,,ii  #aag? ,,congress  #b;d ,session   
,s4 #ecdb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ba1 #bjbb,mr4
 ,re$ 7= himself1 ,mr4 ,br[n1 ,mr4      
,wyd51 & ,ms4 ,smi?7 introduc$ ! foll[+ 
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,a ,,bill  ,to provide        
requirem5ts = ! bulk auction or gr\p    
sale ( c]ta9 non-p]=m+ loans1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,pres]v+ ,homes &          
,communities ,act ( #bjbb4  #b4 ,sale ( 
,,fha non-p]=m+ s+le family mortgage    
loans  7a7 ,9 g5]al ,title ,,ii ( !     
,national ,h\s+ ,act 7#ab ,u4,s4,c4     
#agjg et seq47 is am5d$ by add+ at ! end
 ! foll[+3  #bei4 ,sale ( non-p]=m+ s+le
 family mortgage loans  7a7 ,s+le family
 sales ,! ,secret>y may conduct sales ( 
#a or m ( s+le family non-p]=m+         
resid5tial mortgage loans insur$ "u ?is 
title only if ! foll[+ requirem5ts are  
met3 7#a7 ,! ,secret>y det]m9es t no o!r
 reasonable measures o!r ?an a sale are 

available to re/ore ! ,fund to1 or keep 
! ,fund above1 ! m9imum capital         
requirem5ts "u section #bje7;f77#d74    
7#b7 ,! ,secret>y e/abli%es a sy/em t   
provides priority to ,f$]al1 ,/ate1     
local1 or ,tribal gov]nm5ts or nonpr(it 
organizations t h ! capacity & exp]i5ce 
requir$ = buy+1 s]vic+1 & resolv+ s+le  
family mortgage loans 9 a mann] t       
promotes af=dable h\s+1 fair h\s+1      
af=dable home[n]%ip1 h\s+ c\nsel+1 or   
neighborhood /abilization4  7#c7        
,applicable loss mitigation requir$ "u  
section #bcj is exhau/$ be=e any loan is
 plac$ into ! loan sale4  7#d7 ,cle>1   
writt5 notice is s5t by c]tifi$ &       
fir/-class mail by ! s]vic] to ! borr[] 
( ! loan1 all own]s ( record1 & any     
applicable e/ate ( ! borr[] ) a copy s5t
 to ! ,secret>y1 n less ?an #ij days    
be=e ! inclusion ( ! loan 9 any s+le    
family sale-- 7,a7 /at+ t ! loan w be   
includ$ 9 a s+le family sale ( non-p]=m+
 loans2 &  7,b7 describ+ ! sale process1
 includ+-- 7i7 ! loss mitigation or o!r 

protections available to ! borr[] & o!r 
own]s ( record bo? be=e & aft] ! sale2  
7ii7 ! /atus ( any loss mitigation      
actions (f]$ by ! mortgagee ) respect to
 ! loan1 includ+ decisions on all loss  
mitigation reviews1 descriptions ( any  
loss mitigation options (f]$ or d5i$1 & 
support+ docum5tation = ! mo/ rec5t     
evaluation2 &  7iii7 ! obligations ( !  
s]vic] ( ! loan be=e & aft] ! sale1     
includ+ loss mitigation requirem5ts4    
7#e7 ,pur*as]s take loans subject to !  
foll[+ requirem5ts3 7,a7 ,! provision ( 
loss mitigation options to all eligible 
borr[]s t (f] t]ms & protections at lea/
 z favorable z ^? available "u loss     
mitigation guidel9es ( ! ,f$]al ,h\s+   
,adm9i/ration1 includ+ ! abs5ce ( fees =
 loss mitigation & loan modifications t 
r$uce paym5ts to an af=dable level4     
7,b7 ,writt51 public disclosure (       
po/-sale loss mitigation options4  7,c7 
,failure by ! pur*as] to foll[ !        
e/abli%$ loss mitigation guidel9es %all 
s]ve z a def5se to a judicial =eclosure 

