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(1) The date by which the comprehensive plan 
to prevent and mitigate foreclosures has been devel-
oped by the Secretary and the Federal Deposit In-
surance Corporation and approved by the Financial 
Stability Oversight Board under section 201 and be-
come fully operational. 
(2) The date by which the systematic fore-
closure prevention and mortgage modification plan 
has been established by the Secretary in accordance 
with section 204 and become fully operational. 
(3) The end of the 9-month period beginning on 
the date of the enactment of this Act. 
(b) FHA-REGULATED LOAN MODIFICATION AGREE-
MENTS.—If an assisted institution to which subsection (a) 
applies reaches a loan modification agreement with a 
homeowner under the auspices of the Federal Housing Ad-
ministration before any plan referred to in paragraph (1) 
or (2) of such subsection takes effect, subsection (a) shall 
cease to apply to such institution as of the effective date 
of the loan modification agreement. 
(c) DUTY OF CONSUMER TO MAINTAIN PROPERTY.— 
Any homeowner for whose benefit any foreclosure pro-
ceeding or sale is barred under subsection (a) from being 
instituted, continued , or consummated with respect to any 
homeowner mortgage may not, with respect to any prop-
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erty securing such mortgage, destroy, damage, or impair 
such property, allow the property to deteriorate, or commit 
waste on the property. 
(d) DUTY OF CONSUMER TO RESPOND TO REASON-
ABLE INQUIRIES.—Any homeowner for whose benefit any 
foreclosure proceeding or sale is barred under subsection 
(a) from being instituted, continued , or consummated 
with respect to any homeowner mortgage shall respond to 
reasonable inquiries from a creditor or servicer during the 
period during which such foreclosure proceeding or sale 
is barred. 
SEC. 208. FORECLOSURE PREVENTION FOR AFFORDABLE 
HOUSING. 
Section 109 of the Emergency Economic Stabilization 
Act of 2008 (12 U.S.C. 5219) is amended to read as fol-
lows: 
‘‘SEC. 109. FORECLOSURE MITIGATION EFFORTS. 
‘‘(a) RESIDENTIAL MORTGAGE SERVICING STAND-
ARDS.—To the extent that the Secretary acquires mort-
gages, mortgage backed securities, and other assets se-
cured by residential real estate, including multifamily 
housing, the Secretary shall implement a plan that seeks 
to maximize assistance for homeowners and renters and 
use the authority of the Secretary to encourage the 
servicers of the underlying mortgages, considering net 
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present value to the taxpayer, to take advantage of the 
HOPE for Homeowners Program under section 257 of the 
National Housing Act or other available programs to mini-
mize foreclosures. In addition, the Secretary may use loan 
guarantees and credit enhancements to facilitate loan 
modifications to prevent avoidable foreclosures on single- 
family and multifamily housing. 
‘‘(b) COORDINATION.—The Secretary shall coordi-
nate with the Corporation, the Board (with respect to any 
mortgage or mortgage-backed securities or pool of securi-
ties held, owned, or controlled by or on behalf of a Federal 
reserve bank, as provided in section 110(a)(1)(C)), the 
Federal Housing Finance Agency, the Secretary of Hous-
ing and Urban Development, and other Federal Govern-
ment entities that hold troubled assets to attempt to iden-
tify opportunities for the acquisition of classes of troubled 
assets that will improve the ability of the Secretary to im-
prove the loan modification and restructuring process and, 
where permissible, to permit bona fide tenants who are 
current on their rent to remain in their homes under the 
terms of the lease. In the case of a mortgage on a residen-
tial rental property, including a qualified low-income 
building under section 42 of the Internal Revenue Code 
of 1986, the plan required under this section shall include 
protecting Federal, State, and local rental subsidies and 
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protections, and ensuring any modification takes into ac-
count the need for operating funds to maintain decent and 
safe conditions at the property. 
‘‘(c) CONSENT TO REASONABLE LOAN MODIFICA-
TION REQUESTS.—Upon any request arising under exist-
ing investment contracts, the Secretary shall consent, 
where appropriate and considering net present value to the 
taxpayer, to reasonable requests by homeowners and own-
ers of multifamily housing, including qualified low-income 
buildings under section 42 of the Internal Revenue Code 
of 1986, for loss mitigation measures, including term ex-
tensions, rate reductions, principal write downs, increases 
in the proportion of loans within a trust or other structure 
allowed to be modified, or removal of other limitation on 
modifications.’’. 
SEC. 209. REPORT BY CONGRESSIONAL OVERSIGHT PANEL. 
