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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6069 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 6069

   To ensure adequate funding for foreclosure mitigation counseling 
 activities of the Neighborhood Reinvestment Corporation in connection 
 with the Home Affordable Modification Program of the Secretary of the 
                               Treasury.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             July 30, 2010

 Mr. Sarbanes introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
   To ensure adequate funding for foreclosure mitigation counseling 
 activities of the Neighborhood Reinvestment Corporation in connection 
 with the Home Affordable Modification Program of the Secretary of the 
                               Treasury.

    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 ``Making Home Affordable Improvements 
Act''.

SEC. 2. ALLOCATION OF MAKING HOME AFFORDABLE FUNDING FOR FORECLOSURE 
              MITIGATION COUNSELING IN CONNECTION WITH HOME AFFORDABLE 
              MODIFICATION PROGRAM AND HOME AFFORDABLE FORECLOSURE 
              ALTERNATIVES PROGRAM.

    (a) Funding for Foreclosure Mitigation Counseling.--From any 
amounts made available for carrying out the Making Home Affordable 
initiative of the Secretary of the Treasury pursuant to title I of the 
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.), 
the Secretary shall provide assistance, in the amounts provided under 
subsection (c), to the National Foreclosure Mitigation Counseling 
Program for foreclosure mitigation counseling activities in connection 
with the Home Affordable Modification Program (HAMP) of such 
initiative.
    (b) Distribution of Assistance.--
            (1) In general.--The National Foreclosure Mitigation 
        Counseling Program shall distribute amounts received pursuant 
        to subsection (a) to grantees in good standing in accordance 
        with guidelines, policies, and procedures of the Program.
            (2) Housing counseling agency eligibility.--For a housing 
        counseling agency to be eligible to receive assistance from 
        amounts received pursuant to subsection (a), the agency must be 
        a recipient of funding from the National Foreclosure Mitigation 
        Counseling Program.
    (c) Formula for Funding.--The amount provided under this subsection 
shall be an amount, for each mortgage modified under the Home 
Affordable Modification Program, as follows:
            (1) Trial modifications.--For each mortgage for which a 
        servicer or lender has entered into a trial modification under 
        the Program with the borrower, $500.
            (2) Permanent modifications.--For each mortgage for which a 
        servicer or lender has entered into a permanent modification 
        under the Program with the borrower, $750.
            (3) Home affordable foreclosure alternatives program.--For 
        each mortgage for which the servicer or lender has agreed to an 
        alternative to foreclosure under the Home Affordable 
        Foreclosure Alternatives (HAFA) Program, $300.
    (d) Administrative Fees.--The Neighborhood Reinvestment Corporation 
may use up to 15 percent of the amount allocated under subsection (a) 
for administrative expenses.
    (e) Use of Foreclosure Mitigation Counseling Funds.--Not later than 
the expiration of the 180-day period beginning on the date of the 
enactment of this Act, the Neighborhood Reinvestment Corporation shall 
establish a procedure by which the National Foreclosure Mitigation 
Counseling Program shall direct the amounts provided to such Program 
pursuant to this section to participating housing counseling agencies.
    (f) National Foreclosure Mitigation Counseling Program.--For 
purposes of this section, the term ``National Foreclosure Mitigation 
Counseling Program'' means the program of the Neighborhood Reinvestment 
Corporation for mortgage foreclosure mitigation activities carried out 
pursuant to--
            (1) title III of division K of the Consolidated 
        Appropriations Act, 2008 (Public Law 110-161; 121 Stat. 2441);
            (2) section 2305 of the Housing and Economic Recovery Act 
        of 2008 (42 U.S.C. 5301 note);
            (3) title III of division I of the Omnibus Appropriations 
        Act, 2009 (Public Law 111-8; 123 Stat. 9821); and
            (4) any other provision of law providing amounts to the 
        Neighborhood Reinvestment Corporation for such activities.
    (g) Guidelines.--The Secretary of the Treasury shall revise the 
guidelines of the Making Home Affordable initiative and the Home 
Affordable Modification Program as necessary to carry out this section.