& a basis to enjo9 or o!rwise /ay a     
non-judicial =eclosure4  7,d7 ,data     
report+ z provid$ "u subsection 7c77#a74
  7,e7 ,ma9t5ance ( vacant & ab&on$     
prop]ty1 includ+ ! paym5t ( local       
prop]ty taxes1 until su* "t z title is  
transf]r$ to a nonpr(it organization or 
! prop]ty is sold to a bona fide        
?ird-p>ty pur*as]4  7,f7 ,:]e a prop]ty 
becomes vacant1 ! pur*as] %all n release
 ! li5 until ! prop]ty is sold or       
donat$4  7,g7 ,use ( contract = de$1    
lease to own1 or a l& in/allm5t contract
 to sell or o!rwise transf] any prop]ty 
t is secur$ by a pur*as$ loan %all be   
prohibit$ unless ! t5ant or pur*as] is a
 nonpr(it organization4  7,h7 ,= all    
non-p]=m+ loans :]e a home ret5tion loss
 mitigation option is n possible & !    
pur*as] acquires ! prop]ty ?r\gh        
=eclosure sale1 #ge p]c5t ( ^? prop]ties
 %all be-- 7i7 sold at ! curr5t fair    
m>ket value to an own] occupant2  7ii7  
sold or donat$ to a nonpr(it or local   
gov]nm5t entity t w commit to #a ( !    

outcomes describ$ 9 clause 7i7 or 7iii72
  7iii7 = n less ?an ! #aj-ye> p]iod    
beg9n+ on ! date on :i* any entity      
initially leases ! prop]ty1 & ) respect 
to any new lease beg9n+ )9 su* #aj-ye>  
p]iod1 leas$ to a t5ant ) income t is n 
m ?an #ajj p]c5t ( ! area m$ian income  
at ! "t ! t5ant initially leases !      
prop]ty1 ) mon?ly r5ts t are n m ?an #cj
 p]c5t ( ! mon?ly h\sehold income1      
provid$ t ! prop]ty own] accepts z r5tal
 paym5t any legal s\rce ( income1       
includ+-- 7,i7 a h\s+ v\*] "u section #h
 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg   
7#db ,u4,s4,c4 #adcg;f7 & any =m (      
,f$]al1 ,/ate1 or local h\s+ assi/ance  
provid$ to a p]son or family or provid$ 
to a h\s+ own] on behalf ( a p]son or   
family1 includ+-- 7aa7 r5tal v\*]s2     
7bb7 r5tal assi/ance2  7cc7 r5tal       
subsidies f nongov]nm5tal organizations2
 &  7dd7 home[n]%ip subsidies2  7,,ii7  
income receiv$ z a mon?ly b5efit "u     
title ,,ii ( ! ,social ,security ,act   
7#db ,u4,s4,c4 #dja et seq471 z a       

supplem5tal security income b5efit "u   
title ,,xvi ( ! ,social ,security ,act  
7#db ,u4,s4,c4 #acha et seq471 or z a   
b5efit "u ! ,railroad ,retirem5t ,act ( 
#aigd 7#de ,u4,s4,c4 #bca et seq471     
includ+ any su* b5efit to :i* !         
individual is entitl$ = :i* paym5t is   
made to a repres5tative payee2  7,,iii7 
income receiv$ by c\rt ord]1 includ+    
sp\sal support & *ild support2  7,,iv7  
any paym5t f a tru/1 gu>dian1           
cons]vator1 cosign]1 or relative2 &     
7,v7 any o!r lawful s\rce ( income or   
funds1 includ+ sav+s acc\nts &          
inve/m5ts2 or  7iv7 = any prop]ty t is n
 habitable1 demoli%$ or donat$ to a l&  
bank ) a ca% donation to cov] demolition
 co/s4  7b7 ,direct loan sales ,!       
,secret>y may p]mit direct loan sales ( 
s+le family non-p]=m+ resid5tial loans  
insur$ "u ?is title only if-- 7#a7 !    
loans are sold to municipalities1 l&    
banks1 or nonpr(it organizations t "w 9 
af=dable h\s+1 h\s+ c\nsel+1 or         
neighborhood /abilization2  7#b7 !      

