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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1731 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 1731

To require certain mortgagees to make loan modifications, to establish 
 a grant program for State and local government mediation programs, to 
       create databases on foreclosures, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           September 30, 2009

  Mr. Reed (for himself, Mr. Durbin, Mr. Whitehouse, and Mr. Merkley) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL

 
To require certain mortgagees to make loan modifications, to establish 
 a grant program for State and local government mediation programs, to 
       create databases on foreclosures, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Preserving Homes and Communities Act 
of 2009''.

SEC. 2. LOAN MODIFICATION REQUIREMENTS.

    (a) Definitions.--In this section--
            (1) the term ``covered mortgagee'' means--
                    (A) a mortgagee under a federally related mortgage 
                loan; and
                    (B) the agent of a mortgagee under a federally 
                related mortgage loan;
            (2) the term ``covered mortgagor'' means an individual who 
        is a mortgagor under a federally related mortgage loan--
                    (A) made by a covered mortgagee;
                    (B) secured by the principal residence of the 
                mortgagor; and
                    (C) on which the mortgagor cannot make payments due 
                to financial hardship, as determined by the Secretary;
            (3) the term ``federally related mortgage loan'' has the 
        same meaning as in section 3 of the Real Estate Settlement 
        Procedures Act of 1974 (12 U.S.C. 2602);
            (4) the term ``home loan modification protocol'' means a 
        home loan modification protocol that is developed under a home 
        loan modification program put into effect by the Secretary of 
        the Treasury or the Secretary;
            (5) the term ``qualified loan modification'' means a 
        modification to the terms of a mortgage agreement between a 
        covered mortgagee and a covered mortgagor that is made pursuant 
        to a determination by the covered mortgagee using a home loan 
        modification protocol that a modification would produce a 
        greater net present value than foreclosure to--
                    (A) the covered mortgagee; or
                    (B) in the aggregate, all persons that hold an 
                interest in the mortgage agreement; and
            (6) the term ``Secretary'' means the Secretary of Housing 
        and Urban Development.
    (b) Loan Modification Required.--
            (1) In general.--A covered mortgagee may not initiate or 
        continue a foreclosure proceeding against a covered mortgagor 
        that is otherwise authorized under State law unless--
                    (A) the covered mortgagee has determined whether 
                the covered mortgagor is eligible for a qualified loan 
                modification;
                    (B) in the case of a covered mortgagor who the 
                covered mortgagee determines is eligible for a 
                qualified loan modification, the covered mortgagee has 
                offered a qualified loan modification to the covered 
                mortgagor; and
                    (C) in the case of a covered mortgagor who the 
                covered mortgagee determines is not eligible for a 
                qualified loan modification, the covered mortgagee has 
                made available to the covered mortgagor the note, deed 
                of trust, or any other document necessary to establish 
