An amendment numbered 13 printed in House Report 110-450 to allow regulators to fine mortgage originators, assignees and securitizers who more than occasionally (`pattern or practice') violate the minimum standards for loans established in the bill at least $1 million, $25,000 per loan. Proceeds would be held in trust by the US Treasury for the benefit of borrowers who have no other avenue for obtaining a remedy.

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   Inserted: (10) Pattern or practice of violations.--

   Inserted: (A) In general.--In addition to any money penalty that may be imposed by any agency referred to in subsection (a) or (c) of section 108 under any provision of law referred to in such section in connection with such agency or any other enforcement action taken by such agency under such section, any creditor, assignee, or securitizer which engages in a pattern or practice of originating, assigning, or securitizing residential mortgage loans that violate subsection (a) or (b) shall forfeit and pay a civil penalty of--

   Inserted: (i) not less than $25,000 for each such loan; and

   Inserted: (ii) $1,000,000 for engaging in such pattern or practice.

   Inserted: (B) Information.--Any person may submit information to any agency referred to in subparagraph (A) regarding any pattern or practice of violating subsection (a) or (b) and such agency shall promptly bring such complaint to the attention of any other such agency which may have jurisdiction over any person involved in the alleged violation.

   Inserted: (11) Trust fund for consumers without remedy.--

   Inserted: (A) In general.--Any civil money penalty collected under paragraph (10) shall be transferred to the Secretary of the Treasury to be held in trust in the Consumers Rescission and Cure Remedial Fund for the benefit of borrowers with residential mortgage loans that were originated in violation of subsection (a) or (b) for which the consumers are eligible for rescission or cure but have no party against whom to assert such remedies.

   Inserted: (B) Regulations.--The Secretary of the Treasury shall prescribe regulations establishing--

   Inserted: (i) a claims process for consumers described in subparagraph (A) to file claims against the Consumers Rescission and Cure Remedial Fund for rescission or cure of a residential mortgage loan that was originated in violation of subsection (a) or (b);

   Inserted: (ii) a procedure for administrative determination of claims, and the allowance or disallowance of any such claim, and a review of such determination; and

   Inserted: (iii) a process for payment of any claim allowed against the Fund to effectuate a rescission or cure as part of a final settlement entered into by the consumer with the Secretary with respect to such claim.

   Inserted: (C) Finality.--Any determination by the Secretary under this paragraph shall be final and not subject to judicial review.

   Original wording

   Page 64, after line 12, insert the following new paragraphs:

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As printed