pur*as] complies ) ! requirem5ts "u     
p>agraph 7#e7 ( subsection 7a72 &  7#c7 
! pric+ reasonably reflects ! co/s (    
comply+ ) ! requirem5ts "u p>agraphs    
7#c7 ?r\gh 7#e7 ( subsection 7a74  7c7  
,data & report+  7#a7 ,pur*as] report+  
,dur+ ! #d-ye> p]iod foll[+ any s+le    
family sale ( non-p]=m+ resid5tial s+le 
family mortgage loans "u subsection 7a7 
or 7b71 ! ,secret>y %all require ea*    
pur*as] ( su* a loan1 includ+ any       
subsequ5t pur*as] ( ! loan1 to provide  
to ! ,secret>y qu>t]ly loan-level data  
reg>d+ ! treatm5t & outcome ( ! loan1   
includ+-- 7,a7 loan *>act]i/ics1 includ+
 loan type1 rema9+ loan t]m1 loan to    
value ratio1 numb] ( mon?s 9 arre>s1    
loss mitigation /atus1 & =eclosure /atus
 at "t ( sale2  7,b7 loss mitigation    
data1 includ+ :e!r loss mitigation 0    
provid$ by ! pur*as]1 debt-to-income    
ratio & p]c5t paym5t r$uction = any     
modifi$ loans1 =eclosures begun or      
complet$1 & p]=mance ( modifi$ loans2   
7,c7 demographic data = ! borr[] & any  

co-borr[]1 includ+ race1 national orig91
 sex1 ,,zip ,code1 & c5sus tract1 &1 if 
available1 disability /atus & vet]an    
/atus2 &  7,d7 o!r pur*as] actions1     
includ+ *>ge (fs & resales ( loans &    
dates = su* actions4  7#b7 ,semiannual  
reports to ,congress ,! ,secret>y %all  
submit to ,congress1 & make publicly    
available at no co/ to ! public 9 a =mat
 t is readily accessible on ! website ( 
! ,dep>tm5t ( ,h\s+ & ,urban            
,developm5t1 semi-annual reports to     
,congress on-- 7,a7 loans sold 9 a s+le 
family sale "u subsection 7a71          
disaggregat$ by pool1 includ+-- 7i7 !   
numb] ( loans & types ( loans2  7ii7    
mean & m$ian del9qu5cy & loan to value  
ratios at ! "t ( ! sale2  7iii7 ! numb] 
& p]c5tage ( own]-occupi$ prop]ties2    
7iv7 ! numb] & p]c5tage ( loans modifi$ 
prior to ! sale2  7v7 ! numb] & p]c5tage
 ( loans 9 =eclosure proce$+s at ! "t ( 
! sale2 &  7vi7 demographic & geographic
 data1 includ+ prop]ty locations by     
c5sus tract or l>g] geographic location 

if necess>y to protect p]sonally        
id5tifiable in=mation2  7,b7 ! p]=mance 
( loans aft] a s+le family sale "u      
subsection 7a71 disaggregat$ by loan    
pool1 includ+ ! initial pur*as]1 curr5t 
own]1 curr5t s]vic]1 data summ>iz+ any  
alt]natives to =eclosure (f]$ & enact$1 
& data summ>iz+ ! data collect$ "u      
p>agraph 7#a72  7,c7 ! results ( a fair 
l5d+ analysis conduct$ bas$ on ! data 9 
p>agraph 7#a7 to id5tify any            
discrim9atory impacts or outcomes       
associat$ ) ! sales2 &  7,d7 claims paid
 ?r\gh ! ,claims ,)\t ,conveyance (     
,title program "u section               
#bjd7;a77#a77;,c71 includ+ ! numb] (    
?ird-p>ty sales by ,,zip ,code1 :e!r    
pur*as]s are own]-occupants1 nonpr(it   
organizations1 gov]nm5t entities1 or    
inve/ors1 & ! s\rce ( funds or f9anc+   
us$ by pur*as]s4  7d7 ,p5alties =       
noncompliance ,! ,secret>y may-- 7#a7   
=cibly reta9 loans or prop]ties1 )\t    
provid+ comp5sation1 f pur*as]s t d n   
meet ! requirem5ts "u subsection        

