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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3195 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3195

  To create a National Home Mortgage and Loan Performance Registry to 
 maintain an inventory of the supply and performance of home mortgage 
 loans in the United States to show market trends and dynamics in the 
mortgage lending industry and provide detailed information on national 
                      mortgage foreclosure rates.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             July 14, 2009

 Mr. Turner (for himself and Mr. Miller of North Carolina) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL

 
  To create a National Home Mortgage and Loan Performance Registry to 
 maintain an inventory of the supply and performance of home mortgage 
 loans in the United States to show market trends and dynamics in the 
mortgage lending industry and provide detailed information on national 
                      mortgage foreclosure rates.

    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 ``National Home Mortgage and Loan 
Performance Registry Act of 2009''.

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--The Congress finds that--
            (1) there is no standardized, centralized data readily 
        available and reliable for government use that details national 
        mortgage foreclosure rates for single-family housing, 
        multifamily housing, and small farms, or mortgage default 
        statistics;
            (2) currently there is no public database that is easily 
        accessible to determine mortgage lending and foreclosure 
        trends;
            (3) the Home Mortgage Disclosure Act of 1975 could be used 
        as a means of collecting data at loan origination and using 
        such information throughout the life of the loan; and
            (4) the current mortgage crisis demonstrates the need to 
        establish a centralized system to collect and disclose such 
        information.
    (b) Purpose.--The purpose of this Act is to establish a National 
Home Mortgage and Loan Performance Registry--
            (1) to provide the public with timely mortgage performance 
        information that can be used by the Departments of the Treasury 
        and Housing and Urban Development, and other agencies of the 
        Federal Government to monitor trends in the mortgage market, 
        identify emerging problems, make decisions about necessary 
        interventions, conduct research, and effectively evaluate the 
        housing market in the United States and Federal housing 
        programs; and
            (2) that meets the reporting needs and requirements of the 
        Federal Housing Finance Agency to provide timely mortgage 
        performance information.

SEC. 3. ADDITIONAL INFORMATION REPORTED BY LENDER AT LOAN ORIGINATION.

    Section 304(b) of the Home Mortgage Disclosure Act of 1975 (12 
U.S.C. 2803(b)) is amended--
            (1) in paragraph (3), by striking ``and'' at the end;
            (2) in paragraph (4), by striking the period at the end and 
        inserting ``; and''; and
            (3) by adding at the end the following:
            ``(5) a unique identification number for each mortgage 
        loan, which shall be a part of the permanent record for such 
        loan that is transmitted to any subsequent servicers of the 
        loan;
            ``(6) for each mortgage loan, the appraised value of the 
        residence for which the loan was made as of the time of the 
        origination of the loan;
            ``(7) for each mortgage loan, a classification of the 
        structure of the loan, by loan terms, including interest rate 
        and repayment terms, such as 30-year fixed, balloon payment, 5-
        year adjustable rate, and such other categories as the Board 
        may establish; and
            ``(8) for each mortgage loan, the lowest interest rate for 
        which the borrower qualified without payment of discount points 
        (commonly referred to as the par rate) to permit identification 
        of mortgagors eligible for prime loans who were provided 
        subprime loans.''.

SEC. 4. REPORTING OF INFORMATION BY SERVICERS.

    Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 
2803) is amended by adding at the end the following new subsection:
    ``(n) Loan Servicer Information.--
            ``(1) In general.--The Board shall, in conjunction with the 
        Secretary of Housing and Urban Development, require other 
        lending institutions, including servicers of mortgage loans, to 
        submit to the appropriate agency, as identified under 
        subsection (h), the information required under paragraph (2) if 
        any of the events referred to in paragraph (3) occurs during 
        the term of the loan.
            ``(2) Required information.--The information required under 
        this paragraph with respect to a mortgage loan is--
                    ``(A) the year that the loan was originated;
                    ``(B) the unique identifier number established for 
                the loan (pursuant to subsection (b)(5));
                    ``(C) the type of event referred to in paragraph 
                (3) that occurred with respect to the loan; and
                    ``(D) in the case of any loan for which an event 
                referred to in paragraph (3)(D) occurs--
                            ``(i) whether such event resulted in a new 
                        disclosure under subsections (a) and (b) for a 
                        new loan;
                            ``(ii) a description of the loan 
                        modifications made, including any extension of 
                        amortization period, whether permanent or 
                        temporary, change in interest rate, write-down 
                        or recapitalization of any one or more of fees, 
                        delinquent interest, or principal obligation.
            ``(3) Loan events.--The events referred to in this 
        paragraph are the following events:
                    ``(A) The borrower under the loan becomes 90 days 
                or more delinquent in payments due under the loan.
                    ``(B) Foreclosure (including any judicial or 
                nonjudicial foreclosure) is commenced with respect to 
                the loan.
                    ``(C) In the case of any loan that was in default 
                or in foreclosure, the borrower under the loan becomes 
                current with respect to obligations under the loan.
                    ``(D) Any modification is made with respect to the 
                terms of the loan.
                    ``(E) Foreclosure is completed with respect to the 
                loan.
            ``(4) Data collected by private sector.--The Board, in 
        conjunction with the Secretary of Housing and Urban 
        Development, shall collect any other information regarding 
        mortgage loans, including information collected or held by 
        servicers of mortgage loans, that the Board considers necessary 
        to accomplish the purposes of this Act and the National Home 
        Mortgage and Loan Performance Registry Act of 2009 and to 
        provide a more comprehensive public home mortgage information 
        system.
            ``(5) Definition.--For purposes of this paragraph, the term 
        `servicer' means, with respect to a mortgage loan, the person 
        responsible for receiving scheduled periodic payments by the 
        borrower under the loan, including any payments for insurance, 
        taxes, and any other amounts escrowed under the loan, and 
        making payments of principal and interest and such other 
        payments with respect to such amounts received from the 
        borrower as may be required under the terms of the loan.''.