The Congressional Oversight Panel established by 
section 125 of the Emergency Economic Stabilization Act 
of 2008 shall submit a report to the Congress, not later 
than July 1, 2009, regarding— 
(1) the actions taken by the Secretary pursuant 
to this title; 
(2) the impact and effectiveness of such actions 
on foreclosures on residential properties; and 
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(3) the effectiveness of such actions from the 
standpoint of minimizing costs to the taxpayers. 
SEC. 210. MORTGAGE MODIFICATION DATA COLLECTING 
AND REPORTING. 
(a) REPORTING REQUIREMENTS.—Not later than 
120 days after the date of the enactment of this Act, and 
quarterly thereafter, the Comptroller of the Currency, in 
coordination with the Director of the Office of Thrift Su-
pervision, shall submit a report to the Committee on 
Banking, Housing, and Urban Affairs of the Senate, the 
Committee on Financial Services of the House of Rep-
resentatives, and the Joint Economic Committee on the 
volume of mortgage modifications reported to the Office 
of the Comptroller of the Currency and the Office of 
Thrift Supervision, under the mortgage metrics program 
of each such Office, during the previous quarter, including 
the following: 
(1) The total number of mortgage modifications 
resulting in each of the following: 
(A) Additions of delinquent payments and 
fees to loan balances. 
(B) Interest rate reductions and freezes. 
(C) Term extensions. 
(D) Reductions of principal. 
(E) Deferrals of principal. 
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Currency and the Director of the Office of 
Thrift Supervision to fulfill the reporting re-
quirements under subsection (a). 
(2) REPORT.—The Comptroller of the Currency 
shall report all requirements established under para-
graph (1) to each committee receiving the report re-
quired under subsection (a). 
TITLE III—AUTO INDUSTRY FI-
NANCING 
AND 
RESTRUC-
TURING 
SEC. 301. SHORT TITLE. 
This title may be cited as the ‘‘TARP Reform and 
Accountability Act of 2009’’. 
SEC. 302. DIRECT LOAN PROVISIONS. 
(a) IN GENERAL.—The Emergency Economic Sta-
bilization Act of 2008 (division A of Public Law 110–343) 
is amended by adding at the end the following: 
‘‘TITLE IV—AUTO INDUSTRY FI-
NANCING 
AND 
RESTRUC-
TURING 
‘‘SEC. 401. PURPOSES. 
‘‘The purposes of this title are— 
‘‘(1) to clarify and confirm the authority and 
facilities to restore liquidity and stability to domestic 
vehicle manufacturers in the United States; and 
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‘‘(2) to ensure that such authority and such fa-
cilities are used in a manner that— 
‘‘(A) results in a viable and competitive do-
mestic automobile industry that minimizes ad-
verse effects on the environment; 
‘‘(B) enhances the ability and the capacity 
of the domestic automobile industry to pursue 
the timely and aggressive production of energy- 
efficient advanced technology vehicles; 
‘‘(C) preserves and promotes the jobs of 
American workers employed directly by the do-
mestic automobile industry and in related in-
dustries; 
‘‘(D) safeguards the ability of the domestic 
automobile industry to provide retirement and 
health care benefits for the industry’s retirees 
and their dependents; and 
‘‘(E) stimulates manufacturing and sales 
of automobiles produced by automobile manu-
facturers in the United States. 
‘‘SEC. 402. PRESIDENTIAL DESIGNATION. 
‘‘(a) DESIGNATION.—The President shall designate 
one or more officers from the Executive Branch having 
appropriate expertise in such areas as economic stabiliza-
tion, financial aid to commerce and industry, financial re-
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structuring, energy efficiency, and environmental protec-
tion (who shall hereinafter in this title be collectively re-
ferred to as the ‘President’s designee’) to carry out the 
purposes of this title, including the facilitation of restruc-
turing necessary to achieve the long-term financial viabil-
ity of domestic automobile manufacturers, who shall serve 
at the pleasure of the President. 
‘‘(b) ADDITIONAL PERSONS.—The President or the 
President’s designee may also employ, appoint, or contract 
with additional persons having such expertise as the Presi-
dent or the President’s designee believes will assist the 
Government in carrying out the purposes of this title. 
‘‘(c) PARTICIPATION
BY
OTHER
AGENCY
PER-
SONNEL.—Other Federal agencies may provide, at the re-
quest of the President’s designee, staff on detail from such 
agencies for purposes of carrying out this title. 
‘‘SEC. 403. BRIDGE FINANCING. 
‘‘(a) IN GENERAL.—The President’s designee shall 
authorize and direct the disbursement of bridge loans or 
enter into commitments for lines of credit to each auto-
mobile manufacturer that submitted a plan to the Con-
gress on December 2, 2008 (hereafter in this title referred 
to as an ‘eligible automobile manufacturer’), and has sub-
mitted a request for such loan or commitment. Nothing 
in this section shall preclude the President’s designee from 
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authorizing and directing the disbursement of bridge loans 
or entering into commitments for lines of credit to other 
entities. 