7a77#e72 &  7#b7 enact additional       
p5alties = pur*as]s describ$ 9 p>agraph 
7#a7 t ! ,secret>y det]m9es h repeat$ly 
n compli$ ) ! requirem5ts "u subsection 
7a77#e71 includ+ monet>y p5alties &     
prohibition f p>ticipat+ 9 s+le family  
sales "u ?is section4  7e7 ,regulations 
,! ,secret>y %all issue regulations     
relat$ to s+le family sales 9 accordance
 ) ! requirem5ts 9 ?is section4  #bfj4  
,claims )\t conveyance ( title fir/ look
 program  7a7 ,claims )\t conveyance (  
title fir/ look program ,) respect to a 
?ird-p>ty sale ( prop]ties =eclos$ ^u & 
put up = sale 9 accordance ) section    
#bjd7;a77#a77;,c71 ! ,secret>y %all     
ma9ta9 an exclusive "r = eligible buy]s 
to pur*ase ^! prop]ties at a price at or
 bel[ ! fair m>ket value ( ! prop]ty 7) 
appropriate adju/m5ts7 = a specifi$     
p]iod ( "t at ! />t ( po/-=eclosure sale
 ef=ts4  7b7 ,eligible buy]s ,! "r to   
pur*ase a prop]ty "u subsection 7a7 %all
 be (f]$ to-- 7#a7 homebuy]s :o w occupy
 ! prop]ty z a pr9cipal resid5ce2  7#b7 

nonpr(it organizations t-- 7,a7 commit 9
 advance to rehabilitate ! prop]ty &    
dispose ( ! prop]ty = an all[able use & 
)9 a "t p]iod to be designat$ by !      
,secret>y by regulation2 &  7,b7 are    
pre-approv$ = p>ticipation by !         
,secret>y or a designee !re( to ensure t
 ! organization-- 7i7 ma9ta9s active    
tax-exempt /atus "u section #eja7;c77#c7
 ( ! ,int]nal ,rev5ue ,code2  7ii7 has a
 prim>y mission relat$ to-- 7,i7        
af=dable h\s+2 or  7,,ii7 community     
revitalization ?r\gh h\s+-relat$        
activities2 &  7iii7 has demon/rat$ n   
less ?an #b ye>s ( direct exp]i5ce )    
real e/ate project developm5t z an      
organizational entity2 &  7#c7 ,f$]al1  
,/ate1 local1 or ,tribal gov]nm5t       
ag5cies or in/rum5talities t meet !     
requirem5ts ( subp>agraph 7,a7 & clauses
 7ii7 & 7iii7 ( subp>agraph 7,b7 (      
p>agraph 7#b74  7c7 ,all[able uses ,an  
all[able use describ$ 9 ?is subsection  
%all include-- 7#a7 r5ovation & sale1   
or1 if ! prop]ty already meets ! m9imum 

prop]ty /&>ds set by ! ,assi/ant        
,secret>y = ,h\s+ & ,f$]al ,h\s+        
,commission]1 sale )\t r5ovation1 to an 
own]-occupant ) an income t is n m ?an  
#abj p]c5t ( ! area m$ian income2  7#b7 
r5ovation & creation ( af=dable         
home[n]%ip or1 if ! prop]ty already     
meets ! m9imum prop]ty /&>ds set by !   
,assi/ant ,secret>y = ,h\s+ & ,f$]al    
,h\s+ ,commission]1 creation ( af=dable 
home[n]%ip )\t r5ovation1 by a community
 l& tru/ or %>$ equity home[n]%ip       
program2  7#c7 r5ovation & r5tal to     
t5ants ) an income t is n m ?an #ajj    
p]c5t ( ! area m$ian income at ! "t !   
t5ant initially leases ! prop]ty1 )     
mon?ly r5ts t are n m ?an #cj p]c5t ( ! 
mon?ly h\sehold income1 = n less ?an !  
#aj-ye> p]iod beg9n+ on ! date on :i*   
any entity initially leases ! prop]ty1 &
 ) respect to any new lease beg9n+ )9   
su* #aj-ye> p]iod1 provid$ t ! prop]ty  
own] accepts z r5tal paym5t any legal   
s\rce ( income1 includ+-- 7,a7 a h\s+   
v\*] "u section #h ( ! ,unit$ ,/ates    

