H.r. 4173

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CONGRESSGOV
H.R4173
Act

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Dodd-Frank Wall Street Reform and Consumer Protection

111th Congress (2009-2010)

Sponsor:
Committees:

R:. Frank Barney I D-MA-41 (Introduced 12/02/2009)
House Agriculture; Financial Services; Energy and Commerce; Judiciary; Rules: Budget: Oversight
and Government Reform: Ways and Means Senate Banking, Housing, and Urban Affairs
Committee Reports: H. Rept. 111-5l7tConkrnencs Rentit)
Latest Action:
07/21/2010 Became Public Law No: 111-203. (IXPIPEF) (All Actions)
Roll Call Votes:
There have been 25 roll call votes
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Tracker: Introduced

Summary(4)

Passed Senate

Passed House

Actions(199)

Text(7)

Titles(54)

Resolving Differences

Amendments(24)

Cosponsors(0)

To President

Became Law

Committees(9)

Related Bills(6)

There are 7 versions: Public Law (07/21/2010)

Text available as: TXT

PDF

Shown Here:
Public Law No: 111-203 (0712112010)
[111th Congress Public Law 203)
[Prom the U.S. Government Printing Office]

[[Page 1375]]
DODD-PRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
[[Page 124 STAT.

1376]]

Public Law 111—203
111th Congress
An Act

To promote the financial stability of the United States by improving
accountability and transparency in the financial system, to end ‘‘too
big to fail’’, to protect the American taxpayer by ending bailouts, to
protect consumers from abusive financial services practices, and for
other purposes.

<>

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, <>

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Subtitle C--High—Cost Mortgages
Sec.

1431.

Definitions relating to high—cost mortgages.

Sec.

1432.

Amendments to existing requirements for certain mortgages.

Sec.

1433.

Additional requirements for certain mortgages.
Subtitle 0--Office of Rousing Counseling

Sec.

1441.

Sec.

1442.

Establishment of Office of Housing Counseling.

Sec.

1443.

Counseling procedures.

Sec.

1444.

Grants for housing counseling assistance.

Sec.

1445.

Requirements to use HUD—certified coumselors under HtJD
programs.

Sec.

1446.

Study of defaults and foreclosures.

Sec.

1447.

Default and foreclosure database.

Sec.

1448.

Definitions for counseling—related programs.

Sec.

1449.

Sec.

1450.

Accountability and transparency for grant recipients.
Updating and simplification of mortgage information booklet.

[[Page 124

Short title.

STAT.

13861]

Sec.

1451.

Home inspection counseling.

Sec.

1452.

Warnings to homeowners of foreclosure rescue scams.
Subit1e E——Mortgage Servicing

Sec.

1461.

Sec.

1462.

Escrow and impound accounts relating to certain consumer
credit transactions.
Disclosure notice required for consumers who waive escrow
services.

Sec.

1463.

Real Estate Settlement Procedures Act of 1974 amendments.

Sec.

1464.

Truth in Lending Act amendments.

Sec.

1465.

Escrows included in repayment analysis.
Subtitle F——Appraisal Activities

Sec.

1471.

Property appraisal requirements.

Sec.

1472.

Appraisal independence requirements.

Sec.

1473.

Amendments relating to Appraisal Subcommittee of FFIEC,
Appraiser Independence Monitoring, Approved Appraiser
Education,

Appraisal Management Companies,

Complaint Hotline,

Appraiser

Automated Valuation Models,

and Broker

Price Opinions.
Sec.

1474.

Equal Credit Opportunity Act amendment.

Sec.

1475.

Real Estate Settlement Procedures Act of 1974 amendment

Sec.

1476.

GAO study on the effectiveness and impact of various
appraisal methods, valuation models and distributions

relating to certain appraisal fees.

channels,

and on the Home Valuation Code of conduct and the

Appraisal Subcommittee.
Subtitle G-—Mortgage Resolution and Modification
Sec.

1481.

Multifamily mortgage resolution program.

Sec.

1482.

Home Affordable Modification Program guidelines.

