agencies.--
            (1) General services administration.--The Administrator of 
        General Services shall provide to the Commission on a 
        reimbursable basis administrative support and other services to 
        assist the Commission in carrying out its duties.
            (2) Other departments and agencies.--In addition to the 
        assistance described in paragraph (1), departments and agencies 
        of the United States may provide to the Commission such 
        services, funds, facilities, staff, and other support services 
        as they may determine advisable and as may be authorized by 
        law.
    (f) Postal Services.--The Commission may use the United States 
mails in the same manner and under the same conditions as departments 
and agencies of the United States.
    (g) Staff.--
            (1) In general.--
                    (A) Appointment and compensation.--The Co-Chairmen, 
                in accordance with rules agreed upon by the Commission, 
                may appoint and fix the compensation of a staff 
                director and such other personnel as may be necessary 
                to enable the Commission to carry out its duties, 
                without regard to the provisions of title 5, United 
                States Code, governing appointments in the competitive 
                service, and without regard to the provisions of 
                chapter 51 and subchapter III of chapter 53 of such 
                title relating to classification and General Schedule 
                pay rates, except that no rate of pay fixed under this 
                subsection may exceed the equivalent of that payable 
                for a position at level IV of the Executive Schedule 
                under section 5316 of title 5, United States Code.
                    (B) Personnel as federal employees.--
                            (i) In general.--The staff director and any 
                        personnel of the Commission who are employees 
                        shall be employees under section 2105 of title 
                        5, United States Code, for purposes of chapters 
                        63, 81, 83, 84, 85, 87, 89, and 90 of that 
                        title.
                            (ii) Members of the commission.--Clause (i) 
                        shall not apply to members of the Commission.
            (2) Detailees.--Any Federal Government employee may be 
        detailed to the Commission without reimbursement from the 
        Commission, and such detailee shall retain the rights, status, 
        and privileges of his or her regular employment without 
        interruption.
            (3) Expert and consultant services.--The Commission is 
        authorized to procure the services of experts and consultants 
        in accordance with section 3109 of title 5, United States Code, 
        but at rates not to exceed the daily rate paid to a person 
        occupying a position at level IV of the Executive Schedule 
        under section 5315 of title 5, United States Code.
            (4) Volunteer services.--Notwithstanding section 1342 of 
        title 31, United States Code, the Commission may accept and use 
        voluntary and uncompensated services as the Commission 
        determines necessary.

SEC. 7. NONAPPLICABILITY OF FEDERAL ADVISORY COMMITTEE ACT.

    (a) In General.--The Federal Advisory Committee Act (5 U.S.C. App.) 
shall not apply to the Commission.
    (b) Public Meetings and Release of Public Versions of Reports.--The 
Commission shall--
            (1) hold public hearings and meetings to the extent 
        appropriate; and
            (2) release public versions of the report required under 
        section 5(b).
    (c) Public Hearings.--Any public hearings of the Commission shall 
be conducted in a manner consistent with the protection of information 
provided to or developed for or by the Commission as required by any 
applicable statute, regulations, or Executive order.

SEC. 8. TERMINATION.

    (a) In General.--The Commission and all the authorities of this 
Act, shall terminate not later than 60 days after the date on which the 
final report is submitted under section 5(b).
    (b) Administrative Activities Before Termination.--The Commission 
may use the 60-day period referred to in subsection (a) for the purpose 
of concluding its activities, including providing testimony to 
committees of Congress concerning its report and disseminating the 
final report.
    (c) Authorization of Appropriation.--There are authorized to be 
appropriated such sums as necessary to carry out this Act.

Summary: Commission on the Foreclosure and Mortgage Lending Crisis Act - Establishes in the legislative branch the Commission on the Foreclosure and Mortgage Lending Crisis to: (1) study and report to Congress on the current legal and regulatory framework governing the housing mortgage lending markets and how it contributed to the increased foreclosure rate. (2) recommend changes to the current framework to prohibit lending practices that have contributed to the mortgage lending crisis. (3) review the impact of subprime abuses and predatory lending practices. (4) assess the role of states in enacting policies to reduce predatory lending practices and abuses in the subprime markets. (5) assess the impact of mortgage-backed securities and the Federal National Mortgage Corporation and the Federal Home Loan Mortgage Corporation upon the mortgage lending crisis. And (6) assess the impact of the Community Reinvestment Act of 1977 on the crisis.