,h\s+ ,act ( #aicg 7#db ,u4,s4,c4       
#adcg;f7 & any =m ( ,f$]al1 ,/ate1 or   
local h\s+ assi/ance provid$ to a p]son 
or family or provid$ to a h\s+ own] on  
behalf ( a p]son or family1 includ+--   
7i7 r5tal v\*]s2  7ii7 r5tal assi/ance2 
7iii7 r5tal subsidies f nongov]nm5tal   
organizations2 &  7iv7 home[n]%ip       
subsidies2  7,b7 income receiv$ z a     
mon?ly b5efit "u title ,,ii ( ! ,social 
,security ,act 7#db ,u4,s4,c4 #dja et   
seq471 z a supplem5tal security income  
b5efit "u title ,,xvi ( ! ,social       
,security ,act 7#db ,u4,s4,c4 #acha et  
seq471 or z a b5efit "u ! ,railroad     
,retirem5t ,act ( #aigd 7#de ,u4,s4,c4  
#bca et seq471 includ+ any su* b5efit to
 :i* ! individual is entitl$ = :i*      
paym5t is made to a repres5tative payee2
  7,c7 income receiv$ by c\rt ord]1     
includ+ sp\sal support & *ild support2  
7,d7 any paym5t f a tru/1 gu>dian1      
cons]vator1 cosign]1 or relative2 &     
7,e7 any o!r lawful s\rce ( income or   
funds1 includ+ sav+s acc\nts &          

inve/m5ts2 &  7#d7 demolition1 b only if
 ! prop]ty is vacant or un9habitable &  
if ! demolition is "p ( a /rategy t     
incorporates rehabilitation1 new        
con/ruction1 or designation ( ! l& = use
 z a public am5ity4  7d7 ,report+       
requirem5ts  7#a7 ,9 g5]al ,ea* pur*as] 
( a prop]ty "u ?is section1 o!r ?an an  
own]-occupant1 %all1 on an annual basis 
until ! pur*as] completes ! all[able use
 ( ! prop]ty "u subsection 7c71 report  
to ! ,secret>y-- 7,a7 ! />t date &      
completion date ( any rehabilitation2   
7,b7 ! scope ( "w = & ! total co/ ( any 
rehabilitation2  7,c7 ! end-use ( !     
prop]ty1 includ+ sale to own]-occupant1 
use 9 a l& tru/ or o!r %>$ equity       
program1 or af=dable r5tal2  7,d7 !     
demographics ( ! end-us] ( ! prop]ty1   
:e!r an own]-occupant or a t5ant1       
includ+ race1 national orig91 sex1 ,,zip
 ,code1 & c5sus tract1 &1 if available1 
disability /atus & vet]an /atus2 &  7,e7
 ! approximate income ( ! end-us] ( !   
prop]ty express$ z a p]c5tage ( ! area  