                the right of the mortgagee to foreclose on the 
                mortgage.
            (2) No waiver of rights.--A covered mortgagee may not 
        require a covered mortgagor to waive any right of the covered 
        mortgagor as a condition of making a qualified loan 
        modification.
            (3) Sale of real property securing mortgage.--
                    (A) Sale.--A covered mortgagee may not sell the 
                real property securing the mortgage of a covered 
                mortgagor unless the covered mortgagee submits to the 
                appropriate State entity in the State in which the real 
                property is located, a certification that the covered 
                mortgagee has made a determination under paragraph 
                (1)(A).
                    (B) Action by purchaser.--A person that purchases 
                from a covered mortgagee the real property securing the 
                mortgage of a covered mortgagor may not recover 
                possession of the real property unless the covered 
                mortgagee submits to the appropriate State entity in 
                the State in which the real property is located, a 
                certification that the covered mortgagee has made a 
                determination under paragraph (1)(A).
                    (C) Certification standards.--The Secretary shall 
                establish minimum standards for the certification 
                required under this paragraph.
            (4) Defense to foreclosure.--Failure to comply with this 
        subsection shall be a defense to foreclosure.
            (5) Rule of construction.--Nothing in this subsection may 
        be construed to prevent a covered mortgagee from offering or 
        making a loan modification with a lower payment, lower interest 
        rate, or principal reduction beyond that required by a 
        modification made using a home loan modification protocol with 
        respect to a covered mortgagor.
    (c) Fees Prohibited.--
            (1) Loan modification fees prohibited.--A covered mortgagee 
        may not charge a fee to a covered mortgagor for carrying out 
        the requirements under subsection (b).
            (2) Foreclosure-related fees.--
                    (A) In general.--Except as provided in subparagraph 
                (B), a mortgagee may not charge a foreclosure-related 
                fee to a mortgagor before--
                            (i) the mortgagee has made a determination 
                        under subsection (b)(1); and
                            (ii) the mortgage has entered the 
                        foreclosure process.
                    (B) Delinquency fees.--A mortgagee may charge a 
                delinquency fee for late payment by the mortgagor.
            (3) Fees not in contract.--A mortgagee may charge to a 
        mortgagor only such fees as have been specified in advance by 
        the mortgage agreement.
            (4) Fees for expenses incurred.--A mortgagee may charge a 
        fee to a mortgagor only for services actually performed by the 
        mortgagee or a third party in relation to the mortgage 
        agreement. For purposes of this paragraph, the term ``third 
        party'' does not include an affiliate or subsidiary of the 
        mortgagee.
            (5) Penalty.--The Secretary shall collect from any 
        mortgagee that charges a fee in violation of this subsection an 
        amount equal to $6,000 for each such fee.
    (d) Regulations.--Not later than 3 months after the date of 
enactment of this Act, the Secretary shall issue by notice any 
requirements to carry out this section. The Secretary shall 
subsequently issue, after notice and comment, final regulations to 
carry out this section.

