§1715z–25 Mortgage modification data collecting and reporting

Summary

The Comptroller of the Currency and the Director of the Office of Thrift Supervision must send a joint report to the Senate Committee on Banking, Housing, and Urban Affairs and to the House Committee on Financial Services within 120 days after May 20, 2009, and every quarter after that. The report must cover mortgage modifications from the previous quarter and include a copy of the form used to collect the data; state-by-state totals of modifications that add missed payments or fees to balances, cut or freeze interest rates, extend loan terms, reduce principal, defer principal, or any mix of those changes; state-by-state totals showing whether monthly principal and interest went up, stayed the same, fell by less than 10 percent, fell by 10–20 percent, or fell by 20 percent or more; and state-by-state counts of loans that were modified and later went into default, broken down by whether the modification made monthly payments higher, the same, up to 10 percent lower, 10–20 percent lower, or more than 20 percent lower. Within 60 days after May 20, 2009, the Comptroller and the Director must give banks and thrifts the rules for collecting and reporting the mortgage modification data needed for these reports. They must update those rules within 60 days after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Comptroller must also send the collection rules to the same congressional committees that receive the quarterly report.