m$ian income4  7#b7 ,availability ,!    
,secret>y %all1 on an annual basis1 make
 ! in=mation collect$ "u p>agraph 7#a7  
publicly available at no co/ to ! public
 9 a readily accessible =mat on !       
website ( ! ,dep>tm5t ( ,h\s+ & ,urban  
,developm5t4  7e7 ,use ( ?ird-,p>ty     
v5dors ,! ,secret>y may contract ) a    
?ird-p>ty v5dor to assi/ 9 c>ry+ out !  
provisions ( ?is section1 includ+ to--  
7#a7 pre-approve nonpr(it organizations 
= p>ticipation 9 ! ,claims ,)\t         
,conveyance ( ,title ,fir/ ,look        
program2  7#b7 monitor compliance )     
all[able uses & "t p]iods designat$ by !
 ,secret>y by regulation2 &  7#c7       
facilitate report+ to ! ,secret>y4  7f7 
,access ,! ,secret>y %all ensure t any  
eligible buy] seek+ to pur*ase a prop]ty
 "u ?is section c easily access &       
inspect ! prop]ty prior to mak+ a       
commitm5t to pur*ase ! prop]ty4  4  7b7 
,regulations ,n lat] ?an #ah mon?s aft] 
! date ( enactm5t ( ?is ,act1 !         
,secret>y ( ,h\s+ & ,urban ,developm5t  

%all promulgate regulations to c>ry out 
! am5dm5ts made by ?is section4  #c4    
,sale ( ,fannie ,mae & ,fr$die ,mac     
non-p]=m+ loans ,! ,f$]al ,h\s+         
,ent]prises ,f9ancial ,safety &         
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#deja et seq47 is am5d$ by ins]t+ aft]  
section #acbh 7#ab ,u4,s4,c4 #dedh7 !   
foll[+3  #acbi4 ,sale ( non-p]=m+ loans 
7a7 ,bulk auction or gr\p sales ,an     
ent]prise may n conduct bulk auctions or
 o!r gr\p sales ( s+le family non-p]=m+ 
resid5tial loans unless ! foll[+        
requirem5ts are met3 7#a7 ,! ent]prise  
e/abli%es a sy/em t provides priority to
 ,f$]al1 ,/ate1 local1 or ,tribal       
gov]nm5ts or nonpr(it organizations t h 
! capacity & exp]i5ce requir$ = buy+1   
s]vic+1 & resolv+ s+le family mortgage  
loans 9 a mann] t promotes af=dable     
h\s+1 fair h\s+1 af=dable home[n]%ip1   
provision ( h\s+ c\nsel+1 or            
neighborhood /abilization4  7#b7        
,applicable loss mitigation is exhau/$  
be=e a loan may be plac$ into ! bulk    

auction or gr\p sale4  7#c7 ,cle>1      
writt5 notice is s5t by ! ent]prise or  
s]vic] ?r\gh c]tifi$ & fir/-class mail  
to ! borr[] & all own]s ( record1 ) a   
copy s5t to ! ent]prise if s5t by !     
s]vic]1 n less ?an #ij days be=e !      
inclusion ( ! loan 9 any propos$ sale-- 
7,a7 /at+ t ! loan w be includ$ 9 a bulk
 auction or gr\p sale ( non-p]=m+ loans2
 &  7,b7 describ+ ! bulk auction or gr\p
 sale process1 includ+-- 7i7 ! loss     
mitigation or o!r protections available 
to ! borr[] & o!r own]s ( record bo?    
be=e & aft] ! auction or sale2  7ii7 !  
/atus ( any loss mitigation actions (f]$
 by ! mortgagee ) respect to ! loan1    
includ+ decisions on all loss mitigation
 reviews1 descriptions ( any loss       
mitigation options (f]$ or d5i$1 &      
support+ docum5tation = ! mo/ rec5t     
evaluation2 &  7iii7 ! obligations ( !  
s]vic] ( ! loan be=e & aft] ! auction or
 sale1 includ+ loss mitigation          
requirem5ts4  7#d7 ,! ent]prise requires
 9 ! t]ms ( ! bulk auction or gr\p sale 