SEC. 3. GRANTS TO STATES TO ASSIST HOMEOWNERS IN DEFAULT.

    Section 106 of the Housing and Urban Development Act of 1968 (12 
U.S.C. 1701x) is amended by adding at the end the following:
    ``(g) Grants to States To Assist Homeowners in Default.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `eligible agency' means a State 
                housing finance agency or an agency designated by the 
                State as an eligible agency;
                    ``(B) the term `eligible homeowner' means a 
                mortgagor who--
                            ``(i) is a permanent resident of the State 
                        in which the principal residence of the 
                        mortgagor is located;
                            ``(ii) agrees to seek counseling from a 
                        counseling agency approved by the Secretary if 
                        the eligible homeowner receives a loan or grant 
                        made using funds under this subsection;
                            ``(iii) is suffering from financial 
                        hardship which is unexpected or due to 
                        circumstances beyond the control of the 
                        mortgagor;
                            ``(iv) is unable to correct any delinquency 
                        on any amounts past due on the home loan of 
                        such mortgagor within a reasonable time without 
                        financial assistance;
                            ``(v) has requested a loan modification 
                        from the mortgagee;
                            ``(vi) is unable to make full payment on 
                        any home loan payment due for all liens within 
                        the 30-day period following the date of the 
                        application by the mortgagor for a loan or 
                        grant using funds under this subsection;
                            ``(vii) the eligible agency determines has 
                        a reasonable probability of resuming full 
                        payments due for all liens on the mortgage of 
                        such mortgagor not later than 15 months after 
                        the date on which the mortgagor receives a loan 
                        or grant using funds under this subsection; and
                            ``(viii) has not previously received a loan 
                        or grant using funds under this subsection; and
                    ``(C) the term `mortgagor' means a mortgagor under 
                a mortgage--
                            ``(i) secured by a 1- to 4-family owner-
                        occupied residence (including a 1-family unit 
                        in a condominium project and a membership 
                        interest and occupancy agreement in a 
                        cooperative housing project) that is used as 
                        the principal residence of the mortgagor;
                            ``(ii) with an interest rate that does not 
                        exceed the prime rate of interest at the time 
                        of loan origination, as such prime rate is 
                        determined by not less than 75 percent of the 
                        30 largest depository institutions in the 
                        United States; and
                            ``(iii) for an amount that does not exceed 
                        the conforming loan limit for conventional 
                        mortgages, as determined under section 
                        302(b)(2) of the Federal National Mortgage 
                        Association Charter Act (12 U.S.C. 1717(b)(2)).
            ``(2) Grant program established.--The Secretary shall award 
        grants to eligible agencies, to enable eligible agencies to 
        provide--
                    ``(A) 1-time emergency grants or subsidized loans 
                to eligible homeowners to assist such eligible 
                homeowners in satisfying any amounts past due on their 
                home loans;
                    ``(B) grants or subsidized loans to eligible 
                homeowners for a specified number of future mortgage 
                payments by the eligible homeowners; and
                    ``(C) stipends of not more than $1,500 to assist 
                with relocation expenses for homeowners not eligible 
                for the program.
            ``(3) Additional services provided by eligible agency.--An 
        eligible agency that receives a grant under this subsection 
        shall provide--
                    ``(A) a readily accessible source for information 
                on, and referral to, public services available to 
                assist a homeowner who is in default on their home 
                loan;
                    ``(B) a homeowner with referrals to counseling 
                agencies approved by the Department of Housing and 
                Urban Development that may be able to assist that 
                homeowner, if that homeowner is in default on their 
                home loan;
                    ``(C) information to homeowners on available 
                community resources relating to homeownership, 
                including--
                            ``(i) public assistance or benefits 
                        programs;
                            ``(ii) mortgage assistance programs, 
                        including programs that help homeowners prepare 
                        documents for loan modification applications;
                            ``(iii) home repair assistance programs;
                            ``(iv) legal assistance programs;
                            ``(v) utility assistance programs;
                            ``(vi) food assistance programs; and
                            ``(vii) other Federal, State, or local 
                        government funded social services; and
                    ``(D) staff who--
                            ``(i) are able to conduct a brief 
                        assessment of the situation of a homeowner; and
                            ``(ii) based on such assessment, make 
                        appropriate referrals to, and provide 
                        application information regarding, programs 
                        that can provide assistance to such homeowner.
            ``(4) Formula.--Not later than 3 months after the date of 
        enactment of the Preserving Homes and Communities Act of 2009, 
        the Secretary shall develop a formula for the award of funds 
