H. R. 4173—825 
‘‘(2) WAIVER.—The applicant may waive the 3 day require-
ment provided for in paragraph (1), except where otherwise 
required in law. 
‘‘(3) REIMBURSEMENT.—The applicant may be required to 
pay a reasonable fee to reimburse the creditor for the cost 
of the appraisal, except where otherwise required in law. 
‘‘(4) FREE COPY.—Notwithstanding paragraph (3), the cred-
itor shall provide a copy of each written appraisal or valuation 
at no additional cost to the applicant. 
‘‘(5) NOTIFICATION TO APPLICANTS.—At the time of applica-
tion, the creditor shall notify an applicant in writing of the 
right to receive a copy of each written appraisal and valuation 
under this subsection. 
‘‘(6) VALUATION DEFINED.—For purposes of this subsection, 
the term ‘valuation’ shall include any estimate of the value 
of a dwelling developed in connection with a creditor’s decision 
to provide credit, including those values developed pursuant 
to a policy of a government sponsored enterprise or by an 
automated valuation model, a broker price opinion, or other 
methodology or mechanism.’’. 
SEC. 1475. REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974 
AMENDMENT RELATING TO CERTAIN APPRAISAL FEES. 
Section 4 of the Real Estate Settlement Procedures Act of 
1974 is amended by adding at the end the following new subsection: 
‘‘(c) The standard form described in subsection (a) may include, 
in the case of an appraisal coordinated by an appraisal management 
company (as such term is defined in section 1121(11) of the Finan-
cial Institutions Reform, Recovery, and Enforcement Act of 1989 
(12 U.S.C. 3350(11))), a clear disclosure of— 
‘‘(1) the fee paid directly to the appraiser by such company; 
and 
‘‘(2) the administration fee charged by such company.’’. 
SEC. 1476. GAO STUDY ON THE EFFECTIVENESS AND IMPACT OF VAR-
IOUS APPRAISAL METHODS, VALUATION MODELS AND 
DISTRIBUTIONS CHANNELS, AND ON THE HOME VALU-
ATION CODE OF CONDUCT AND THE APPRAISAL SUB-
COMMITTEE. 
(a) IN GENERAL.—The Government Accountability Office shall 
conduct a study on— 
(1) the effectiveness and impact of— 
(A) appraisal methods, including the cost approach, 
the comparative sales approach, the income approach, and 
others that may be available; 
(B) appraisal valuation models, including licensed and 
certified appraisals, broker-priced opinions, and automated 
valuation models; and 
(C) appraisal distribution channels, including appraisal 
management companies, independent appraisal operations 
within mortgage originators, and fee-for-service appraisers; 
(2) the Home Valuation Code of Conduct; and 
(3) the Appraisal Subcommittee’s functions pursuant to 
title XI of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989. 
(b) STUDY.—Not later than— 
(1) 12 months after the date of enactment of this Act, 
the Government Accountability Office shall submit a study
H. R. 4173—826 
to the Committee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on Financial Services of 
the House of Representatives; and 
(2) 90 days after the date of enactment of this Act, the 
Government Accountability Office shall provide a report on 
the status of the study and any preliminary findings to the 
Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services of the House 
of Representatives. 
(c) CONTENT OF STUDY.—The study required by this section 
shall include an examination of the following: 
(1) APPRAISAL APPROACHES, VALUATION MODELS, AND DIS-
TRIBUTION CHANNELS.— 
(A) The prevalence, alone or in combination, of certain 
appraisal approaches, models, and channels in purchase- 
money and refinance mortgage transactions. 
(B) The accuracy of these approaches, models, and 
channels in assessing the property as collateral. 
(C) Whether and how these approaches, models, and 
channels contributed to price speculation during the pre-
vious cycle. 
(D) The costs to consumers of these approaches, models, 
and channels. 
(E) The disclosure of fees to consumers in the appraisal 
process. 
(F) To what extent the usage of these approaches, 
models, and channels may be influenced by a conflict of 
interest between the mortgage lender and the appraiser 
and the mechanism by which the lender selects and com-
pensates the appraiser. 
(G) The suitability of these approaches, models, and 
channels in rural versus urban areas. 