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Corrections and

Unintentional <> Violations.-—A

creditor or assignee in a high-cost mortgage who,

when acting in good
fails to comply with any requirement under this section will not
be deemed to have violated such requirement if the creditor or assignee
faith,

establishes that either——
within 30 days of the loan closing and prior to the
the consumer is notified of or

(1)

institution of any action,
discovers the violation,

appropriate restitution is made, and
whatever adjustments are necessary are made to the loan to
either, at the choice of the consumer—
‘‘

(A)

chapter;

make the loan satisfy the requirements of this
or

(B)

in the case of a high-cost mortgage,

change

the terms of the loan in a manner beneficial to the
consumer so that the loan will no longer be a high—cost
mortgage;

or

(2)

within 60 days of the creditor’s discovery or receipt
of notification of an unintentional violation or bona fide error
and prior to the institution of any action, the consumer is
notified of the compliance failure, aporopriate restitution is
made, and whatever adjustments are necessary are made to the
loan to either,

at the choice of the consumer—

(A)
chapter;

make the loan satisfy the requirements of this
or

(B) in the case of a high-cost mortgage, change
the terms of the loan in a manner beneficial so that the
loan will no longer be a high-cost mortgage.’’.
Subtitle D—-Off ice <>

of Housing Counseling

SEC.

12 USC 1701 note.>> SHORT TITLE.

1441.

<> Secretary shall appoint an
advisory committee to provide advice regarding the
carrying our of the functions of the Director.
(B) Members.--Such advisory committee shall
consist of not more than 12 individuals, and the
membership of the committee shall equally represent the
mortgage and real estate industry, including consumers
and housing counseling agencies certified by the
Secretary.
(C) Terms.—-Except as provided in subparagraph
each member of the advisory committee shall be
appointed for a term of 3 years. Members may be
(D),

reappointed at the discretion of the Secretary.
‘‘CD) Terms of initial appointees.——As designated by
the Secretary at the time of appointment, of the members
first appointed to the advisory committee, 4 shall be
appointed for a term of 1 year and 4 shall be appointed
for a term of 2 years.
(E) Prohibition of pay; travel expenses.——Members
of the advisory committee shall serve without pay, but
shall receive travel expenses,
lieu of subsistence,

including per diem in
in accordance with applicable

provisions under subchapter I of chapter 57 of title 5,
United States Code.
‘(F) Advisory role only.--The advisory committee
shall have no role in reviewing or awarding housing
counseling grants.
(5) Scope of homeownership counseling.——In carrying out
the responsibilities of the Director, the Director shall ensure
that homeownership counseling provided by, in connection with,
or pursuant to any function,

activity, or program of the
Department addresses the entire process of homeownership,
including the decision to purchase a home, the selection and
purchase of a home, issues arising during or affecting the
period of ownership of a home

(including refinancing, default
and other financial decisions), and the sale or
other disposition of a home. ‘
and foreclosure,

SEC.

1443.

COUNSELING PROCEDURES.

(a)

In General.——Section 106 of the Housing and Urban Development
(12 U.S.C. 1701x) is amended by adding at the end the
following new subsection:

Act of 1968
‘(g)

Procedures and Activities.——
‘‘(1)

[[Page 124 STAT.

Counseling <>

procedures.-

2166])
‘‘(A)

In general.-—The Secretary shall establish,
and monitor the administration by the
Department of Housing and Urban Development of the
counseling procedures for homeownership counseling and
coordinate,

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rental housing counseling provided in connection with
any program of the Department,
requirements,

standards,

including all

and performance measures that

relate to homeownership and rental housing counseling.
(B) Homeownership counseling.—-For purposes of
this subsection and as used in the provisions referred
to in this subparagraph, the term ‘homeownership
counseling’ means counseling related to homeownership
and residential mortgage loans.

Such term includes

counseling related to homeownership and residential
mortgage loans that is provided pursuant to——
(i)

section 105(a) (20)

of the Housing and

Community Development Act of 1974

(42 U.S.C.

5305 (a) (20));
(ii)

in the United States Housing Act of

1937——
‘‘(I)

section 9(e)

(42 U.S.C.

1437g (e)
(II)

section 8(y) (1) )D)

(42 U.S.C.

1437f)y) (1) (D));
‘‘(III)
U.S.C.

section 18(a) (4) (D)

(42

l437p(a)(4)(D));

‘‘(IV)

section 23(c) (4)

(42 U.S.C.

1437u(c) )4)
)V)

section 32(e) (4)

(42 U.S.C.

1437z—4 (e) (4)
‘‘(VI)
U.S.C.

section 33(d) (2) (B)
1437z—5(d) (2) (B));

‘‘(VII)
303)b) (7)

sections 302(b) (6)

(42 U.S.C.