SEC. 5. NATIONAL HOME MORTGAGE AND LOAN PERFORMANCE REGISTRY.

    The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) 
is amended by adding at the end the following new section:

``SEC. 312. NATIONAL HOME MORTGAGE AND LOAN PERFORMANCE REGISTRY.

    ``(a) Establishment.--The Board shall establish a National Home 
Mortgage and Loan Performance Registry (in this section referred to as 
the `Registry') to compile and make available information collected 
under this Act regarding the making of mortgage loans and the 
performance of such loans, including information regarding default and 
foreclosure occurrences and rates, for mortgage loans for single-family 
housing, multifamily housing, and small farms.
    ``(b) Quarterly Reports.--
            ``(1) In general.--Using information collected in the 
        Registry, the Board shall submit a report for each calendar 
        quarter as promptly as possible after the conclusion of such 
        quarter to the Congress, the Secretary of the Treasury, and the 
        Secretary of Housing and Urban Development regarding the 
        performance of mortgage loans outstanding during such quarter 
        in the United States.
            ``(2) Information.--Each report under this subsection for a 
        calendar quarter shall provide aggregate data regarding 
        mortgage loans originated during the quarter, mortgage loan 
        defaults and default rates during the quarter, and mortgage 
        loan foreclosures and foreclosure rates during the quarter and 
        such other data as the Board considers appropriate to assist 
        the housing industry, the Federal Government, and State and 
        local governments to make effective decisions regarding the 
        provision of housing and Federal housing assistance. Such data 
        shall be provided for mortgage loans for each census tract, zip 
        code, county, metropolitan area, and State, based on the 
        location of the property securing the loan.
            ``(3) Review and certification.--The Board shall review and 
        certify the accuracy of the data included in each quarterly 
        report under this subsection before submitting such report in 
        accordance with paragraph (1).
            ``(4) Public availability.--The Board shall make each 
        report under this subsection publicly available upon submission 
        in accordance with paragraph (1).''.

SEC. 6. REPORT TO CONGRESS ON IMPROVING REGISTRY.

    Not later than the expiration of the 18-month period beginning on 
the date of the enactment of this Act, the Board of Governors of the 
Federal Reserve System, the Secretary of the Treasury, and Secretary of 
Housing and Urban Development shall jointly submit a report to the 
Congress setting forth any additional actions or authority necessary to 
provide for the National Home Mortgage and Loan Performance Registry 
(as established under the amendment made by section 5 of this Act) to--
            (1) more accurately determine and report foreclosure rates 
        for residential mortgages, including mortgage statistics, for 
        single-family and multifamily housing and small farms in the 
        United States; and
            (2) obtain information sufficient to allow--
                    (A) more effective use of the Registry to evaluate 
                existing Federal housing programs; and
                    (B) more effective use of the Registry to evaluate 
                mortgage lending practices; and
            (3) to improve the function and purpose of the Registry.

SEC. 7. REGULATIONS.

    Not later than the expiration of the 18-month period beginning on 
the date of the enactment of this Act, the Board of Governors of the 
Federal Reserve System shall commence a rulemaking proceeding to issue 
any regulations necessary to amend, modify, and update the regulations 
of the Board regarding home mortgage disclosure (12 C.F.R. part 203; 
known as regulation C) in accordance with this Act and the amendments 
made by this Act.
                                 <all>
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