(2) HOME VALUATION CODE OF CONDUCT (HVCC).— 
(A) How the HVCC affects mortgage lenders’ selection 
of appraisers. 
(B) How the HVCC affects State regulation of 
appraisers and appraisal distribution channels. 
(C) How the HVCC affects the quality and cost of 
appraisals and the length of time to obtain an appraisal. 
(D) How the HVCC affects mortgage brokers, small 
businesses, and consumers. 
(d) ADDITIONAL STUDY REQUIRED.— 
(1) IN GENERAL.—Not later than 18 months after the date 
of enactment of this Act, the Government Accountability Office 
shall submit a study to the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Committee on Finan-
cial Services of the House of Representatives. 
(2) CONTENT OF ADDITIONAL STUDY.—The study required 
under paragraph (1) shall include— 
(A) an examination of— 
(i) the Appraisal Subcommittee’s ability to monitor 
and enforce State and Federal certification require-
ments and standards, including by providing a sum-
mary with a statistical breakdown of enforcement 
actions taken during the last 10 years;
H. R. 4173—827 
(ii) whether existing Federal financial institutions 
regulatory agency exemptions on appraisals for feder-
ally related transactions needs to be revised; and 
(iii) whether new means of data collection, such 
as the establishment of a national repository, would 
benefit the Appraisal Subcommittee’s ability to perform 
its functions; and 
(B) recommendations from this examination for 
administrative and legislative action at the Federal and 
State level. 
Subtitle G—Mortgage Resolution and 
Modification 
SEC. 1481. MULTIFAMILY MORTGAGE RESOLUTION PROGRAM. 
(a) ESTABLISHMENT.—The Secretary of Housing and Urban 
Development shall develop a program under this subsection to 
ensure the protection of current and future tenants and at-risk 
multifamily properties, where feasible, based on criteria that may 
include— 
(1) creating sustainable financing of such properties, that 
may take into consideration such factors as— 
(A) the rental income generated by such properties; 
and 
(B) the preservation of adequate operating reserves; 
(2) maintaining the level of Federal, State, and city sub-
sidies in effect as of the date of the enactment of this Act; 
(3) providing funds for rehabilitation; and 
(4) facilitating the transfer of such properties, when appro-
priate and with the agreement of owners, to responsible new 
owners and ensuring affordability of such properties. 
(b) COORDINATION.—The Secretary of Housing and Urban 
Development may, in carrying out the program developed under 
this section, coordinate with the Secretary of the Treasury, the 
Federal Deposit Insurance Corporation, the Board of Governors 
of the Federal Reserve System, the Federal Housing Finance 
Agency, and any other Federal Government agency that the Sec-
retary considers appropriate. 
(c) DEFINITION.—For purposes of this section, the term ‘‘multi-
family properties’’ means a residential structure that consists of 
5 or more dwelling units. 
(d) PREVENTION OF QUALIFICATION FOR CRIMINAL APPLICANTS.— 
(1) IN
GENERAL.—No person shall be eligible to begin 
receiving assistance from the Making Home Affordable Program 
authorized under the Emergency Economic Stabilization Act 
of 2008 (12 U.S.C. 5201 et seq.), or any other mortgage assist-
ance program authorized or funded by that Act, on or after 
60 days after the date of the enactment of this Act, if such 
person, in connection with a mortgage or real estate transaction, 
has been convicted, within the last 10 years, of any one of 
the following: 
(A) Felony larceny, theft, fraud, or forgery. 
(B) Money laundering. 
(C) Tax evasion. 
(2) PROCEDURES.—The Secretary shall establish procedures 
to ensure compliance with this subsection.
H. R. 4173—828 
(3) REPORT.—The Secretary shall report to the Committee 
on Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs of 
the Senate regarding the implementation of this provision. 
The report shall also describe the steps taken to implement 
this subsection. 
SEC. 1482. HOME AFFORDABLE MODIFICATION PROGRAM GUIDELINES. 