        under this subsection that includes the following factors:
                    ``(A) The population of the State, as determined by 
                the Bureau of the Census in most recent estimate of the 
                resident population of the State.
                    ``(B) The rate of mortgages in the State that are 
                delinquent more than 90 days.
                    ``(C) The ratio of foreclosures to owner-occupied 
                households in the State.
                    ``(D) The change, if any, in the rate of 
                unemployment in the State between 2007 and 2008.
            ``(5) Program requirements.--
                    ``(A) Selection criteria.--
                            ``(i) In general.--Each eligible entity 
                        that receives a grant under this subsection 
                        shall develop selection criteria for eligible 
                        homeowners seeking a grant or subsidized loan 
                        under this subsection.
                            ``(ii) Income reporting.--A mortgagor that 
                        receives a grant or subsidized loan under this 
                        subsection shall be required, in accordance 
                        with criteria prescribed by the eligible 
                        agency, to report any increase in income.
                    ``(B) Loan requirements.--
                            ``(i) Interest rate.--Any loan made using a 
                        grant under this subsection shall carry a 
                        simple annual percentage rate of interest which 
                        shall not exceed the prime rate of interest, as 
                        such prime rate is determined from time to time 
                        by not less than 75 percent of the 30 largest 
                        depository institutions in the United States.
                            ``(ii) Compound interest prohibited.--
                        Interest on the outstanding principal balance 
                        of any loan under this subsection shall not 
                        compound.
                            ``(iii) Balance due.--
                                    ``(I) In general.--The principal of 
                                any loan made under this paragraph, 
                                including any interest accrued on such 
                                principal, shall not be due and payable 
                                unless the real property securing such 
                                loan is sold or transferred.
                                    ``(II) Deposit of balance due.--If 
                                an event described in subclause (I) 
                                occurs, the principal of any loan made 
                                under this subsection, including any 
                                interest accrued on such principal, 
                                shall immediately become due and 
                                payable to the eligible agency from 
                                which the loan originated.
                            ``(iv) Prepayment.--Any eligible homeowner 
                        who receives a loan using a grant made under 
                        this subsection may repay the loan in full, 
                        without penalty, by lump sum or by installment 
                        payments, at any time prior to the loan 
                        becoming due and payable.
                            ``(v) Maximum amount.--The amount of any 
                        loan to any 1 eligible homeowner under this 
                        subsection may not exceed 20 percent of the 
                        original mortgage amount borrowed by the 
                        eligible homeowner.
                            ``(vi) Subordination.--Any loan made using 
                        a grant under this subsection will be 
                        subordinated to any refinancing of the first 
                        mortgage, any preexisting subordinate 
                        financing, any purchase money mortgage, or 
                        subordinated for any other reason, as 
                        determined by the eligible agency.
            ``(6) Separate account.--
                    ``(A) Separate account.--An eligible agency that 
                receives a grant under this subsection shall establish 
                a separate account in which to hold amounts received 
                under this subsection.
                    ``(B) Repayment of loans.--Any amounts repaid on a 
                subsidized loan made under this subsection shall be 
                deposited in the account established under subparagraph 
                (A).
                    ``(C) Other funding.--Amounts donated or otherwise 
                directed to be used for purposes of this subsection may 
                be deposited in the account established under 
                subparagraph (A) to help capitalize such account.
            ``(7) Use of grant funds.--
                    ``(A) In general.--Subject to subparagraph (B), any 
                amounts made available for purposes of this subsection 
                may be used only for the purposes described in 
                paragraph (2).
                    ``(B) Exception for administrative costs.--An 
                eligible agency may use not more than 5 percent of any 
                funds received under this subsection for administrative 
                costs relating to activities carried out under 
                paragraph (2).
            ``(8) Existing loan funds.--Any eligible agency with a 
        previously existing fund established to make loans to assist 
        homeowners in satisfying any amounts past due on their home 
        loan or for future payments may use funds appropriated for 
        purposes of this subsection for that existing loan fund, even 
        if the eligibility, application, program, or use requirements 
        for that loan program differ from the eligibility, application, 
        program, and use requirements of this subsection, unless such 
        use is expressly determined by the Secretary to be 
        inappropriate.
            ``(9) Authorization of appropriations.--There are 
        authorized to be appropriated to carry out this section--
                    ``(A) $6,375,000,000 for fiscal year 2010; and
                    ``(B) such sums as may be necessary for each of 
                fiscal years 2011 through 2013.''.

