12 U.S.C. § 5219b — Public availability of information of

Page 1806 TITLE 12—BANKS AND BANKING § 5219a 2009—Subsec. (a). Pub. L. 111–5 designated existing provisions as par. (1), inserted par. (1) heading, and added par. (2). § 5219a. Home Affordable Modification Program guidelines (a) Net present value input data The Secretary of the Treasury (in this section referred to as the ‘‘Secretary’’) shall revise the supplemental directives and other guidelines for the Home Affordable Modification Program of the Making Home Affordable initiative of the Secretary of the Treasury, authorized under the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) [12 U.S.C. 5201 et seq.], to require each mortgage servicer participating in such program to provide each borrower under a mortgage whose request for a mortgage modi- fication under the Program is denied with all borrower-related and mortgage-related input data used in any net present value (NPV) anal- yses performed in connection with the subject mortgage. Such input data shall be provided to the borrower at the time of such denial. (b) Web-based site for NPV calculator and appli- cation (1) NPV calculator In carrying out the Home Affordable Modi- fication Program, the Secretary shall estab- lish and maintain a site on the World Wide Web that provides a calculator for net present value analyses of a mortgage, based on the Secretary’s methodology for calculating such value, that mortgagors can use to enter infor- mation regarding their own mortgages and that provides a determination after entering such information regarding a mortgage of whether such mortgage would be accepted or rejected for modification under the Program, using such methodology. (2) Disclosure Such Web site shall also prominently dis- close that each mortgage servicer partici- pating in such Program may use a method for calculating net present value of a mortgage that is different than the method used by such calculator. (3) Application The Secretary shall make a reasonable ef- fort to include on such World Wide Web site a method for homeowners to apply for a mort- gage modification under the Home Affordable Modification Program. (c) Public availability of NPV methodology, com- puter model, and variables The Secretary shall make publicly available, including by posting on a World Wide Web site of the Secretary— (1) the Secretary’s methodology and com- puter model, including all formulae used in such computer model, used for calculating net present value of a mortgage that is used by the calculator established pursuant to sub- section (b); and (2) all non-proprietary variables used in such net present value analysis. (Pub. L. 111–203, title XIV, § 1482, July 21, 2010, 124 Stat. 2203.) Editorial Notes REFERENCES IN TEXT The Emergency Economic Stabilization Act of 2008, referred to in subsec. (a), is div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, which is classified prin- cipally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 5201 of this title and Tables. CODIFICATION Section was enacted as part of the Mortgage Reform and Anti-Predatory Lending Act, and also as part of the Dodd-Frank Wall Street Reform and Consumer Pro- tection Act, and not as part of the Emergency Eco- nomic Stabilization Act of 2008 which comprises this chapter. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on the date on which final regula- tions implementing such section take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade. § 5219b. Public availability of information of Making Home Affordable Program (a) Revisions to Program guidelines The Secretary of the Treasury (in this section referred to as the ‘‘Secretary’’) shall revise the guidelines for the Home Affordable Modification Program of the Making Home Affordable initia- tive of the Secretary of the Treasury, authorized under the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) [12 U.S.C. 5201 et seq.], to provide that the data being collected by the Secretary from each mortgage servicer and lender participating in the Program is made public in accordance with subsection (b). (b) Public availability Data shall be made available according to the following guidelines: (1) Not more than 14 days after each month- ly deadline for submission of data by mortgage servicers and lenders participating in the Pro- gram, reports shall be made publicly available by means of a World Wide Web site of the Sec- retary, and by submitting a report to the Con- gress, that shall includes the following infor- mation: (A) The number of requests for mortgage modifications under the Program that the servicer or lender has received. (B) The number of requests for mortgage modifications under the Program that the servicer or lender has processed. (C) The number of requests for mortgage modifications under the Program that the servicer or lender has approved. (D) The number of requests for mortgage modifications under the Program that the servicer or lender has denied. (2) Not more than 60 days after each month- ly deadline for submission of data by mortgage servicers and lenders participating in the Pro- gram, the Secretary shall make data tables available to the public at the individual record Page 1807 TITLE 12—BANKS AND BANKING § 5220 1 See References in Text note below. 