(a) NET PRESENT VALUE INPUT DATA.—The Secretary of the 
Treasury (in this section referred to as the ‘‘Secretary’’) shall revise 
the supplemental directives and other guidelines for the Home 
Affordable Modification Program of the Making Home Affordable 
initiative of the Secretary of the Treasury, authorized under the 
Emergency Economic Stabilization Act of 2008 (Public Law 110– 
343), to require each mortgage servicer participating in such pro-
gram to provide each borrower under a mortgage whose request 
for a mortgage modification under the Program is denied with 
all borrower-related and mortgage-related input data used in any 
net present value (NPV) analyses performed in connection with 
the subject mortgage. Such input data shall be provided to the 
borrower at the time of such denial. 
(b) WEB-BASED SITE FOR NPV CALCULATOR AND APPLICATION.— 
(1) NPV CALCULATOR.—In carrying out the Home Afford-
able Modification Program, the Secretary shall establish and 
maintain a site on the World Wide Web that provides a calcu-
lator for net present value analyses of a mortgage, based on 
the Secretary’s methodology for calculating such value, that 
mortgagors can use to enter information regarding their own 
mortgages and that provides a determination after entering 
such information regarding a mortgage of whether such mort-
gage would be accepted or rejected for modification under the 
Program, using such methodology. 
(2) DISCLOSURE.—Such Web site shall also prominently 
disclose that each mortgage servicer participating in such Pro-
gram may use a method for calculating net present value 
of a mortgage that is different than the method used by such 
calculator. 
(3) APPLICATION.—The Secretary shall make a reasonable 
effort to include on such World Wide Web site a method for 
homeowners to apply for a mortgage modification under the 
Home Affordable Modification Program. 
(c) PUBLIC AVAILABILITY OF NPV METHODOLOGY, COMPUTER 
MODEL, AND VARIABLES.—The Secretary shall make publicly avail-
able, including by posting on a World Wide Web site of the Sec-
retary— 
(1) the Secretary’s methodology and computer model, 
including all formulae used in such computer model, used for 
calculating net present value of a mortgage that is used by 
the calculator established pursuant to subsection (b); and 
(2) all non-proprietary variables used in such net present 
value analysis. 
SEC. 1483. PUBLIC AVAILABILITY OF INFORMATION OF MAKING HOME 
AFFORDABLE PROGRAM. 
(a) REVISIONS TO PROGRAM GUIDELINES.—The Secretary of the 
Treasury (in this section referred to as the ‘‘Secretary’’) shall revise 
the guidelines for the Home Affordable Modification Program of 
the Making Home Affordable initiative of the Secretary of the
H. R. 4173—829 
Treasury, authorized under the Emergency Economic Stabilization 
Act of 2008 (Public Law 110–343), to provide that the data being 
collected by the Secretary from each mortgage servicer and lender 
participating in the Program is made public in accordance with 
subsection (b). 
(b) PUBLIC
AVAILABILITY.—Data shall be made available 
according to the following guidelines: 
(1) Not more than 14 days after each monthly deadline 
for submission of data by mortgage servicers and lenders 
participating in the Program, reports shall be made publicly 
available by means of a World Wide Web site of the Secretary, 
and by submitting a report to the Congress, that shall includes 
the following information: 
(A) The number of requests for mortgage modifications 
under the Program that the servicer or lender has received. 
(B) The number of requests for mortgage modifications 
under the Program that the servicer or lender has proc-
essed. 
(C) The number of requests for mortgage modifications 
under the Program that the servicer or lender has 
approved. 
(D) The number of requests for mortgage modifications 
under the Program that the servicer or lender has denied. 
(2) Not more than 60 days after each monthly deadline 
for submission of data by mortgage servicers and lenders 
participating in the Program, the Secretary shall make data 
tables available to the public at the individual record level. 
The Secretary shall issue regulations prescribing— 
(A) the procedures for disclosing such data to the 
public; and 
(B) such deletions as the Secretary may determine 
to be appropriate to protect any privacy interest of any 
mortgage modification applicant, including the deletion or 
alteration of the applicant’s name and identification 
number. 
SEC. 1484. PROTECTING TENANTS AT FORECLOSURE EXTENSION AND 
CLARIFICATION. 