1437aaa—2(b) (7));
‘(VIII)
U.S.C.

)42
and

l437aaa—l(b) (6),

and

section 304(c) (4)

(42

1437aaa—3(c)(4));

‘(iii) section 302(a) (4) of the American
Homeownership and Economic Opportunity Act of 2000
)42 U.S.C.

1437f note);

“(iv)

and 258(b) of the
Cranston—Gonzalez National Affordable Housing Act
(42 U.S.C. 12773(b) (2), 12808(b));
‘‘(v)

sections 233(b) (2)

this section and section 101(e)

Housing and Urban Development Act of 1968
U.S.C.

1701x,

of the
(12

l7Olw(e));

(vi) section 220(d) (2) (G) of the Low-Income
Housing Preservation and Resident Homeownership
Act of 1990 (12 U.S.C. 4110(d) (2) (G));
(vii)
424(c) )4),

sections
442(b) (6),

422(b) (6),

423(b) (7),

and 443(b) (6)

of the

Cranston-Gonzalez National Affordable Housing Act
(42 U.S.C. 12872(b) (6), 12873(b) (7), 12874(c) (4),
12892(b) (6), and 12893(b) (6))
“(viii) section 491(b) (1) (F) (iii) of the
McKinney—Vento Homeless Assistance Act (42 U.S.C.
11408 (b) (1) (F) (iii));
‘‘(ix) sections 202(3) and 810(b) (2) (A) of the
Native American Housing and Self—Determination Act
of 1996 (25 U.S.C. 4132(3), 4229(b) (2) (A));
(x)

in the National Housing Act—

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in section 203 (12 U.S.C.
the penultimate unäesignated

‘‘(I)

1709),

paragraph of paragraph
[[Page 124 STAT.

(2)

2167)]
of subsection
and subsection

,

subsection

(III)

(c) (2) (A)

(r) (4)

subsections

(II)
section 237
(m) (1)

(b)

(a)

(12 U.S.C.

and

(c) (3)

l715z—2);

of

and

subsections

(d) (2) (B) and
(12 U.S.C. 1715z—

of section 255

20);
‘‘(xi)
of 1949

section 502(h) (4) (B)

(42 U.S.C.

of the Housing Act

1472 (h) (4) (B)

(xii) section 508 of the Housing and Urban
Development Act of 1970 (12 U.S.C. l701z—7); and
‘‘

(xiii)

of 1992
(C)

section 106 of the Energy Policy Act
12712 note)

(42 U.S.C.

Rental housing counseling.——For purposes of
the term ‘rental housing counseling’

this subsection,

means counseling related to rental of residential
property, which may include counseling regarding future
homeownership opoorcunities and providing referrals for
renters and prospective renters to entities providing
counseling and shall include counseling related to such
topics that is provided pursuant to-—
‘‘(i) section 105(a) (20) of the Housing and
Community Development Act of 1974 (42 U.S.C.
5305(a) (20)
(ii)

in the United States Housing Act of

1937——
‘‘(I)

section 9(e)

(42 U.S.C.

l437g(e)
‘‘(II)
U.S.C.

section 18(a) (4) (D)

(42

1437p(a)(4((D));

‘‘(III)

section 23(c) (4)

(42 U.S.C.

1437u(c) (4));
‘‘(IV)

section 32(e) (4)

(42 U.S.C.

1437z—4 (e) (4)
‘‘(V) section 33(d) (2) (B) (42 U.S.C.
l437z—5 (d) (2) (B) ) ; and
‘‘(VI) section 302(b) (6) (42 U.S.C.
1437aaa—1 (b) (6));
‘‘(iii) section 233(b) (2) of the Cranston—
Gonzalez National Affordable Housing Act (42
U.S.C. 12773(b) (2));
(iv) section 106 of the Housing and Urban
Development Act of 1968 (12 U.S.C. l7Olx(;
‘‘(v( section 422(b) (6) of the CranstonGonzalez National Affordable Housing Act (42
U.S.C.

12872(b) (6));

‘‘(vi)

section 491(b) (1) (F) (iii) of the
Mchinney-Vento Homeless Assistance Act (42 U.S.C.
11408 (b) (1) (F) (iii));
‘‘(vii) sections 202(3) and 810(b) (2) (A) of
the Native American Housing and Self—Determination

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Act of 1996

(25 U.S.C.

