An amendment numbered 10 printed in House Report 110-450 to direct the GAO to conduct a study to determine the effects the enactment of H.R. 3915 will have on the availability and affordability of credit for homebuyers and mortgage lending, and to submit a report to Congress containing the findings and conclusions within one year of the enactment of the legislation.

1. Adds SEC. 214. REPORT BY THE GAO on page 79, line 20

   Adds a sectionPrinted page

   Inserted: SEC. 214. REPORT BY THE GAO.

   Inserted: (a) Report Required.--The Comptroller General shall conduct a study to determine the effects the enactment of this Act will have on the availability and affordability of credit for homebuyers and mortgage lending, including the effect--

   Inserted: (1) on the mortgage market for mortgages that are not within the safe harbor provided in the amendments made by this title;

   Inserted: (2) on the ability of prospective homebuyers to obtain financing;

   Inserted: (3) on the ability of homeowners facing resets or adjustments to refinance--for example, do they have fewer refinancing options due to the unavailability of certain loan products that were available before the enactment of this Act;

   Inserted: (4) on minorities' ability to access affordable credit compared with other prospective borrowers;

   Inserted: (5) on home sales and construction; (6) of extending the rescission right, if any, on adjustable rate loans and its impact on litigation; (7) of State foreclosure laws and, if any, an investor's ability to transfer a property after foreclosure; (8) of expanding the existing provisions of the Home Ownership and Equity Protection Act of 1994; (9) of prohibiting prepayment penalties on high-cost mortgages; and (10) of establishing counseling services under the Department of Housing and Urban Development and offered through the Office of Housing Counseling.

   Inserted: (b) Report.--Before the end of the 1-year period beginning on the date of the enactment of this Act, the Comptroller General shall submit a report to the Congress containing the findings and conclusions of the Comptroller General with respect to the study conducted pursuant to subsection (a).

   Original wording

   Page 79, after line 20, insert the following new section (and amend the table of contents accordingly):

Read automatically from the Congressional Record. Check the original before relying on it.

As printed