The Protecting Tenants at Foreclosure Act is amended— 
(1) in section 702 (12 U.S.C. 5220 note)— 
(A) in subsection (a)(2), by striking ‘‘, as of the date 
of such notice of foreclosure’’; and 
(B) in subsection (c), by inserting after the period the 
following: ‘‘For purposes of this section, the date of a notice 
of foreclosure shall be deemed to be the date on which 
complete title to a property is transferred to a successor 
entity or person as a result of an order of a court or 
pursuant to provisions in a mortgage, deed of trust, or 
security deed.’’; and 
(2) in section 704 (12 U.S.C. 5201 note), by striking ‘‘2012’’ 
and inserting ‘‘2014’’.
H. R. 4173—830 
Subtitle H—Miscellaneous Provisions 
SEC. 1491. SENSE OF CONGRESS REGARDING THE IMPORTANCE OF 
GOVERNMENT-SPONSORED ENTERPRISES REFORM TO 
ENHANCE THE PROTECTION, LIMITATION, AND REGULA-
TION OF THE TERMS OF RESIDENTIAL MORTGAGE 
CREDIT. 
(a) FINDINGS.—The Congress finds as follows: 
(1) 
The 
Government-sponsored 
enterprises, 
Federal 
National Mortgage Association (Fannie Mae) and the Federal 
Home Loan Mortgage Corporation (Freddie Mac), were char-
tered by Congress to ensure a reliable and affordable supply 
of mortgage funding, but enjoy a dual legal status as privately 
owned corporations with Government mandated affordable 
housing goals. 
(2) In 1996, the Department of Housing and Urban Develop-
ment required that 42 percent of Fannie Mae’s and Freddie 
Mac’s mortgage financing should go to borrowers with income 
levels below the median for a given area. 
(3) In 2004, the Department of Housing and Urban Develop-
ment revised those goals, increasing them to 56 percent of 
their overall mortgage purchases by 2008, and additionally 
mandated that 12 percent of all mortgage purchases by Fannie 
Mae and Freddie Mac be ‘‘special affordable’’ loans made to 
borrowers with incomes less than 60 percent of an area’s 
median income, a target that ultimately increased to 28 percent 
for 2008. 
(4) To help fulfill those mandated affordable housing goals, 
in 1995 the Department of Housing and Urban Development 
authorized Fannie Mae and Freddie Mac to purchase subprime 
securities that included loans made to low-income borrowers. 
(5) After this authorization to purchase subprime securities, 
subprime and near-prime loans increased from 9 percent of 
securitized mortgages in 2001 to 40 percent in 2006, while 
the market share of conventional mortgages dropped from 78.8 
percent in 2003 to 50.1 percent by 2007 with a corresponding 
increase in subprime and Alt-A loans from 10.1 percent to 
32.7 percent over the same period. 
(6) In 2004 alone, Fannie Mae and Freddie Mac purchased 
$175,000,000,000 in subprime mortgage securities, which 
accounted for 44 percent of the market that year, and from 
2005 through 2007, Fannie Mae and Freddie Mac purchased 
approximately $1,000,000,000,000 in subprime and Alt-A loans, 
while Fannie Mae’s acquisitions of mortgages with less than 
10 percent down payments almost tripled. 
(7) According to data from the Federal Housing Finance 
Agency (FHFA) for the fourth quarter of 2008, Fannie Mae 
and Freddie Mac own or guarantee 75 percent of all newly 
originated mortgages, and Fannie Mae and Freddie Mac cur-
rently own 13.3 percent of outstanding mortgage debt in the 
United States and have issued mortgage-backed securities for 
31.0 percent of the residential debt market, a combined total 
of 44.3 percent of outstanding mortgage debt in the United 
States. 
(8) On September 7, 2008, the FHFA placed Fannie Mae 
and Freddie Mac into conservatorship, with the Treasury
H. R. 4173—831 
Department subsequently agreeing to purchase at least 
$200,000,000,000 of preferred stock from each enterprise in 
exchange for warrants for the purchase of 79.9 percent of 
each enterprise’s common stock. 
(9) The conservatorship for Fannie Mae and Freddie Mac 
has 
potentially 
exposed 
taxpayers 
to 
upwards 
of 
$5,300,000,000,000 worth of risk. 