4132(3),

4229(b) (2) (A));

and
(viii) the rental assistance program under
section 8 of the United States Housing Act of 1937
(42 U.S.C.
(2)

Standards

143ff)

for materials.——The Secretary,

in
consultation with the advisory committee established under
subsection (g) (4) of the Department of Housing and Urban
Development Act,
forms to be used,

shall establish standards for materials and
as appropriate, by organizations providing

homeownership counseling services,
assistance pursuant to subsection
55(3)

[[Page 124 STAT.

including any recipients of
(a) (4)

Mortgage software systems.-—
2168]]
‘

(A) Certification.--The Secretary shall provide
for the certification of various computer software
programs for consumers to use in evaluating different
residential mortgage loan proposals. The Secretary shall
for such certification, that the mortgage

require,

software systems take into account——
(i)

the consumers financial situation and

the cost of maintaining a home, including
insurance, taxes, and utilities;
(ii) the amount of time the consumer expects
to remain in the home or expected time to maturity
of the loan; and
(iii) such other factors as the Secretary
considers appropriate to assist the consumer in
evaluating whether to pay points, to lock in an
interest rate, to select an adjustable or fixed
rate loan,

to select a conventional or government-

insured or guaranteed loan and to make other
choices during the loan application process.
If the Secretary determines that available existing
software is inadequate to assist consumers during the
residential mortgage loan application process, the
Secretary shall arrange for the development by private
sector software companies of new mortgage software
systems that meet the Secretarys specifications.
(B)

Use and initial availability.——Such certified
shall be used to supplement,

computer software programs

not replace, housing counseling. The Secretary shall
provide that such programs are initially used only in
connection with the assistance of housing counselors
certified pursuant to subsection

(e)

(C)

Availability.--After <>
a
period of initial availability under subparagraph (B) as
the Secretary considers appropriate, the Secretary shall
take reasonable steps to make mortgage software systems
certified pursuant to this paragraph widely available
through the Internet and at public locations,
public libraries,

senior—citizen centers,

including

public housing

sites,

offices of public housing agencies that
administer rental housing assistance vouchers, and
housing counseling centers.

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(D) Budget compliance.—-This paragraph shall be
effective only to the extent that amounts to carry out
this paragraph are made available in advance in
appropriations Acts.
(4)

National public service multimedia campaigns to

promote housing counseling.——
(A)

In general.——The Director of Housing

Counseling shall develop,

implement, and conduct
national public service multimedia campaigns designed to
make persons facing mortgage foreclosure, persons
considering a subprime mortgage loan to purchase a hone,
persons who face language barriers,

elderly persons,

low-income persons,

minorities,

and other potentially

vulnerable consumers aware that it is advisable,

before

seeking or maintaining a residential mortgage loan,

to

obtain homeownership counseling from an unbiased and
reliable
[[Page 124

STAT.

2169]]
sources and that such homeownership counseling is
including through programs sponsored by the
Secretary of Housing and Urban Development.
available,
(B)

Contact information.-- <> Each segment of the
multimedia campaign under subparagraph (A) shall
publicize the toll-free telephone number and website of
the Department of Housing and Urban Development through
which persons seeking housing counseling can locate a
housing counseling agency in their State that is
certified by the Secretary of Housing and Urban
Development and can provide advice on buying a home,
defaults, foreclosures, credit issues, and
reverse mortgages.
renting,

(C) Authorization of appropriations.—-There are
authorized to be appropriated to the Secretary, not to
exceed $3,000,000 for fiscal years 2009, 2010, and 2011,
for the development, implementation, and conduct of
national public service multimedia campaigns under this
paragraph.
(D)

Foreclosure rescue education programs.-

(i) In general.-—Ten percent of any funds
appropriated pursuant to the authorization under
subparagraph (C) shall be used by the Director of
Housing Counseling to conduct an education program
in areas that have a high density of foreclosure.
Such program shall involve direct mailings to
persons living in such areas describing-—
(I)

tips on avoiding foreclosure

rescue scams;
•

(II)

tips on avoiding predatory

lending mortgage agreements;
•
(III) tips on avoiding for—profit
fcreclosure counseling services; and
•
(IV) local counseling resources
that are approved by the Department of
Housing and Urban Development.

