An amendment numbered 7 printed in Part A of House Report 112-34 to require mortgage lenders and services participating in the HAMP program to continue to publicly report basic loan modification information.
What it does: Adds SEC. 3. CONTINUED REPORTING ON MORTGAGE MODIFICATIONS at the end of the bill
Rep. Doris O. Matsui (D-CA)Description
Amendment sought to require mortgage lenders and services participating in the HAMP program to continue to publicly report basic loan modification information.
What it changes
1 change to H.R. 839
We couldn't match these changes to the text of H.R. 839, so they're shown as written.
Adds SEC. 3. CONTINUED REPORTING ON MORTGAGE MODIFICATIONS at the end of the bill
Adds a sectionInserted: SEC. 3. CONTINUED REPORTING ON MORTGAGE MODIFICATIONS.
Inserted: Section 110 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5220) is amended by adding at the end the following new subsection:
Inserted: "(e) Continued Reporting on Mortgage Modifications.--
Inserted: "(1) Findings.--The Congress finds that--
Inserted: "(A) the data on mortgage modifications collected from mortgage servicers and lenders and made available to the public pursuant to the guidelines of the Home Affordable Modification Program has been a valuable tool for increasing transparency; and
Inserted: "(B) that the public would be served by having such servicers and lenders continue to report information on mortgage modifications.
Inserted: "(2) In general.--Each mortgage servicer and mortgage lender who participated in the Home Affordable Modification Program shall, monthly, disclose on a World Wide Web site owned by such servicer or lender, the following information:
Inserted: "(A) The number of requests for mortgage modifications that the servicer or lender has received.
Inserted: "(B) The number of requests for mortgage modifications that the servicer or lender has processed.
Inserted: "(C) The number of requests for mortgage modifications that the servicer or lender has approved.
Inserted: "(D) The number of requests for mortgage modifications that the servicer or lender has denied.
Inserted: "(3) Report to the congress.--At the time a mortgage servicer or mortgage lender discloses information pursuant to paragraph (1), such servicer or lender shall also issue a report to the Congress containing such information.
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Inserted: "(4) Rulemaking.--The Secretary of the Treasury shall issue such regulations as may be necessary to carry out this subsection, including regulations for the protection of the privacy interest of those individuals seeking mortgage modifications with the servicer or lender, including the deletion or alteration of the applicant's name and identification number.".
Original wording
Add at the end the following new section:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
Add at the end the following new section:
SEC. 3. CONTINUED REPORTING ON MORTGAGE MODIFICATIONS.
Section 110 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5220) is amended by adding at the end the following new subsection:
“(e) Continued Reporting on Mortgage Modifications.--
“(1) Findings.--The Congress finds that--
“(A) the data on mortgage modifications collected from mortgage servicers and lenders and made available to the public pursuant to the guidelines of the Home Affordable Modification Program has been a valuable tool for increasing transparency; and
“(B) that the public would be served by having such servicers and lenders continue to report information on mortgage modifications.
“(2) In general.--Each mortgage servicer and mortgage lender who participated in the Home Affordable Modification Program shall, monthly, disclose on a World Wide Web site owned by such servicer or lender, the following information:
“(A) The number of requests for mortgage modifications that the servicer or lender has received.
“(B) The number of requests for mortgage modifications that the servicer or lender has processed.
“(C) The number of requests for mortgage modifications that the servicer or lender has approved.
“(D) The number of requests for mortgage modifications that the servicer or lender has denied.
“(3) Report to the congress.--At the time a mortgage servicer or mortgage lender discloses information pursuant to paragraph (1), such servicer or lender shall also issue a report to the Congress containing such information.
“(4) Rulemaking.--The Secretary of the Treasury shall issue such regulations as may be necessary to carry out this subsection, including regulations for the protection of the privacy interest of those individuals seeking mortgage modifications with the servicer or lender, including the deletion or alteration of the applicant's name and identification number.”.
Legislative Activity
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House amendment offered
March 29, 2011
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House amendment offered
March 29, 2011
House amendment not agreed to: On agreeing to the Matsui amendment (A007) Failed by voice vote.
March 29, 2011 • 4:38 PM
Amendment failed in Committee of the Whole
March 29, 2011 • 4:38 PM
House amendment offered/reported by: Amendment (A007) offered by Ms. Matsui.(consideration: CR H2013-2014; text: CR H2013)
March 29, 2011 • 4:30 PM
Amendment (A007) offered by Ms. Matsui. (consideration: CR H2013-2014; text: CR H2013)
March 29, 2011 • 4:30 PM
On agreeing to the Matsui amendment (A007) Failed by voice vote.
March 29, 2011 • 4:38 PM