2 So in original. Probably should be ‘‘mortgage-backed’’. level. The Secretary shall issue regulations prescribing— (A) the procedures for disclosing such data to the public; and (B) such deletions as the Secretary may determine to be appropriate to protect any privacy interest of any mortgage modifica- tion applicant, including the deletion or al- teration of the applicant’s name and identi- fication number. (Pub. L. 111–203, title XIV, § 1483, July 21, 2010, 124 Stat. 2203.) Editorial Notes REFERENCES IN TEXT The Emergency Economic Stabilization Act of 2008, referred to in subsec. (a), is div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, which is classified prin- cipally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 5201 of this title and Tables. CODIFICATION Section was enacted as part of the Mortgage Reform and Anti-Predatory Lending Act, and also as part of the Dodd-Frank Wall Street Reform and Consumer Pro- tection Act, and not as part of the Emergency Eco- nomic Stabilization Act of 2008 which comprises this chapter. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on the date on which final regula- tions implementing such section take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade. § 5220. Assistance to homeowners (a) Definitions As used in this section— (1) the term ‘‘Federal property manager’’ means— (A) the Federal Housing Finance Agency, in its capacity as conservator of the Federal National Mortgage Association and the Fed- eral Home Loan Mortgage Corporation; (B) the Corporation, with respect to resi- dential mortgage loans and mortgage- backed securities held by any bridge deposi- tory institution pursuant to section 1821(n) of this title; and (C) the Board, with respect to any mort- gage or mortgage-backed securities or pool of securities held, owned, or controlled by or on behalf of a Federal reserve bank, other than mortgages or securities held, owned, or controlled in connection with open market operations under sections 348a and 353 to 359 of this title,1 or as collateral for an advance or discount that is not in default; (2) the term ‘‘consumer’’ has the same mean- ing as in section 1602 of title 15; (3) the term ‘‘insured depository institution’’ has the same meaning as in section 1813 of this title; and (4) the term ‘‘servicer’’ has the same mean- ing as in section 2605(i)(2) of this title. (b) Homeowner assistance by agencies (1) In general To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed 2 securities, and other assets secured by residential real estate, including multifamily housing, the Federal property manager shall implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and considering net present value to the taxpayer, to take advan- tage of the HOPE for Homeowners Program under section 1715z–23 of this title or other available programs to minimize foreclosures. (2) Modifications In the case of a residential mortgage loan, modifications made under paragraph (1) may include— (A) reduction in interest rates; (B) reduction of loan principal; and (C) other similar modifications. (3) Tenant protections In the case of mortgages on residential rent- al properties, modifications made under para- graph (1) shall ensure— (A) the continuation of any existing Fed- eral, State, and local rental subsidies and protections; and (B) that modifications take into account the need for operating funds to maintain de- cent and safe conditions at the property. (4) Timing Each Federal property manager shall de- velop and begin implementation of the plan re- quired by this subsection not later than 60 days after October 3, 2008. (5) Reports to Congress Each Federal property manager shall, 60 days after October 3, 2008, and every 30 days thereafter, report to Congress specific infor- mation on the number and types of loan modi- fications made and the number of actual fore- closures occurring during the reporting period in accordance with this section. (6) Consultation In developing the plan required by this sub- section, the Federal property managers shall consult with one another and, to the extent possible, utilize consistent approaches to im- plement the requirements of this subsection. (c) Actions with respect to servicers In any case in which a Federal property man- ager is not the owner of a residential mortgage loan, but holds an interest in obligations or pools of obligations secured by residential mort- gage loans, the Federal property manager shall— (1) encourage implementation by the loan servicers of loan modifications developed under subsection (b); and (2) assist in facilitating any such modifica- tions, to the extent possible.