§5219b — Title 12 Banks and Banking | U.S. Code

Summary

The Treasury Secretary must change the rules for the Home Affordable Modification Program so that the data collected from each participating mortgage servicer and lender is made public. Within 14 days after each monthly deadline for submitting data, the Secretary must post on a Treasury website and send Congress a report showing how many modification requests each servicer or lender received, processed, approved, and denied. Within 60 days after each monthly deadline, the Secretary must publish individual-record data tables and issue rules for sharing them, including removing or changing names and ID numbers to protect applicants’ privacy.

Title 12, §5219b

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(a)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 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 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)Data shall be made available according to the following guidelines:

(1)Not more than 14 days after each monthly deadline for submission of data by mortgage servicers and lenders participating in the Program, reports shall be made publicly available by means of a World Wide Web site of the Secretary, and by submitting a report to the Congress, that shall includes the following information:

(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 monthly deadline for submission of data by mortgage servicers and lenders participating in the Program, the Secretary shall make data tables available to the public at the individual record 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 modification applicant, including the deletion or alteration of the applicant’s name and identification number.

Notes & Related Subsidiaries

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 principally 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 Protection Act, and not as part of the Emergency Economic Stabilization Act of 2008 which comprises this chapter.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the date on which final

Regulations

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

Summary

Title 12, §5219b

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Statutory Notes and Related Subsidiaries

Effective Date

Regulations

Regulations

Effective Date

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