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(ii)

Program emphasis.--In conducting the

education program described under clause

(i), the
Director of Rousing Counseling shall also place an
emphasis on serving communities that have a high
percentage of retirement communities or a high
percentage of low-income minority communities.
(iii)

Terms defined.--For purposes of this

subparagraph:
(I)

High density of

foreclosures.——An area has a ‘high
density of foreclosures
if such area is
one of the metropolitan statistical
areas

(as that term is defined by the
Director of the Office of Management and
Budget)

with the highest home

foreclosure rates.
(II)

High percentage of retirement

communities.——An area has a

‘high

percentage of retirement communities

if

such area is one of the metropolitan
statistical areas (as that term is
defined by the Director of the Office of
Management and Budget) with the highest
percentage of residents aged 65 or
older.
(III) High percentage of lowincome minority communities.--An area
has a
[[Page 124 STAT.

‘high

21701]
percentage of low-income minority
communities’ if such area contains a
higher—than-normal percentage of
residents who are both minorities and
low-income, as defined by the Director

of Housing Counseling.
Education programs.-—The Secretary shall provide
advice and technical assistance to States, units of general
‘‘(5)

local government, and nonprofit organizations regarding the
establishment and operation of, including assistance with the
development of content and materials for, educational programs
to inform and educate consumers, particularly those most
vulnerable with respect to residential mortgage loans (such as
elderly persons, persons facing language barriers, low—income
persons,

minorities,

consumers)

and other potentially vulnerable

regarding home mortgages, mortgage refinancing, home
equity loans, home repair loans, and where appropriate by
region, any requirements and costs associated with obtaining
,

flood or other disaster—specific insurance coverage.
(5) Conforming Amendments to Grant Program for Homeownership
Counseling Organizations .--Section 106(c) (5) )A) (ii) of the Housing and
Urban Development Act of 1968 (12 U.S.C. 1701x)c) (5) (A) (ii)) is
amended(1)

in subclause

)III)

(2)

in subclause

(IV)

‘and’’ at the end;
,
by striking
by striking the period at the end and
‘

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inserting
(3)

“;

and’’;

and

by inserting after subclause

(IV)

the following new

subclause:
(V) <> notify
the housing or mortgage applicant of the
availability of mortgage software
systems provided pursuant to subsection
(g) (3)
SEC.

1444.

GRANTS FOR HOUSING COUNSELING ASSISTANCE.

Section 106(a)
U.S.C.

of the Housing sod Urban Development Act of 1968
is amended by adding at the end the following new

1701x(a))

(12

paragraph:
(4)

Homeownership and Rental Counseling Assistance.——

(A) In general.—-The Secretary shall make financial
assistance available under this paragraph to HUD—approved
housing counseling agencies and State housing finance agencies.
“(B) Qualified entities.——
The <>
Secretary shall establish
standards and guidelines for eligibility of organizations
(including governmental and nonprofit organizations) to receive

assistance under this paragraph,
(D)

in accordance with subparagraph

(C) Distribution.——Assistance made available under this
paragraph shall be distributed in a manner that encourages
efficient and successful counseling programs and that ensures
adequate distribution of amounts for rural areas having
traditionally low levels of access to such counseling services,
including areas with insufficient access to the Internet. In
distributing such assistance,

the Secretary may give priority
consideration to entities serving areas with the highest home
foreclosure rates.
(D)

Limitation on distribution of assistance.--

(i) In general.--None of the amounts made
available under this paragraph shall be distributed to——
[[Page 124 STAT.

2171]]
‘

(I) any organization which has been
convicted for a violation under Federal law
relating to an election for Federal office; or
(II) any organization which employs
applicable individuals.
‘‘(ii)

Definition of applicable individuals.——In

this subparagraph,

the term ‘applicable individual’
means an individual who-(I)

is(as) employed by the organization
in a permanent or temporary capacity;
‘‘

‘‘

(bb)

contracted or retained by the
or

organization;

(cc) acting on behalf of, or with
the express or apparent authority of,
the organization; and
(II) has been convicted for a violation
under Federal law relating to an election for
Federal office.
‘‘

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Grantmaking process.——In making assistance available

(E)

under this paragraph,

the Secretary shall consider appropriate
ways of streamlining and improving the processes for grant
application, review, approval, and award.
Authorization of appropriations.——There are authorized

(F)

to be appropriated $45,000,000
through 2012

for each of fiscal years 2009

for-‘

(i) the operations of the Office of Housing
Counseling of the Department of Housing and Urban
Development;
(ii)

the responsibilities of the Director of

Housing Counseling under paragraphs

(2)

through

(5)

of

subsection

(g); and
(iii) assistance pursuant to this paragraph for
entities providing homeownership and rental
counseling.’
SEC.

