I 
111TH CONGRESS 
1ST SESSION H. R. 1285 
To establish the Commission on the Foreclosure and Mortgage Lending Crisis. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 3, 2009 
Mr. TURNER (for himself, Mrs. CAPITO, Mrs. BIGGERT, Mr. LATOURETTE, 
Mrs. SCHMIDT, Ms. ROS-LEHTINEN, and Mr. CAO) introduced the fol-
lowing bill; which was referred to the Committee on Financial Services 
A BILL 
To establish the Commission on the Foreclosure and 
Mortgage Lending Crisis. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Commission on the 
Foreclosure and Mortgage Lending Crisis Act’’. 
SEC. 2. ESTABLISHMENT OF COMMISSION. 
There is established in the legislative branch a com-
mission to be known as the ‘‘Commission on the Fore-
closure and Mortgage Lending Crisis’’ (in this Act re-
ferred to as the ‘‘Commission’’). 
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SEC. 3. FINDINGS AND PURPOSE. 
(a) FINDINGS.—Congress finds the following: 
(1) The United States is experiencing a steady 
increase in foreclosures and mortgage lending prob-
lems that have impacted homeowners, families, com-
munities, the United States economy and the global 
credit markets. 
(2) In 2006, there were an estimated 1,300,000 
foreclosures in the United States. 
(3) This number increased by 79 percent in 
2007, bringing the estimated number of foreclosures 
nationwide to 2,200,000. 
(4) In 2008, an estimated 3,200,000 fore-
closures were reported nationwide. 
(5) Estimates suggest that this trend is likely 
to continue with millions more Americans potentially 
losing their homes to foreclosure in the next 4 years. 
(b) PURPOSE.—The purpose of this Act is to estab-
lish a commission to undertake a comprehensive analysis 
and review of the causes of the current foreclosure and 
mortgage lending crisis and to submit a report of its find-
ings to the Congress. The Commission shall also rec-
ommend legislative and regulatory changes that will pro-
hibit the kinds of lending practices that contributed to the 
increased foreclosure rate and the current mortgage lend-
ing crisis. 
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SEC. 4. COMPOSITION. 
(a) MEMBERS.—The Commission shall be composed 
of 10 members as follows: 
(1) 2 members shall be appointed by the Speak-
er of the House of Representatives. 
(2) 2 members shall be appointed by the minor-
ity leader of the House of Representatives. 
(3) 2 members shall be appointed by the major-
ity leader of the Senate. 
(4) 2 members shall be appointed by the minor-
ity leader of the Senate. 
(5) The Secretary of the Treasury or his des-
ignee. 
(6) The Chairman of the Board of Governors of 
the Federal Reserve System or his designee. 
(b) DEADLINE FOR APPOINTMENT.—All members of 
the Commission shall be appointed not later than 30 days 
after the date of the enactment of this Act. 
(c) CO-CHAIRMEN.—Of the members appointed to 
the Commission under paragraphs (1) through (4) of sub-
section (a), 2 shall be designated as the Co-Chairmen of 
the Commission. One Co-Chairman shall be designated by 
the Speaker of the House of Representatives in consulta-
tion with the majority leader of the Senate and the other 
Co-Chairman shall be designated by the minority leader 
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of the House of Representatives in consultation with the 
minority leader of the Senate. 
(d) VACANCIES.—Any vacancy in the Commission 
shall not affect its powers and shall be filled in the same 
manner in which the original appointment was made. 
(e) COMPENSATION.— 
(1) IN GENERAL.—Members of the Commission 
shall serve without pay. 
(2) TRAVEL
EXPENSES.—While away from 
their homes or regular places of business in the per-
formance of services for the Commission, members 
of the Commission shall be allowed travel expenses, 
including per diem in lieu of subsistence, in the 
same manner as persons employed intermittently in 
the Government service are allowed expenses under 
section 5703 of title 5, United States Code. 
(f) INITIAL
MEETING; RULES
OF
PROCEDURE; 
QUORUM.— 
(1) INITIAL MEETING.—The Commission shall 
meet and begin the operations of the Commission 
not later than 60 days after the date of the enact-
ment of this Act. 
(2) MEETINGS.—After its initial meeting, the 
Commission shall meet upon the call of a majority 
of its members. 
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(3) QUORUM.—A majority of the members of 
the Commission shall constitute a quorum. 
(4) RULES OF PROCEDURE.—The Commission 
may establish rules for the conduct of the Commis-
sion’s business, if such rules are consistent with this 
Act and other applicable law. 
SEC. 5. DUTIES. 
(a) IN GENERAL.—The Commission shall— 
(1) study and assess the current legal and regu-
latory framework governing the housing mortgage 
lending markets and investigate how such framework 
contributed to the increased foreclosure rate, includ-
ing— 
(A) refinancing practices; 
(B) loan-to-value ratios; and 
(C) the prevalence of fraudulent industry 
practices; 
(2) recommend changes to the current legal and 
regulatory framework to prohibit lending practices 
that have contributed to the mortgage lending crisis; 
(3) review the impact of subprime abuses and 
predatory lending practices; 
(4) assess the role of States in enacting policies 
to reduce predatory lending practices and abuses in 
the subprime markets; 
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(5) assess the impact of mortgage-backed secu-
rities and the Federal National Mortgage Corpora-
tion (‘‘Fannie Mae’’) and the Federal Home Loan 
Mortgage Corporation (‘‘Freddie Mac’’) on the mort-
gage lending crisis; and 
(6) assess the impact of the Community Rein-
vestment Act of 1977 (12 U.S.C. 2901 et seq.) on 
the mortgage lending crisis. 