‘‘(b) AMOUNT OF ASSISTANCE.—The President’s des-
ignee shall authorize bridge loans or commitments for 
lines of credit to each eligible automobile manufacturer in 
an amount that is intended to facilitate the continued op-
erations of the eligible automobile manufacturer and to 
prevent the failure of the eligible automobile manufac-
turer, consistent with the plan submitted on December 2, 
2008, and subject to available funds. 
‘‘SEC. 404. RESTRUCTURING PROGRESS ASSESSMENT. 
‘‘(a) ESTABLISHMENT OF MEASURES FOR ASSESSING 
PROGRESS.—Not later than February 1, 2009, the Presi-
dent’s designee shall determine appropriate measures for 
assessing the progress of each eligible automobile manu-
facturer toward transforming the plan submitted by such 
manufacturer to the Congress on December 2, 2008, into 
the restructuring plan to be submitted under section 
405(b). 
‘‘(b) EVALUATION OF PROGRESS ON BASIS OF RE-
STRUCTURING PROGRESS ASSESSMENT MEASURES.— 
‘‘(1) IN
GENERAL.—The President’s designee 
shall evaluate the progress of each eligible auto-
mobile manufacturer toward the development of a 
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restructuring plan, on the basis of the restructuring 
progress assessment measures established under this 
section for such manufacturer. 
‘‘(2) TIMING.—Each evaluation required under 
paragraph (1) for any eligible automobile manufac-
turer shall be conducted at the end of the 15-day pe-
riod beginning on the date on which the restruc-
turing progress assessment measures were estab-
lished by the President’s designee for such eligible 
automobile manufacturer. 
‘‘SEC. 405. SUBMISSION OF PLANS. 
‘‘(a) NEGOTIATED PLANS.— 
‘‘(1) FACILITATION.— 
‘‘(A) IN GENERAL.—Beginning on the date 
of any disbursement under the facility, the 
President’s designee shall seek to facilitate 
agreement on any restructuring plan to achieve 
and sustain the long-term viability, inter-
national competitiveness, and energy efficiency 
of an eligible automobile manufacturer, nego-
tiated and agreed to by representatives of inter-
ested parties (in this title referred to as a ‘ne-
gotiated plan’) with respect to any eligible auto-
mobile manufacturer. 
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‘‘(B) INTERESTED
PARTIES.—For pur-
poses of this section, the term ‘interested party’ 
shall be construed broadly so as to include all 
persons who have a direct financial interest in 
a particular automobile manufacturer, includ-
ing— 
‘‘(i) employees and retirees of the eli-
gible automobile manufacturer; 
‘‘(ii) trade unions; 
‘‘(iii) creditors; 
‘‘(iv) suppliers; 
‘‘(v) automobile dealers; and 
‘‘(vi) shareholders. 
‘‘(2) ACTIONS
OF
THE
PRESIDENT’S
DES-
IGNEE.— 
‘‘(A) IN
GENERAL.—For the purpose of 
achieving a negotiated plan, the President’s 
designee may convene, chair, and conduct for-
mal and informal meetings, discussions, and 
consultations, as appropriate, with interested 
parties of an eligible automobile manufacturer. 
‘‘(B) CLARIFICATION.—The Federal Advi-
sory Committee Act shall not apply with respect 
to any of the activities conducted or taken by 
the President’s designee pursuant to this title. 
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‘‘(b) RESTRUCTURING PLAN.—Not later than March 
31, 2009, each eligible automobile manufacturer shall sub-
mit to the President’s designee a restructuring plan to 
achieve and sustain the long-term viability, international 
competitiveness, and energy efficiency of the eligible auto-
mobile manufacturer (in this title referred to as the ‘re-
structuring plan’) in accordance with this section. The 
President’s designee shall approve the restructuring plan 
if the President’s designee determines that the plan will 
result in— 
‘‘(1) the repayment of all Government-provided 
financing, consistent with the terms specified in sec-
tion 408, or otherwise agreed to; 
‘‘(2) the ability— 
‘‘(A) to comply with applicable fuel effi-
ciency and emissions requirements; 
‘‘(B) to commence domestic manufacturing 
of advanced technology vehicles, as described in 
section 136 of the Energy Independence and 
Security Act of 2007 (Public Law 110–140; 42 
U.S.C. 17013); and 
‘‘(C) to produce new and existing products 
and capacity; 
‘‘(3) the achievement of a positive net present 
value, using reasonable assumptions and taking into 
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account all existing and projected future costs, in-
cluding repayment of any financial assistance pro-
vided pursuant to this title; 
‘‘(4) the ability to rationalize costs, capitaliza-
tion, and capacity with respect to the manufacturing 
workforce, suppliers, and dealerships of the eligible 
automobile manufacturer; 
‘‘(5) proposals to restructure existing debt, in-
cluding, where appropriate, the conversion of debt to 
equity, to improve the ability of the eligible auto-
mobile manufacturer to raise private capital; and 
‘‘(6) a product mix and cost structure that is 
competitive in the marketplace. 
