Page:United States Statutes at Large Volume 124.djvu/2232

 124 STAT. 2206 PUBLIC LAW 111–203—JULY 21, 2010 Department subsequently agreeing to purchase at least $200,000,000,000 of preferred stock from each enterprise in exchange for warrants for the purchase of 79.9 percent of each enterprise’s common stock. (9) The conservatorship for Fannie Mae and Freddie Mac has potentially exposed taxpayers to upwards of $5,300,000,000,000 worth of risk. (10) The hybrid public-private status of Fannie Mae and Freddie Mac is untenable and must be resolved to assure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable and not unfair, deceptive, or abusive. (b) SENSE OF THE CONGRESS.—It is the sense of the Congress that efforts to enhance by the protection, limitation, and regulation of the terms of residential mortgage credit and the practices related to such credit would be incomplete without enactment of meaningful structural reforms of Fannie Mae and Freddie Mac. SEC. 1492. GAO STUDY REPORT ON GOVERNMENT EFFORTS TO COM- BAT MORTGAGE FORECLOSURE RESCUE SCAMS AND LOAN MODIFICATION FRAUD. (a) STUDY.—The Comptroller General of the United States shall conduct a study of the current inter-agency efforts of the Secretary of the Treasury, the Secretary of Housing and Urban Development, the Attorney General, and the Federal Trade Commission to crack- down on mortgage foreclosure rescue scams and loan modification fraud in order to advise the Congress to the risks and vulnerabilities of emerging schemes in the loan modification arena. (b) REPORT.— (1) IN GENERAL.—The Comptroller General shall submit a report to the Congress on the study conducted under sub- section (a) containing such recommendations for legislative and administrative actions as the Comptroller General may deter- mine to be appropriate in addition to the recommendations required under paragraph (2). (2) SPECIFIC TOPICS.—The report made under paragraph (1) shall include— (A) an evaluation of the effectiveness of the inter- agency task force current efforts to combat mortgage fore- closure rescue scams and loan modification fraud scams; (B) specific recommendations on agency or legislative action that are essential to properly protect homeowners from mortgage foreclosure rescue scams and loan modifica- tion fraud scams; and (C) the adequacy of financial resources that the Federal Government is allocating to— (i) crackdown on loan modification and foreclosure rescue scams; and (ii) the education of homeowners about fraudulent scams relating to loan modification and foreclosure rescues. SEC. 1493. REPORTING OF MORTGAGE DATA BY STATE. (a) IN GENERAL.—Section 104(a) of the Helping Families Save Their Homes Act of 2009 (division A of Public Law 111–22) is amended— 12 USC 1715z–25.