Page:United States Statutes at Large Volume 123.djvu/1657

 123STA T . 1 6 3 7PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9ofThri f tSupe r v i s io n, sh al l j ointl y su bm it a report to the C ommittee on B an k in g , H ousing, an dU rban A ffairs of the Senate, the Com - mittee on F inan c ial Services of the House of R epresentatives on the volume of mortgage modifications reported to the O ffice of the Comptroller of the Currency and the Office of Thrift Supervision, under the mortgage metrics program of each such Office, during the previous q uarter, including the follo w ing
 * (1)

A copy of the data collection instrument currently used by the Office of the Comptroller of the Currency and the Office of Thrift Supervision to collect data on loan modifications . ( 2 ) The total number of mortgage modifications resulting in each of the following: (A) Additions of delinquent payments and fees to loan balances. (B) I nterest rate reductions and free z es. (C) Term e x tensions. ( D ) Reductions of principal. ( E ) Deferrals of principal. (F) Combinations of modifications described in subparagraph (A), (B), (C), (D), or (E). ( 3 ) The total number of mortgage modifications in which the total monthly principal and interest payment resulted in the following: (A) An increase. (B) Remained the same. (C) Decreased less than 1 0 percent. (D) Decreased between 10 percent and 20 percent. (E) Decreased 20 percent or more. ( 4 ) The total number of loans that have been modified and then entered into default, where the loan modification resulted in — (A) higher monthly payments by the homeowner (B) equivalent monthly payments by the homeowner; (C) lower monthly payments by the homeowner of up to 10 percent; (D) lower monthly payments by the homeowner of between 10 percent to 20 percent; or (E) lower monthly payments by the homeowner of more than 20 percent. (b) D AT AC OL L EC T I O N .— (1) RE QU I R E D .— (A) IN G ENERAL.— N ot later than 6 0 days after the date of the enactment of this Act, the Comptroller of the Currency and the Director of the Office of Thrift Super- vision, shall issue mortgage modification data collection and reporting requirements to institutions covered under the reporting requirement of the mortgage metrics program of the Comptroller or the Director. (B) INCLU S I V ENESS O F COLLECTIONS.—The require- ments under subparagraph (A) shall provide for the collec- tion of all mortgage modification data needed by the Comp- troller of the Currency and the Director of the Office of Thrift Supervision to fulfill the reporting requirements under subsection (a). (2) RE P ORT.—The Comptroller of the Currency shall report all requirements established under paragraph (1) to each com- mittee receiving the report required under subsection (a).