Sec. 207. Improving foreclosure loss mitigation efforts for mortgages made, insured, or guaranteed by Federal agencies
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In this section— the term applicable agency means— with respect to the Secretary of Housing and Urban Development, the Department of Housing and Urban Development; with respect to the Secretary of Agriculture, the Department of Agriculture; and with respect to the Secretary of Veterans Affairs, the Department of Veterans Affairs; and the term covered loans and mortgages means, with respect to an applicable agency, loans for and mortgages on 1- to 4-family homes made, insured, or guaranteed by the applicable agency.
Not later than 6 months after the date of enactment of this Act, and every year thereafter, the Secretary of Housing and Urban Development, the Secretary of Agriculture, and the Secretary of Veterans Affairs shall each analyze the effectiveness and long-term costs and benefits of the programs, actions, and strategies of the applicable agency for avoidance or mitigation of foreclosure losses with respect to covered loans and mortgages of the applicable agency, which shall include an analysis of— the re-default rates associated with various types of loss mitigation actions; and the impacts that loan and borrower characteristics have on the performance of different loss mitigation actions.
Upon completion of each analysis conducted under subsection (b), the Secretary of Housing and Urban Development, the Secretary of Agriculture, and the Secretary of Veterans Affairs shall each use the results of the analysis with respect to the covered loans of the applicable agency to— re-evaluate the programs, actions, and strategies of the applicable agency for avoidance or mitigation of foreclosure losses with respect to covered loans and mortgages; and provide additional guidance to servicers of covered loans and mortgages to more effectively target and implement loss mitigation efforts.
The Secretary of Housing and Urban Development, the Secretary of Agriculture, and the Secretary of Veterans Affairs shall— collect such information regarding covered loans and mortgages of the applicable agency as may be necessary to conduct each analysis required under subsection (b), including loan level data and information regarding loan performance; or require servicers of the covered loans and mortgages of the applicable agency to provide any such information not maintained or collected by the applicable agency.
The Secretary of Housing and Urban Development, the Secretary of Agriculture, and the Secretary of Veterans Affairs shall consult and coordinate with each other in conducting each analysis and re-evaluation required under subsections
(b)and (c), respectively, to ensure the sharing of information and promote effective loss mitigation efforts.