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types of bankruptcy losses that could have been incurred 
under the law in effect at the time such contract was en-
tered into shall be enforceable. 
SEC. 125. 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) A copy of the data collection instrument 
currently used by the Office of the Comptroller of 
the Currency and the Office of Thrift Supervision to 
collect data on loan modifications. 
(2) The total number of mortgage modifications 
resulting in each of the following: 
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(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. 
(F) Combinations of modifications de-
scribed in subparagraph (A), (B), (C), (D), or 
(E). 
(3) The total number of mortgage modifications 
in which the total monthly principal and interest 
payment resulted in the following: 
(A) An increase. 
(B) Remained the same. 
(C) Decreased less than 10 percent. 
(D) Decreased between 10 percent and 20 
percent. 
(E) Decreased 20 percent or more. 
(4) The total number of loans that have been 
modified and then entered into default, where the 
loan modification resulted in— 
(A) higher monthly payments by the home-
owner; 
(B) equivalent monthly payments by the 
homeowner; 
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(C) lower monthly payments by the home-
owner of up to 10 percent; 
(D) lower monthly payments by the home-
owner of between 10 percent to 20 percent; or 
(E) lower monthly payments by the home-
owner of more than 20 percent. 
(b) DATA COLLECTION.— 
(1) REQUIRED.— 
(A) IN GENERAL.—Not later than 60 days 
after the date of the enactment of this Act, the 
Comptroller of the Currency and the Director 
of the Office of Thrift Supervision, shall issue 
mortgage modification data collection and re-
porting requirements to institutions covered 
under the reporting requirement of the mort-
gage metrics program of the Comptroller or the 
Director. 
(B) INCLUSIVENESS
OF
COLLECTIONS.— 
The requirements under subparagraph (A) shall 
provide for the collection of all mortgage modi-
fication data needed by the Comptroller of the 
Currency and the Director of the Office of 
Thrift Supervision to fulfill the reporting re-
quirements under subsection (a). 
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(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 II—FORECLOSURE MITI-
GATION AND CREDIT AVAIL-
ABILITY 
SEC. 201. SERVICER SAFE HARBOR FOR MORTGAGE LOAN 
MODIFICATIONS. 
(a) SAFE HARBOR.— 
(1) LOAN
MODIFICATIONS
AND
WORKOUT 
PLANS.—Notwithstanding any other provision of 
law, and notwithstanding any investment contract 
between a servicer and a securitization vehicle or in-
vestor, a servicer that acts consistent with the duty 
set forth in section 129A(a) of Truth in Lending Act 
(15 U.S.C. 1639a) shall not be liable for entering 
into a loan modification, workout, or other loss miti-
gation plan, including, but not limited to, disposi-
tion, including any modification or refinancing un-
dertaken pursuant to standard loan modification, 
sale, or disposition guidelines issued by the Sec-
retary of the Treasury or his designee under the 
Emergency Economic Stabilization Act of 2008, with 
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respect to any such mortgage that meets all of the 
criteria set forth in paragraph (2)(B) to— 
(A) any person, based on that person’s 
ownership of a residential mortgage loan or any 
interest in a pool of residential mortgage loans 
or in securities that distribute payments out of 
the principal, interest and other payments in 
loans on the pool; 
(B) any person who is obligated pursuant 
to a derivatives instrument to make payments 
determined in reference to any loan or any in-
terest referred to in subparagraph (A); or 
(C) any person that insures any loan or 
any interest referred to in subparagraph (A) 
under any law or regulation of the United 
States or any law or regulation of any State or 
political subdivision of any State. 
(2) ABILITY TO MODIFY MORTGAGES.— 
(A) ABILITY.—Notwithstanding any other 
provision of law, and notwithstanding any in-
vestment contract between a servicer and a 
securitization vehicle or investor, a servicer— 
(i) shall not be limited in the ability 
to modify mortgages, the number of mort-
gages that can be modified, the frequency 
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