(10) The hybrid public-private status of Fannie Mae and 
Freddie Mac is untenable and must be resolved to assure that 
consumers are offered and receive residential mortgage loans 
on terms that reasonably reflect their ability to repay the 
loans and that are understandable and not unfair, deceptive, 
or abusive. 
(b) SENSE OF THE CONGRESS.—It is the sense of the Congress 
that efforts to enhance by the protection, limitation, and regulation 
of the terms of residential mortgage credit and the practices related 
to such credit would be incomplete without enactment of meaningful 
structural reforms of Fannie Mae and Freddie Mac. 
SEC. 1492. GAO STUDY REPORT ON GOVERNMENT EFFORTS TO COM-
BAT MORTGAGE FORECLOSURE RESCUE SCAMS AND 
LOAN MODIFICATION FRAUD. 
(a) STUDY.—The Comptroller General of the United States shall 
conduct a study of the current inter-agency efforts of the Secretary 
of the Treasury, the Secretary of Housing and Urban Development, 
the Attorney General, and the Federal Trade Commission to crack-
down on mortgage foreclosure rescue scams and loan modification 
fraud in order to advise the Congress to the risks and vulnerabilities 
of emerging schemes in the loan modification arena. 
(b) REPORT.— 
(1) IN GENERAL.—The Comptroller General shall submit 
a report to the Congress on the study conducted under sub-
section (a) containing such recommendations for legislative and 
administrative actions as the Comptroller General may deter-
mine to be appropriate in addition to the recommendations 
required under paragraph (2). 
(2) SPECIFIC TOPICS.—The report made under paragraph 
(1) shall include— 
(A) an evaluation of the effectiveness of the inter- 
agency task force current efforts to combat mortgage fore-
closure rescue scams and loan modification fraud scams; 
(B) specific recommendations on agency or legislative 
action that are essential to properly protect homeowners 
from mortgage foreclosure rescue scams and loan modifica-
tion fraud scams; and 
(C) the adequacy of financial resources that the Federal 
Government is allocating to— 
(i) crackdown on loan modification and foreclosure 
rescue scams; and 
(ii) the education of homeowners about fraudulent 
scams relating to loan modification and foreclosure 
rescues. 
SEC. 1493. REPORTING OF MORTGAGE DATA BY STATE. 
(a) IN GENERAL.—Section 104(a) of the Helping Families Save 
Their Homes Act of 2009 (division A of Public Law 111–22) is 
amended—
H. R. 4173—832 
(1) in paragraph (2), by striking ‘‘resulting’’ and inserting 
‘‘in each State that result’’; 
(2) in paragraph (3), by inserting ‘‘each State for’’ after 
‘‘modifications in’’; and 
(3) in paragraph (4), by inserting ‘‘in each State’’ after 
‘‘total number of loans’’. 
(b) CONFORMING AMENDMENT.—Section 104(b)(1)(A) of such Act 
is amended by adding at the end the following sentence: ‘‘Not 
later than 60 days after the date of the enactment of the Dodd- 
Frank Wall Street Reform and Consumer Protection Act, the Comp-
troller of the Currency and the Director of the Office of Thrift 
Supervision shall update such requirements to reflect amendments 
made to this section by such Act.’’. 
SEC. 1494. STUDY OF EFFECT OF DRYWALL PRESENCE ON FORE-
CLOSURES. 
(a) STUDY.—The Secretary of Housing and Urban Development, 
in consultation with the Secretary of the Treasury, shall conduct 
a study of the effect on residential mortgage loan foreclosures 
of— 
(1) the presence in residential structures subject to such 
mortgage loans of drywall that was imported from China during 
the period beginning with 2004 and ending at the end of 2007; 
and 
(2) the availability of property insurance for residential 
structures in which such drywall is present. 
(b) REPORT.—Not later than the expiration of the 120-day period 
beginning on the date of the enactment of this Act, the Secretary 
of Housing and Urban Development shall submit to the Congress 
a report on the study conducted under subsection (a) containing 
its findings, conclusions, and recommendations. 
SEC. 1495. DEFINITION. 
