Page:United States Statutes at Large Volume 124.djvu/2198

124 STAT. 2172 PUBLIC LAW 111–203—JULY 21, 2010 (5) by inserting after paragraph (2) the following new para- graphs: ‘‘(3) REQUIREMENT UNDER HUD PROGRAMS.—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 counseling are aware of the certification requirements and standards of this subsection and of the training and certification programs under subsection (f).’’. SEC. 1446. 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 date of the enactment of this Act, 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 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 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 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 Public information. 12 USC 1701p–2. Deadlines. Reports.