SEC. 3. COLLECTION OF PROGRAM DATA AND DISCLOSURE TO SECRETARY OF 
              HOUSING AND URBAN DEVELOPMENT.

    (a) Collection of Program Data.--The Secretary of the Treasury 
shall revise the guidelines of the Home Affordable Modification Program 
(HAMP) of the Making Home Affordable initiative of the Secretary, 
authorized under title I of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5211 et seq.), to provide for the collection, by the 
Secretary on a monthly basis from each mortgage servicer and lender 
participating in the Program, of comprehensive data on the activities 
of the servicer or lender under the Home Affordable Modification 
Program. Such comprehensive data shall identify the participating 
housing counseling agency, when applicable, and shall include the 
following information:
            (1) The number of requests for mortgage modifications under 
        the Program that the servicer or lender has received.
            (2) The number of requests for mortgage modifications under 
        the Program that the servicer or lender has received for 
        mortgages for borrowers having back-end debt-to-income ratios 
        equal to or greater than 55 percent.
            (3) The number of requests for mortgage modifications under 
        the Program that the servicer or lender has processed.
            (4) The number of requests for mortgage modifications under 
        the Program that the servicer or lender has processed for 
        mortgages for borrowers having back-end debt-to-income ratios 
        equal to or greater than 55 percent.
            (5) The number of requests for mortgage modifications under 
        the Program for which the servicer or lender has entered into a 
        trial modification with the borrower.
            (6) The number of requests for mortgage modifications under 
        the Program for which--
                    (A) the servicer or lender has entered into a trial 
                modification with the borrower; and
                    (B) the borrower has a back-end debt-to-income 
                ratio equal to or greater than 55 percent.
            (7) The number of requests for mortgage modifications under 
        the Program for which the servicer or lender has entered into a 
        permanent modification with the borrower.
            (8) The number of requests for mortgage modifications under 
        the Program for which--
                    (A) the servicer or lender has entered into a 
                permanent modification with the borrower; and
                    (B) the borrower has a back-end debt-to-income 
                ratio equal to or greater than 55 percent.
            (9) The number of requests for mortgage modifications under 
        the Program that the servicer or lender has denied.
            (10) The number of requests for mortgage modifications 
        under the Program that the servicer or lender has denied for 
        mortgages for borrowers having back-end debt-to-income ratios 
        equal to or greater than 55 percent.
    (b) Disclosure to Secretary of HUD.--Not later than 14 days after 
each monthly deadline for submission of data by mortgage servicers and 
lenders participating in the Home Affordable Modification Program, the 
Secretary shall provide a report to the Secretary of Housing and Urban 
Development containing such monthly data collected by the Secretary of 
the Treasury from mortgage servicers and lenders participating in the 
Program, including the information specified in subsection (a).
    (c) Public Availability.--Not later than 30 days after receipt by 
the Secretary of Housing and Urban Development of each monthly report 
pursuant to subsection (b), the Secretary of the Treasury shall make 
such report publicly available by means of a World Wide Web site of the 
Secretary and by submitting a report to the Congress.

SEC. 4. DEFINITIONS.

    For purposes of this Act, the following definitions shall apply:
            (1) Back-end debt-to-income ratio.--The term ``back-end 
        debt-to-income ratio'' means, with respect to the borrower 
        under a mortgage for which a request for modification under the 
        Home Affordable Modification Program or a modification under 
        such Program has been made, the ratio of monthly payments due 
        on all debts of the borrower (including mortgage principal, 
        interest, taxes, and insurance, and all other recurring debt) 
        to the gross monthly income of the borrower before any such 
        modification under such Program, as further defined by the 
        Secretary in guidelines for the Home Affordable Modification 
        Program.
            (2) Secretary.--Except where specifically provided 
        otherwise, the term ``Secretary'' means the Secretary of the 
        Treasury.
                                 <all>
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