SEC. 4. MEDIATION INITIATIVES.

    (a) Definitions.--In this section--
            (1) the term ``mortgagee'' includes the agent of a 
        mortgagee; and
            (2) the term ``Secretary'' means the Secretary of Housing 
        and Urban Development.
    (b) Grant Program Established.--The Secretary shall establish a 
grant program to make competitive grants to State and local governments 
to establish mediation programs that assist mortgagors facing 
foreclosure.
    (c) Mediation Programs.--A mediation program established using a 
grant under this section shall--
            (1) require participation in the program by--
                    (A) any mortgagee that initiates a foreclosure 
                proceeding; and
                    (B) any mortgagor who is subject to a foreclosure 
                proceeding;
            (2) require any mortgagee or mortgagor required to 
        participate in the program to make a good faith effort to 
        resolve issues relating to foreclosure proceedings through 
        mediation;
            (3) if mediation is not made available to the mortgagor 
        before a foreclosure proceeding is initiated, allow the 
        mortgagor to request mediation at any time before a foreclosure 
        sale;
            (4) provide for--
                    (A) supervision by a State court (or a State court 
                in conjunction with an agency or department of a State 
                or local government) of the mediation program;
                    (B) selection and training of neutral, third-party 
                mediators by a State court (or an agency or department 
                of the State or local government);
                    (C) penalties to be imposed by a State court, or an 
                agency or department of a State or local government, if 
                a mortgagee fails to comply with an order to 
                participate in mediation; and
                    (D) consideration by a State court (or an agency or 
                department of a State or local government) of 
                recommendations by a mediator relating to penalties for 
                failure to fulfill the requirements of the mediation 
                program;
            (5) require that each mortgagee that participates in the 
        mediation program make available to the mortgagor, before and 
        during participation in the mediation program, documentation 
        of--
                    (A) a loan modification calculation or net present 
                value calculation made by the mortgagee in relation to 
                the mortgage using a home loan modification protocol--
                            (i) developed under a home loan 
                        modification program put into effect by the 
                        Secretary of the Treasury or the Secretary; or
                            (ii) approved by the Secretary;
                    (B) the loan origination, including any note, deed 
                of trust, or other document necessary to establish the 
                right of the mortgagee to foreclose on the mortgage;
                    (C) any pooling and servicing agreement that the 
                mortgagee believes prohibits a loan modification;
                    (D) the payment history of the mortgagor and a 
                detailed accounting of any costs or fees associated 
                with the account of the mortgagor; and
                    (E) the specific alternatives to foreclosure 
                considered by the mortgagee, including loan 
                modifications, workout agreements, and short sales;
            (6) prohibit a mortgagee from shifting the costs of 
        participation in the mediation program, including the 
        attorney's fees of the mortgagee, to a mortgagor;
            (7) provide that--
                    (A) any holder of a junior lien against the 
                property that secures a mortgage that is the subject of 
                a mediation--
                            (i) be notified of the mediation; and
                            (ii) be permitted to participate in the 
                        mediation; and
                    (B) any proceeding initiated by a holder of a 
                junior lien against the property that secures a 
                mortgage that is the subject of a mediation be stayed 
                pending the mediation;
            (8) provide information to mortgagors about housing 
        counselors approved by the Secretary; and
            (9) be free of charge to the mortgagor and mortgagee.
    (d) Recordkeeping.--A State or local government that receives a 
grant under this section shall keep a record of the outcome of each 
mediation carried out under the mediation program, including the nature 
of any loan modification made as a result of participation in the 
mediation program.
    (e) Targeting.--A State that receives a grant under this section 
may establish--
            (1) a State-wide mediation program; or
            (2) a mediation program in a specific locality that the 
        State determines has a high need for such program due to--
                    (A) the number of foreclosures in the locality; or
                    (B) other characteristics of the locality that 
                contribute to the number of foreclosures in the 
                locality.
    (f) Federal Share.--The Federal share of the cost of a mediation 
program established using a grant under this section may not exceed 50 
percent.
    (g) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section--
            (1) $80,000,000 for fiscal year 2010; and
            (2) such sums as may be necessary for each of fiscal years 
        2011 through 2013.

SEC. 5. OVERSIGHT OF PUBLIC AND PRIVATE EFFORTS TO REDUCE MORTGAGE 
              DEFAULTS AND FORECLOSURES.