1445.

REQUIREMENTS TO USE HUD-CERTIFIED COUNSELORS UNDER HUD
PROGRAMS.

Section 106(e)
U.S.C.

1701x(e))

of the Housing and Urban Development Act of 1969

by striking paragraph

(1)

(12

is amended——
(1)

and inserting the following

new paragraph:
(1) Requirement for assistance.—-An organization may not
receive assistance for ocunseling activities under subsection
fa) (1) (iii), (a) (2), (a) (4), Cc), or (d) of this section, or
under section 101(e), unless the organization, or the
individuals through which the organization provides such
has been certified by the Secretary under this

counseling,

subsection as competent to provide such counseling.’’;
(2) in paragraph (2)——
(A)

by inserting

‘5and for certifying

organizations’

before the period at the end of the

first sentence;

and

(B)

in the second sentence by striking ‘‘for
certification’ ‘ and inserting
for certification of
an organization, that each individual through which the
organization provides counseling shall demonstrate, and,
‘5,

(3)
be fore

for certification of an individual, ‘
in paragraph (3), by inserting ‘‘organizations and’
‘‘individuals’ ‘;

(4)
[(Page 124

STAT.

by redesignating paragraph

(3)

as paragraph

(5);

and

21721)

(5) by inserting after paragraph
paragraphs:

(2)

the following new

‘‘(3) Requirement under bud prograns.--Any homeownership
counseling or rental housing counseling (as such terms are
defined in subsection (g) (1)) required under, or provided in
connection with, any program administered by the Department of
Housing and Urban Development shall be provided only by
organizations or counselors certified by the Secretary under
this subsection as competent to provide such counseling.
(4) Outreach.——The Secretary shall take such actions as
the Secretary considers appropriate to ensure that individuals
and organizations providing homeownership or rental housing

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Text H.R.4173
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111th Congress (2009-20 10): Dodd-frank Wall Street Reform and... Page 894 of 950

counseling are aware of the certification requirements and
standaras of this subsection and of the training and
certification programs under subsection
SEC.

1446.

(fl

STUDY OF DEFAULTS AND FORECLOSURES.

The Secretary of Housing and Urban Development shall conduct an
extensive study of the root causes of default and foreclosure of home
loans, using as much empirical data as are available. The study shall
also examine the role of escrow accounts in helping prime and nonprime
borrowers to avoid defaults and foreclosures, and the role of computer
registries of mortgages, including those used for trading mortgage
loans.

Not later <> than 12 months after the
the Secretary shall submit to the
Congress a preliminary report regarding the study. Not later than 24
months after such date of enactment, the Secretary shall submit a final
date of the enactment of this Act,

report regarding the results of the study,

which shall include any
recommended legislation relating to the study, and recommendations for
best practices and for a process to identify populations that need
counseling the most.
SEC. 1447. <> DEFAULT AND FORECLOSURE
DATABASE.
(a) Establishment.——The <>
Secretary of
Housing and Urban Development and the Director of the Suresu, in
consultation with the Federal agencies responsible for regulation of
banking and financial institutions involved in residential mortgage
lending and servicing, shall establish and maintain a database of
information on foreclosures and defaults on mortgage loans for one— to
four-unit residential properties and shall make such information
publicly available, subject to subsection (e)
(b) Census Tract Data.--Information in the database may be
collected, aggregated, and made available on a census tract basis.
(c) Requirements.--Information collected and made available through
the database shall include-—
(1) the number and percentage of such mortgage loans that
are delinquent by more than 30 days;
(2) the number and percentage of such mortgage loans that
are delinquent by more than 90 days;
(3)

the number and percentage of such properties that are

real estate-owned;
(4)

number and percentage of such mortgage loans that are in

the foreclosure process;
(5) the number and percentage of such mortgage loans that
have an outstanding principal obligation amount that is greater
than the value of the property for which the loan was made; and
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2173])

(6) such other information as the Secretary of Housing and
Urban Development and the Director of the Bureau consider
appropriate.
)d) Rule of Construction.--Nothing in this section shall be
construed to encourage discriminatory or unsound allocation of credit or
lending policies or practices.
(e)

Privacy and Confidentiality.——In establishing and maintaining

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