(b) FINAL REPORT.—Not later than 12 months after 
the date of enactment of this Act, the Commission shall 
submit to the Congress a final report containing such find-
ings, conclusions, and recommendations as have been 
agreed to by a majority of Commission members. If, at 
the conclusion of such 12-month period, a majority of the 
Commission determines it necessary, the Commission may 
be granted a 6-month extension for submission of its final 
report upon written notification to the Congress. 
SEC. 6. POWERS OF THE COMMISSION. 
(a) HEARINGS
AND EVIDENCE.—The Commission 
may, for the purpose of carrying out this Act— 
(1) hold such hearings and sit and act at such 
times and places, take such testimony, receive such 
evidence, administer such oaths; and 
(2) subject to subsection (b)(1), subpoena or 
otherwise require the attendance and testimony of 
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such witnesses and the production of such books, 
records, correspondence, memoranda, papers, and 
documents as the Commission may determine advis-
able. 
(b) SUBPOENAS.— 
(1) ISSUANCE.— 
(A) IN
GENERAL.—A subpoena may be 
issued under this section only by the affirmative 
vote of a majority of the members of the Com-
mission. 
(B) SIGNATURE.—Subject to subparagraph 
(A), subpoenas issued under this section may be 
issued under the signature of the Co-Chairmen 
or any member designated by a majority of the 
Commission, may be served by any person des-
ignated by the Co-Chairmen or by a member 
designated by a majority of the Commission. 
(2) ENFORCEMENT.— 
(A) IN GENERAL.—In the case of contu-
macy or failure to obey a subpoena issued 
under paragraph (1), the United States district 
court for the judicial district in which the sub-
poenaed person resides, is served, or may be 
found, or where the subpoena is returnable, 
may issue an order requiring such person to ap-
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pear at any designated place to testify or to 
produce documentary or other evidence. Any 
failure to obey the order of the court may be 
punished by the court as a contempt of that 
court. 
(B) ADDITIONAL ENFORCEMENT.—In the 
case of any failure of any witness to comply 
with any subpoena or to testify when sum-
moned under authority of this section, the Com-
mission may, by majority vote, certify a state-
ment of fact constituting such failure to the ap-
propriate United States attorney, who may 
bring the matter before the grand jury for its 
action, under the same statutory authority and 
procedures as if the United States attorney had 
received as certification under section 102 
through 104 of the Revised Statutes of the 
United States (2 U.S.C. 192 through 194). 
(c) CONTRACT AUTHORITY.—The Commission may, 
to such extent and in such amounts as are provided in 
appropriation Acts, enter into contracts to enable the 
Commission to carry out its duties under this Act. 
(d) INFORMATION FROM FEDERAL AGENCIES.— 
(1) IN GENERAL.—The Commission is author-
ized to secure directly from any executive depart-
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ment, bureau, agency, board, commission, office, 
independent establishment, or instrumentality of the 
Government, information, suggestions, estimates, 
and statistics to carry out its duties under this Act. 
Each department, bureau, agency, board, commis-
sion, office, independent establishment, or instru-
mentality shall, to the extent authorized by law, fur-
nish such information, suggestions, estimates, and 
statistics directly to the Commission, upon request 
made by a majority of the members of the Commis-
sion. 
(2) RECEIPT, HANDLING, STORAGE, AND DIS-
SEMINATION.—Information shall only be received, 
handled, stored, and disseminated by members of 
the Commission and its staff consistent with all ap-
plicable statutes, regulations, and Executive orders. 
(e) ASSISTANCE FROM FEDERAL AGENCIES.— 
(1) GENERAL
SERVICES
ADMINISTRATION.— 
The Administrator of General Services shall provide 
to the Commission on a reimbursable basis adminis-
trative support and other services to assist the Com-
mission in carrying out its duties. 
(2) OTHER DEPARTMENTS AND AGENCIES.—In 
addition to the assistance described in paragraph 
(1), departments and agencies of the United States 
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may provide to the Commission such services, funds, 
facilities, staff, and other support services as they 
may determine advisable and as may be authorized 
by law. 
(f) POSTAL SERVICES.—The Commission may use 
the United States mails in the same manner and under 
the same conditions as departments and agencies of the 
United States. 
(g) STAFF.— 
(1) IN GENERAL.— 
(A) APPOINTMENT AND COMPENSATION.— 
The Co-Chairmen, in accordance with rules 
agreed upon by the Commission, may appoint 
and fix the compensation of a staff director and 
such other personnel as may be necessary to en-
able the Commission to carry out its duties, 
without regard to the provisions of title 5, 
United States Code, governing appointments in 
the competitive service, and without regard to 
the provisions of chapter 51 and subchapter III 
of chapter 53 of such title relating to classifica-
tion and General Schedule pay rates, except 
that no rate of pay fixed under this subsection 
may exceed the equivalent of that payable for a 
position at level IV of the Executive Schedule 
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