    (a) Definitions.--In this section--
            (1) the term ``heads of appropriate agencies'' means the 
        Comptroller of the Currency, the Board of Governors of the 
        Federal Reserve System, the Federal Deposit Insurance 
        Corporation, the National Credit Union Administration, the 
        Director of the Office of Thrift Supervision, and a 
        representative of State banking regulators selected by the 
        Secretary of Housing and Urban Development;
            (2) the term ``mortgagee'' means--
                    (A) an original lender under a mortgage;
                    (B) any servicers, affiliates, agents, 
                subsidiaries, successors, or assignees of an original 
                lender; and
                    (C) any subsequent purchaser, trustee, or 
                transferee of any mortgage or credit instrument issued 
                by an original lender;
            (3) the term ``Secretary'' means the Secretary of Housing 
        and Urban Development; and
            (4) the term ``servicer'' means any person who collects on 
        a home loan, whether such person is the owner, the holder, the 
        assignee, the nominee for the loan, or the beneficiary of a 
        trust, or any person acting on behalf of such person.
    (b) Monitoring of Home Loans.--
            (1) In general.--The Secretary, in consultation with the 
        heads of appropriate agencies, shall develop and implement a 
        plan to monitor--
                    (A) conditions and trends in homeownership and the 
                mortgage industry, in order to predict trends in 
                foreclosures to better understand other critical 
                aspects of the mortgage market; and
                    (B) the effectiveness of public efforts to reduce 
                mortgage defaults and foreclosures.
            (2) Report to congress.--Not later than 1 year after the 
        development of the plan under paragraph (1), and each year 
        thereafter, the Secretary shall submit a report to Congress 
        that--
                    (A) summarizes and describes the findings of the 
                monitoring required under paragraph (1); and
                    (B) includes recommendations or proposals for 
                legislative or administrative action necessary--
                            (i) to increase the authority of the 
                        Secretary to levy penalties against any 
                        mortgagee, or other person or entity, who fails 
                        to comply with the requirements described in 
                        this section;
                            (ii) to improve coordination between public 
                        and private initiatives to reduce the overall 
                        rate of mortgage defaults and foreclosures; and
                            (iii) to improve coordination between 
                        initiatives undertaken by Federal, State, and 
                        local governments.
    (c) National Database on Defaults and Foreclosures.--
            (1) In general.--The Secretary, in consultation with the 
        heads of appropriate agencies, shall develop recommendations 
        for a national database on mortgage defaults and foreclosures 
        that--
                    (A) provide information to Federal regulatory 
                agencies on--
                            (i) mortgagees that generate home loans 
                        that go into default or foreclosure at a rate 
                        significantly higher than the national average 
                        for such mortgagees;
                            (ii) the factors associated with such 
                        higher rates; and
                            (iii) other factors and indicators that the 
                        Secretary determines are critical to monitoring 
                        the mortgage markets; and
                    (B) provide information to Federal, State, and 
                local governments on loans, defaults, foreclosure 
                initiations, foreclosure completions, and sheriff sales 
                that--
                            (i) is not otherwise readily available;
                            (ii) would allow for a better understanding 
                        of local, regional, and national trends in 
                        delinquencies, defaults, and foreclosures; and
                            (iii) helps improve public policies that 
                        reduce defaults and foreclosures.
            (2) Considerations.--In developing the recommendations 
        under paragraph (1), the Secretary shall take into 
        consideration privacy concerns and legal issues relating to 
        such concerns, including the advisability of establishing rules 
        relating to access to information obtained under subsection 
        (d).
            (3) Report to congress on national database.--Not later 
        than 12 months after the date of enactment of this Act, the 
        Secretary shall submit a report to Congress that contains--
                    (A) the recommendations developed under paragraph 
                (1); and
                    (B) an estimate of the cost of maintaining the 
                database described in paragraph (1).
    (d) Provision of Data.--
            (1) Data report required.--Not later than 18 months after 
        the date of enactment of this Act, the Secretary, in 
        consultation with the heads of appropriate agencies, shall 
        issue final rules that require each mortgagee or servicer that 
        originates or services not fewer than 100 loans in a calendar 
        year (or any other person that the Secretary determines can 
        effectively provide the data described in paragraph (2)) to 