t pur*as]s take loans subject to !      
foll[+ requirem5ts3 7,a7 ,! pur*as] is  
requir$ to provide loss mitigation      
options to all eligible borr[]s t (f]   
t]ms & protections at lea/ z favorable z
 ^? available "u loss mitigation        
guidel9es ( ! ent]prise1 includ+ !      
abs5ce ( fees = loss mitigation & loan  
modifications t r$uce paym5ts to an     
af=dable level4  7,b7 ,! pur*as] is     
requir$ to provide writt51 public       
disclosure ( po/-sale loss mitigation   
options t ! pur*as] makes available to  
eligible borr[]s4  7,c7 ,failure by !   
pur*as] to foll[ ! e/abli%$ loss        
mitigation guidel9es %all s]ve z a      
def5se to a judicial =eclosure & a basis
 to enjo9 or o!rwise /ay a non-judicial 
=eclosure4  7,d7 ,data report+ z provid$
 "u subsection 7b77#b74  7,e7 ,if a     
prop]ty becomes vacant1 ! pur*as] %all n
 release ! li5 until ! prop]ty is sold  
or donat$4  7,f7 ,use ( contract = de$1 
lease to own1 or a l& in/allm5t contract
 to sell or o!rwise transf] any prop]ty 

t is secur$ by a pur*as$ loan %all be   
prohibit$ unless ! t5ant or pur*as] is a
 nonpr(it organization )\t obta9+ prior 
p]mission f ! ent]prise4  7,g7 ,= all   
non-p]=m+ loans :]e a home-ret5tion loss
 mitigation option is n possible & !    
pur*as] acquires ! prop]ty ?r\gh        
=eclosure sale1 #ge p]c5t ( ^? prop]ties
 %all be-- 7i7 sold at ! curr5t fair    
m>ket value to an own]-occupant2  7ii7  
sold or donat$ to a nonpr(it or local   
gov]nm5t entity t w commit to #a ( !    
outcomes describ$ 9 clause 7i7 or 7iii72
  7iii7 = n less ?an ! #aj-ye> p]iod    
beg9n+ on ! date on :i* any entity      
initially leases ! prop]ty1 & ) respect 
to any new lease beg9n+ )9 su* #aj-ye>  
p]iod1 leas$ to a t5ant ) an income t is
 n m ?an #ajj p]c5t ( ! area m$ian      
income at ! "t ! t5ant initially leases 
! prop]ty1 ) mon?ly r5ts t are n m ?an  
#cj p]c5t ( ! mon?ly h\sehold income1   
provid$ t ! prop]ty own] accepts z r5tal
 paym5t any legal s\rce ( income1       
includ+-- 7,i7 a h\s+ v\*] "u section #h

 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg   
7#db ,u4,s4,c4 #adcg;f7 & any =m (      
,f$]al1 ,/ate1 or local h\s+ assi/ance  
provid$ to a p]son or family or provid$ 
to a h\s+ own] on behalf ( a p]son or   
family1 includ+-- 7aa7 r5tal v\*]s2     
7bb7 r5tal assi/ance2  7cc7 r5tal       
subsidies f nongov]nm5tal organizations2
 &  7dd7 home[n]%ip subsidies2  7,,ii7  
income receiv$ z a mon?ly b5efit "u     
title ,,ii ( ! ,social ,security ,act   
7#db ,u4,s4,c4 #dja et seq471 z a       
supplem5tal security income b5efit "u   
title ,,xvi ( ! ,social ,security ,act  
7#db ,u4,s4,c4 #acha et seq471 or z a   
b5efit "u ! ,railroad ,retirem5t ,act ( 
#aigd 7#de ,u4,s4,c4 #bca et seq471     
includ+ any su* b5efit to :i* !         
individual is entitl$ = :i* paym5t is   
made to a repres5tative payee2  7,,iii7 
income receiv$ by c\rt ord]1 includ+    
sp\sal support & *ild support2  7,,iv7  
any paym5t f a tru/1 gu>dian1           
cons]vator1 cosign]1 or relative2 &     
7,v7 any o!r lawful s\rce ( income or   

