Financial Reform Bill Requires TWO New Public Use Databases for Delinquency/Foreclosures AND HAMP Loan Modifications.

Finally! I have advocated for databases like this forever, I just hope that they are put into place quickly enough to make a difference. 

(I ALSO have a concern that the second database for loan modifications does NOT explicitly require release to the CT level [as does the first foreclosure and delinquency database], although the "individual record level" requirement would suggest that geographic data will be included). 

Buried within Title 14 of the Financial Reform bill is a requirement for a TWO NEW public access databases on 1.Foreclosures and Delinquencies and 2. HAMP Loan Modifications; I have pasted bill language for both below:

SEC. 1447. DEFAULT AND FORECLOSURE DATABASE.
6 (a) ESTABLISHMENT.—The Secretary of Housing and Urban Development and the Director of the Bureau, 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 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
(6) such other information as the Secretary ofousing 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 the database described in subsection (a), the Secretary of Housing and Urban Development and the Director of the Bureau shall—
(1) be subject to the standards applicable to Federal agencies for the protection of the confidentiality of personally identifiable information and for data security and integrity;
(2) implement the necessary measures to conform to the standards for data integrity and security described in paragraph (1); and
3) collect and make available information under this section, in accordance with paragraphs (5) and (6) of section 1022(c) and the rules prescribed under such paragraphs, in order to protect privacy and confidentiality.

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SEC. 1483. PUBLIC AVAILABILITY OF INFORMATION OF
MAKING HOME AFFORDABLE PROGRAM.
(a) REVISIONS TO PROGRAM GUIDELINES.—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), 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) PUBLIC AVAILABILITY.—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.

Originally created and posted on the Oregon Housing Blog.