SEC. 207. IMPROVING FORECLOSURE LOSS MITIGATION EF-
FORTS FOR MORTGAGES MADE, INSURED, OR 
GUARANTEED BY FEDERAL AGENCIES. 
(a) DEFINITIONS.—In this section— 
(1) the term ‘‘applicable agency’’ means— 
(A) with respect to the Secretary of Hous-
ing and Urban Development, the Department of 
Housing and Urban Development; 
(B) with respect to the Secretary of Agri-
culture, the Department of Agriculture; and 
(C) with respect to the Secretary of Vet-
erans Affairs, the Department of Veterans Af-
fairs; and 
(2) the term ‘‘covered loans and mortgages’’ 
means, with respect to an applicable agency, loans 
for and mortgages on 1- to 4-family homes made, in-
sured, or guaranteed by the applicable agency. 
(b) REQUIRED ANALYSIS.—Not later than 6 months 
after the date of enactment of this Act, and every year 
thereafter, the Secretary of Housing and Urban Develop-
ment, the Secretary of Agriculture, and the Secretary of 
Veterans Affairs shall each analyze the effectiveness and 
long-term costs and benefits of the programs, actions, and 
strategies of the applicable agency for avoidance or mitiga-
tion of foreclosure losses with respect to covered loans and 
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mortgages of the applicable agency, which shall include an 
analysis of— 
(1) the re-default rates associated with various 
types of loss mitigation actions; and 
(2) the impacts that loan and borrower charac-
teristics have on the performance of different loss 
mitigation actions. 
(c) RE-EVALUATION.—Upon completion of each anal-
ysis conducted under subsection (b), the Secretary of 
Housing and Urban Development, the Secretary of Agri-
culture, and the Secretary of Veterans Affairs shall each 
use the results of the analysis with respect to the covered 
loans of the applicable agency to— 
(1) re-evaluate the programs, actions, and 
strategies of the applicable agency for avoidance or 
mitigation of foreclosure losses with respect to cov-
ered loans and mortgages; and 
(2) provide additional guidance to servicers of 
covered loans and mortgages to more effectively tar-
get and implement loss mitigation efforts. 
(d) COLLECTION OF INFORMATION.—The Secretary 
of Housing and Urban Development, the Secretary of Ag-
riculture, and the Secretary of Veterans Affairs shall— 
(1) collect such information regarding covered 
loans and mortgages of the applicable agency as may 
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be necessary to conduct each analysis required under 
subsection (b), including loan level data and infor-
mation regarding loan performance; or 
(2) require servicers of the covered loans and 
mortgages of the applicable agency to provide any 
such information not maintained or collected by the 
applicable agency. 
(e) CONSULTATION AND COORDINATION.—The Sec-
retary of Housing and Urban Development, the Secretary 
of Agriculture, and the Secretary of Veterans Affairs shall 
consult and coordinate with each other in conducting each 
analysis and re-evaluation required under subsections (b) 
and (c), respectively, to ensure the sharing of information 
and promote effective loss mitigation efforts. 
Æ 
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