funds1 includ+ sav+s acc\nts &          
inve/m5ts2 or  7iv7 = any prop]ty t is n
 habitable1 demoli%$ or donat$ to a l&  
bank ) a ca% donation to cov] demolition
 co/s4  7#e7 ,! ent]prise ma9ta9s vacant
 & ab&on$ prop]ty until su* "t z title  
is transf]r$ to a nonpr(it organization 
or ! prop]ty is sold to a bona fide     
?ird-p>ty pur*as]4  7b7 ,data & report+ 
7#a7 ,pur*as] report+ ,dur+ ! #d-ye>    
p]iod foll[+ any auction or sale ( s+le 
family non-p]=m+ resid5tial mortgage    
loans "u subsection 7a71 ! ,director    
%all require ! ent]prise to collect f   
ea* pur*as] ( su* loans1 includ+ any    
subsequ5t pur*as] ( a loan1 qu>t]ly     
loan-level data reg>d+ ! treatm5t &     
outcome ( ! loan1 includ+-- 7,a7 loan   
*>act]i/ics1 includ+ loan type1 rema9+  
loan t]m1 loan to value ratio1 numb] (  
mon?s 9 arre>s1 loss mitigation /atus1 &
 =eclosure /atus at "t ( sale2  7,b7    
loss mitigation data1 includ+ :e!r loss 
mitigation 0 provid$ by ! pur*as]1      
debt-to-income ratio & p]c5t paym5t     

r$uction = any modifi$ loans1 =eclosures
 begun or complet$1 & p]=mance ( modifi$
 loans2  7,c7 demographic data = ea*    
borr[] & any co-borr[]1 includ+ race1   
national orig91 sex1 ,,zip ,code1 &     
c5sus tract1 &1 if available1 disability
 /atus & vet]an /atus2 &  7,d7 o!r      
pur*as] actions1 includ+ *>ge (fs &     
resales ( loans & dates = su* actions4  
7#b7 ,semiannual reports to ,congress ,!
 ,director %all submit to ,congress1 &  
make publicly available at no co/ to !  
public 9 a readily accessible =mat on ! 
website ( ! ,ag5cy1 semi-annual reports 
on-- 7,a7 loans sold 9 an auction or    
sale "u subsection 7a7 by ea* ent]prise1
 disaggregat$ by pool1 includ+-- 7i7 !  
numb] ( loans & types ( loans2  7ii7    
mean & m$ian del9qu5cy & loan to value  
ratios at ! "t ( ! sale2  7iii7 ! numb] 
& p]c5tage ( own]-occupi$ prop]ties2    
7iv7 ! numb] & p]c5tage ( loans modifi$ 
prior to auction or sale2  7v7 ! numb] &
 p]c5tage ( loans 9 =eclosure proce$+s  
at ! "t ( auction or sale2 &  7vi7      

demographic & geographic data1 includ+  
prop]ty locations by c5sus tract or l>g]
 geographic location if necess>y to     
protect p]sonally id5tifiable in=mation2
  7,b7 ! p]=mance ( loans aft] an       
auction or sale "u subsection 7a71      
disaggregat$ by loan pool1 includ+ !    
initial pur*as]1 curr5t own]1 curr5t    
s]vic]1 data summ>iz+ any alt]natives to
 =eclosure (f]$ & enact$1 & data        
summ>iz+ ! data collect$ "u subp>agraph 
7,a72 &  7,c7 ! results ( a fair l5d+   
analysis conduct$ bas$ on ! data 9      
subp>agraphs 7,a7 & 7,b7 to id5tify any 
discrim9atory impacts or outcomes       
associat$ ) ! auctions or sales4  7c7   
,p5alties = noncompliance ,! ent]prises 
may-- 7#a7 =cibly reta9 loans or        
prop]ties1 )\t provid+ comp5sation1 f   
pur*as]s t d n meet ! requirem5ts "u    
subsection 7a77#d72 &  7#b7 enact       
additional p5alties = pur*as]s describ$ 
9 p>agraph 7#a7 t ! ,director det]m9es h
 repeat$ly n compli$ ) ! requirem5ts "u 
subsection 7a77#e71 includ+ monet>y     

p5alties & prohibition f p>ticipat+ 9   
sales "u ?is section4  7d7 ,regulations 
,! ,director %all issue regulations     
def9+ ! t]ms ( p]missible auctions or   
sales 9 accordance ) ! requirem5ts 9 ?is
 section4  4