‘‘(c) EXTENSION
OF
NEGOTIATIONS
AND
PLAN 
DEADLINE.—Notwithstanding the time limitations in sub-
section (b), the President’s designee, upon making a deter-
mination that the interested parties are negotiating in 
good faith, are making significant progress, and that an 
additional period of time would likely facilitate agreement 
on a negotiated plan, and upon notification of the Con-
gress, may extend for not longer than 30 additional days 
the negotiation period under subsection (b). 
‘‘SEC. 406. FINANCING FOR RESTRUCTURING. 
‘‘Upon approval by the President’s designee of a re-
structuring plan, the President’s designee may provide fi-
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nancial assistance to an eligible automobile manufacturer 
to implement the restructuring plan. 
‘‘SEC. 407. DISAPPROVAL AND CALL OF LOAN. 
‘‘If the President’s designee has not approved the re-
structuring plan at the expiration of the period provided 
in section 405 for submission and approval of the restruc-
turing plan, the President’s designee shall call the loan 
or cancel the commitment within 30 days, unless a re-
structuring plan is approved within that period. 
‘‘SEC. 408. TERMS AND CONDITIONS. 
‘‘(a) DURATION.—The duration of any loan made 
under this title shall be 7 years, or such period as the 
President’s designee may determine with respect to such 
loan. 
‘‘(b) NO PREPAYMENT PENALTY.—A loan made 
under this title shall be prepayable without penalty at any 
time. 
‘‘(c) INFORMATION ACCESS.—As a condition for the 
receipt of any financial assistance made under this title, 
an eligible automobile manufacturer shall agree— 
‘‘(1) to allow the President’s designee to exam-
ine any books, papers, records, or other data of the 
eligible automobile manufacturer, and those of any 
subsidiary, affiliate, or entity holding an ownership 
interest of 50 percent or more of such automobile 
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manufacturer, that may be relevant to the financial 
assistance, including compliance with the terms of a 
loan or any conditions imposed under this title; and 
‘‘(2) to provide in a timely manner any infor-
mation requested by the President’s designee, in-
cluding requiring any officer or employee of the eli-
gible automobile manufacturer, any subsidiary, affil-
iate, or entity referred to in paragraph (1) with re-
spect to such manufacturer, or any person having 
possession, custody, or care of the reports and 
records required under paragraph (1), to appear be-
fore the President’s designee at a time and place re-
quested and to provide such books, papers, records, 
or other data, as requested, as may be relevant or 
material. 
‘‘(d) OVERSIGHT OF TRANSACTIONS AND FINANCIAL 
CONDITION.— 
‘‘(1) DUTY TO INFORM.—During the period in 
which any loan extended under this title remains 
outstanding, the eligible automobile manufacturer 
which received such loan shall promptly inform the 
President’s designee of— 
‘‘(A) any asset sale, investment, contract, 
commitment, or other transaction proposed to 
be entered into by such eligible automobile 
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‘‘SEC. 140. CLARIFICATION OF AUTHORITY REGARDING 
COMMERCIAL LOANS. 
‘‘The authority of the Secretary to take any action 
under this title includes the authority to establish or sup-
port facilities to support the availability of commercial 
loans, including through purchase of asset-backed securi-
ties, directly or through the Board or any Federal reserve 
bank.’’. 
SEC. 406. AUTOMOBILE FLEET PURCHASE LOANS. 
Title I of the Emergency Economic Stabilization Act 
of 2008 (12 U.S.C. 5211 et seq.) is amended by adding 
after section 140 (as added by section 405 of this title) 
the following new section: 
‘‘SEC. 141. CLARIFICATION OF AUTHORITY REGARDING 
AUTOMOBILE FLEET PURCHASE LOANS. 
‘‘The authority of the Secretary to take any action 
under this title includes the authority to establish or sup-
port facilities to support the availability of automobile fleet 
purchase loans, including loans for the automobile rental 
industry and other fleet purchasers, including through 
purchase of asset-backed securities, directly or through 
the Board or any Federal reserve bank.’’. 
SEC. 407. CERTIFICATION. 
Subsection (a) of section 105 of the Emergency Eco-
nomic Stabilization Act of 2008 (12 U.S.C. 5215(a)) is 
amended— 
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