For purposes of this title, the term ‘‘designated transfer date’’ 
means the date established under section 1062 of this Act. 
SEC. 1496. EMERGENCY MORTGAGE RELIEF. 
(a) EMERGENCY HOMEOWNERS’ RELIEF FUND.—Effective October 
1, 2010, and notwithstanding any other provision of law, there 
is hereby made available to the Secretary of Housing and Urban 
Development such sums as are necessary to provide $1,000,000,000 
in assistance through the Emergency Homeowners’ Relief Fund, 
which such Secretary shall establish pursuant to section 107 of 
the Emergency Housing Act of 1975 (12 U.S.C. 2706), as such 
Act is amended by this section, for use for emergency mortgage 
assistance in accordance with title I of such Act. 
(b) REAUTHORIZATION OF EMERGENCY MORTGAGE RELIEF PRO-
GRAM.—Title I of the Emergency Housing Act of 1975 is amended— 
(1) in section 103 (12 U.S.C. 2702)— 
(A) in paragraph (2)— 
(i) by striking ‘‘have indicated’’ and all that follows 
through ‘‘regulation of the holder’’ and insert ‘‘have 
certified’’; 
(ii) by striking ‘‘(such as the volume of delinquent 
loans in its portfolio)’’; and 
(iii) by striking ‘‘, except that such statement’’ and 
all that follows through ‘‘purposes of this title’’; and
H. R. 4173—833 
(B) in paragraph (4), by inserting ‘‘or medical condi-
tions’’ after ‘‘adverse economic conditions’’; 
(2) in section 104 (12 U.S.C. 2703)— 
(A) in subsection (b), by striking ‘‘, but such assistance’’ 
and all that follows through the period at the end and 
inserting the following: ‘‘. The amount of assistance pro-
vided to a homeowner under this title shall be an amount 
that the Secretary determines is reasonably necessary to 
supplement such amount as the homeowner is capable 
of contributing toward such mortgage payment, except that 
the aggregate amount of such assistance provided for any 
homeowner shall not exceed $50,000.’’; 
(B) in subsection (d), by striking ‘‘interest on a loan 
or advance’’ and all that follows through the end of the 
subsection and inserting the following: ‘‘(1) the rate of 
interest on any loan or advance of credit insured under 
this title shall be fixed for the life of the loan or advance 
of credit and shall not exceed the rate of interest that 
is generally charged for mortgages on single-family housing 
insured by the Secretary of Housing and Urban Develop-
ment under title II of the National Housing Act at the 
time such loan or advance of credit is made, and (2) no 
interest shall be charged on interest which is deferred 
on a loan or advance of credit made under this title. In 
establishing rates, terms and conditions for loans or 
advances of credit made under this title, the Secretary 
shall take into account a homeowner’s ability to repay 
such loan or advance of credit.’’; and 
(C) in subsection (e), by inserting after the period at 
the end of the first sentence the following: ‘‘Any eligible 
homeowner who receives a grant or an advance of credit 
under this title may repay the loan in full, without penalty, 
by lump sum or by installment payments at any time 
before the loan becomes due and payable.’’; 
(3) in section 105 (12 U.S.C. 2704)— 
(A) by striking subsection (b); 
(B) in subsection (e)— 
(i) by inserting ‘‘and emergency mortgage relief 
payments made under section 106’’ after ‘‘insured 
under this section’’; and 
(ii) by striking ‘‘$1,500,000,000 at any one time’’ 
and inserting ‘‘$3,000,000,000’’; 
(C) by redesignating subsections (c), (d), and (e) as 
subsections (b), (c), and (d), respectively; and 
(D) by adding at the end the following new subsection: 
‘‘(e) The Secretary shall establish underwriting guidelines or 
procedures to allocate amounts made available for loans and 
advances insured under this section and for emergency relief pay-
ments made under section 106 based on the likelihood that a 
mortgagor will be able to resume mortgage payments, pursuant 
to the requirement under section 103(5).’’; 
(4) in section 107— 
(A) by striking ‘‘(a)’’; and 
(B) by striking subsection (b); 
(5) in section 108 (12 U.S.C. 2707), by adding at the end 
the following new subsection: