,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #bhae  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #bd1 #bjac ,mr4 
,al ,gre5 ( ,texas 7= himself1 ,mrs4    
,c>olyn ,b4 ,maloney ( ,new ,york1 ,mr4 
,danny ,k4 ,davis ( ,ill9ois1 ,mr4      
,c>son ( ,indiana1 ,mr4 ,p]lmutt]1 &    
,ms4 ,moore7 introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,a ,,bill  ,to      
au?orize a pilot program to improve     
asset recov]y levels1 asset managem5t1 &
 home[n]%ip ret5tion ) respect to       
del9qu5t s+le-family mortgages insur$ "u
 ! ,,fha mortgage insurance programs by 
provid+ = 9-p]son contact outrea*       
activities ) mortgagors "u su*          
mortgages1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,,fha   
,9-,p]son ,s]vic+ ,improvem5t ,act (    
#bjac4  #b4 ,pilot program  7a7         
,au?ority ,! ,secret>y ( ,h\s+ & ,urban 
,developm5t %all c>ry out a pilot       
program "u ?is section to use ! au?ority
 "u section #bjd7;a77#b7 ( ! ,national  

,h\s+ ,act 7#ab ,u4,s4,c4 #agaj7;a77#b77
 to make paym5ts to a qualifi$ entity or
 entities to comp5sate = _! co/s ( mak+ 
9-p]son contact ) mortgagors ^: paym5ts 
"u cov]$ mortgages are m ?an #fj days   
pa/ due1 = ! purpose (--  7#a7 id5tify+ 
mortgagors eligible = loan modifications
 or ref9ances & provid+ packages to !   
mortgagee = su* purposes2  7#b7 id5tify+
 mortgag]s n eligible = a loan          
modification or ref9ance b will+ to     
engage 9 pre-=eclosure sales or de$s 9  
lieu ( =eclosure1 & provid+ in=mation to
 ! mortgagee 9 ord] to facilitate su*   
actions2  7#c7 id5tify+ :e!r a home's   
curr5t occupant is ! mortgagor or a     
r5t]1 & if n occupi$1 tak+ /eps to      
locate & make contact ) ! mortgagor2    
7#d7 provid+ in=mation to ! ,secret>y & 
! mortgagee reg>d+ ! condition ( ! home1
 9 ord] to facilitate any actions ne$$  
to prev5t ! det]ioration & loss ( value 
( ! home & assi/ ! ,dep>tm5t m g5]ally 9
 its asset managem5t responsibilities2 &
  7#e7 provid+ all relevant in=mation on

 mortgagors & homes to ! mortgagee on ! 
loan & ! ,secret>y 9 a =mat1 approv$ by 
! ,secret>y1 :i* helps improve asset    
managem5t & maximize asset recov]y ( ^! 
del9qu5t loans4  7b7 ,qualifi$ entities 
,= purposes ( ?is section1 ! t]m        
qualifi$ entity means a s+le entity or a
 consortia or p>tn]%ip ( entities t--   
7#a7 h exp]i5ce 9 c>ry+ out ! activities
 id5tifi$ 9 subsection 7a72  7#b7 are n 
affiliat$ ) ! mortgagor "u any ( ! cov]$
 mortgages = :i* x is au?oriz$ to c>ry  
out actions "u ! pilot program "u ?is   
section2 &  7#c7 comply ) all relevant  
,/ate & ,f$]al laws4  7c7 ,selection ( a
 qualifi$ entity or entities  7#a7      
,scope ,! ,secret>y %all h ! discretion 
to select qualifi$ entities to          
p>ticipate 9 ! pilot program "u ?is     
section4  7#b7 ,crit]ia ,su* selection  
%all be bas$ on ! qualifications &      
exp]i5ce ( ! entity or entities to c>ry 
out ! specific activities id5tifi$ 9    
subsection 7a71 includ+ ! level (       
infra/ructure capability 9 report+      

detail$ in=mation on ! mortgage loan1   
und]ly+ prop]ty1 & ! mortgagor4  7#c7   
,p>ticipat+ loans ,! ,secret>y %all make
 available n less ?an #ej1jjj & n m ?an 
#ajj1jjj loans t meet ! del9qu5cy       
crit]ia ( subsection 7a7 = ?is pilot    
program4  7#d7 ,tim+ ,! ,secret>y %all  
select ! qualifi$ entity & entities &   
make available loans "u ! pilot = _!    
p]=mance )9 #ij days ( ! enactm5t ( !   
,act4  7d7 ,paym5ts ,paym5ts to ! entity
 or entities select$ to c>ry out ! pilot
 program "u ?is section may be bas$ on--
  7#a7 a flat am\nt p] cov]$ mortgage2  
7#b7 a p]=mance success basis bas$ on-- 
7,a7 complet$ packages2 or  7,b7        
complet$ loan modifications1            
pre-=eclosure sales1 & de$s 9 lieu (    
=eclosure2 or  7#c7 a comb9ation ( !    
me?ods "u p>agraphs 7#a7 & 7#b74  7e7   
,prohibition on fees ,entities select$  
to p>ticipate 9 ! pilot program "u ?is  
section may n *>ge any fees or require  
any paym5ts1 directly or indirectly1 f !
 mortgagor or ! mortgagee ( a cov]$     

mortgage 9 connection any activities "u 
! program4  7f7 ,,hud review & report+  
,! ,secret>y %all publi% p]iodic updates
 on ! /atus ( ! pilot program "u ?is    
section1 comm5c+ n lat] ?an #cj days    
aft] ! completion ( actions "u          
subsection 7c77#a7 & 7c77#c71 & !reaft] 
n less (t5 ?an e #ij until t]m9ation ( !
 pilot program "u subsection 7h74 ,n    
lat] ?an #fj days aft] t]m9ation ( !    
pilot program1 ! ,secret>y %all submit  
to ! ,congress & make publicly available
 a f9al report on ! pilot program1      
includ+ in=mation & analysis ( p]=mance 
*>act]i/ics1 :i* may include comp>isons 
( e/imat$ asset recov]y levels "u !     
pilot program comp>$ to comp>able loans 
n includ$ 9 ! pilot & loans t h gone    
?r\gh loan sales4  7g7 ,def9itions ,=   
purposes ( ?is section1 ! foll[+        
def9itions %all apply3  7#a7 ,cov]$     
mortgage ,! t]m cov]$ mortgage means a  
mortgage on a #a- to #d-;family resid5ce
 insur$ "u subsection 7b7 or 7k7 (      
section #bjc1 section #bcd7;c71 or #bea 

( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 
#agji 7b7 or 7k71 #agaey7c71            
#agaez-#af74  7#b7 ,secret>y ,! t]m     
,secret>y means ! ,secret>y ( ,h\s+ &   
,urban ,developm5t4  7h7 ,t]m9ation ,!  
,secret>y may n make any paym5ts "u !   
pilot program "u ?is section to any     
qualifi$ entity = any 9-p]son contact ) 
a mortgagor t occurs aft] ! expiration (
 ! #bd-mon? p]iod beg9n+ ^u ! completion
 ( ! actions "u subsection 7c77#a7 &    
7c77#c74