        submit a report to the Secretary not less frequently than once 
        each quarter that contains data the Secretary determines are 
        necessary to carry out this section.
            (2) Contents of report.--Each report submitted under 
        paragraph (1) shall contain data that--
                    (A) for each loan, use the identification 
                requirements that are established under the Home 
                Mortgage Disclosure Act (12 U.S.C. 2801 et seq.) for 
                data reporting, including--
                            (i) the year of origination;
                            (ii) the agency code of the originator;
                            (iii) the respondent identification number 
                        of the originator; and
                            (iv) the identifying number for the loan;
                    (B) describe the characteristics of each home loan 
                originated in the preceding 12 months by the mortgagee 
                or servicer (or, in the case of the first report 
                required to be submitted under this subsection, all 
                active loans originated by the mortgagee or servicer), 
                including--
                            (i) the loan-to-value ratio at the time of 
                        origination for each mortgage on the property;
                            (ii) the type of mortgage, such as a fixed-
                        rate or adjustable-rate mortgage; and
                            (iii) any other loan or loan underwriting 
                        characteristics determined by the Secretary to 
                        be necessary in order to meet the requirements 
                        of paragraph (1) and that are not already 
                        available to the Secretary through a national 
                        mortgage database;
                    (C) include the performance outcome of each home 
                loan originated in the preceding 12 months by the 
                mortgagee or servicer (or, in the case of the first 
                report required to be submitted under this subsection, 
                all active loans originated by the mortgagee or 
                servicer), including--
                            (i) whether such home loan was in 
                        delinquency at any point in such 12-month 
                        period; and
                            (ii) whether any foreclosure proceeding was 
                        initiated on such home loan during such 12-
                        month period;
                    (D) are sufficient to establish for each home loan 
                that at any point during the preceding 12 months had 
                become 60 or more days delinquent with respect to a 
                payment on any amount due under the home loan, or for 
                which a foreclosure proceeding was initiated, the 
                interest rate on such home loan at the time of such 
                delinquency or foreclosure;
                    (E) include information relating to foreclosures, 
                including--
                            (i) the date of all foreclosures initiated 
                        by the mortgagee or servicer; and
                            (ii) the combined loan-to-value ratio of 
                        all mortgages on a home at the time foreclosure 
                        proceedings were initiated;
                    (F) for a home loan that is in foreclosure, include 
                information on all actions, including loan 
                modifications, taken to resolve the problem that led to 
                the initiation of foreclosure proceedings and all 
                actions undertaken prior to initiation of a foreclosure 
                proceeding to resolve a delinquency or default;
                    (G) identify each home loan for which a foreclosure 
                proceeding was completed in the preceding 12 months, 
                including--
                            (i) foreclosure proceedings initiated in 
                        such 12-month period; and
                            (ii) the date of the foreclosure 
                        completion; and
                    (H) include any other information that the 
                Secretary determines is necessary to carry out this 
                section.
            (3) Compliance plan and report.--The Secretary, in 
        consultation with the heads of appropriate agencies, shall--
                    (A) develop a plan to monitor the compliance with 
                the requirements established in this subsection by 
                mortgagees and servicers; and
                    (B) submit to Congress a report on such plan.
    (e) Consolidated Database.--The Federal Financial Institutions 
Examination Council shall create a consolidated database that 
establishes a connection between the data provided under the Home 
Mortgage Disclosure Act (12 U.S.C. 2801 et seq.) and the data provided 
under this subsection.
    (f) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section--
            (1) $5,000,000 for fiscal year 2010; and
            (2) such sums as may be necessary for each of fiscal years 
        2011 through 2013.

SEC. 6. HOUSING TRUST FUND.

    From funds received by the Secretary of the Treasury from the sale 
of warrants under title I of the Emergency Economic Stabilization Act 
of 2008 (12 U.S.C. 5211 et seq.), the Secretary of the Treasury shall 
transfer and credit $1,000,000,000 to the Housing Trust Fund 
established under section 1338 of the Federal Housing Enterprises 
Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568) for use in 
accordance with such section.
                                 <all>
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