(a) Reporting Requirements-
Not later than 120 days after the date of the enactment of
this Act, and quarterly thereafter, the Comptroller of the
Currency, in coordination with the Director of the Office of
Thrift Supervision, shall submit a report to the Committee
on Banking, Housing, and Urban Affairs of the Senate, the
Committee on Financial Services of the House of
Representatives, and the Joint Economic Committee on the
volume of mortgage modifications reported to the Office of
the Comptroller of the Currency and the Office of Thrift
Supervision, under the mortgage metrics program of each such
Office, during the previous quarter, including the
following:
(1) The total number of
mortgage modifications resulting in each of the
following:
(A) Additions of
delinquent payments and fees to loan balances.
(B) Interest rate
reductions and freezes.
(D) Reductions of
principal.
(E) Deferrals of
principal.
(F) Combinations of
modifications described in subparagraph (A), (B),
(C), (D), or (E).
(2) The total number of
mortgage modifications in which the total monthly
principal and interest payment resulted in the
following:
(C) Decreased less
than 10 percent.
(D) Decreased 10
percent or more.
(b) Data Collection-
(A) IN GENERAL- Not
later than 60 days after the date of the enactment
of this Act, the Comptroller of the Currency and the
Director of the Office of Thrift Supervision, 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) INCLUSIVENESS OF
COLLECTIONS- The requirements under subparagraph (A)
shall provide for the collection of all mortgage
modification data needed by the Comptroller of the
Currency and the Director of the Office of Thrift
Supervision to fulfill the reporting requirements
under subsection (a).
(2) REPORT- The
Comptroller of the Currency shall report all
requirements established under paragraph (1) to each
committee receiving the report required under subsection
(a).
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