Page 832 — Public Law 111-203 including PTFA amendments

124 STAT. 2206 PUBLIC LAW 111–203—JULY 21, 2010

Department subsequently agreeing to purchase at least
$200,000,000,000 of preferred stock from each enterprise in
exchange for warrants for the purchase of 79.9 percent of
each enterprise’s common stock.
(9) The conservatorship for Fannie Mae and Freddie Mac
has potentially exposed taxpayers to upwards of
$5,300,000,000,000 worth of risk.
(10) The hybrid public-private status of Fannie Mae and
Freddie Mac is untenable and must be resolved to assure that
consumers are offered and receive residential mortgage loans
on terms that reasonably reflect their ability to repay the
loans and that are understandable and not unfair, deceptive,
or abusive.
(b) SENSE OF THE CONGRESS.—It is the sense of the Congress
that efforts to enhance by the protection, limitation, and regulation
of the terms of residential mortgage credit and the practices related
to such credit would be incomplete without enactment of meaningful
structural reforms of Fannie Mae and Freddie Mac.

SEC. 1492. GAO STUDY REPORT ON GOVERNMENT EFFORTS TO COM-
BAT MORTGAGE FORECLOSURE RESCUE SCAMS AND
LOAN MODIFICATION FRAUD.
(a) STUDY.—The Comptroller General of the United States shall
conduct a study of the current inter-agency efforts of the Secretary
of the Treasury, the Secretary of Housing and Urban Development,
the Attorney General, and the Federal Trade Commission to crack-
down on mortgage foreclosure rescue scams and loan modification
fraud in order to advise the Congress to the risks and vulnerabilities
of emerging schemes in the loan modification arena.
(b) REPORT.—
(1) IN GENERAL.—The Comptroller General shall submit
a report to the Congress on the study conducted under sub-
section (a) containing such recommendations for legislative and
administrative actions as the Comptroller General may deter-
mine to be appropriate in addition to the recommendations
required under paragraph (2).
(2) SPECIFIC TOPICS.—The report made under paragraph
(1) shall include—
(A) an evaluation of the effectiveness of the inter-
agency task force current efforts to combat mortgage fore-
closure rescue scams and loan modification fraud scams;
(B) specific recommendations on agency or legislative
action that are essential to properly protect homeowners
from mortgage foreclosure rescue scams and loan modifica-
tion fraud scams; and
(C) the adequacy of financial resources that the Federal
Government is allocating to—
(i) crackdown on loan modification and foreclosure
rescue scams; and
(ii) the education of homeowners about fraudulent
scams relating to loan modification and foreclosure
rescues.

SEC. 1493. REPORTING OF MORTGAGE DATA BY STATE.

LAWS (a) IN GENERAL.—Section 104(a) of the Helping Families Save 12 USC Their Homes Act of 2009 (division A of Public Law 111–22) is 1715z–25. amended—PUBLIC with on anorris VerDate Nov 24 2008 04:10 Sep 04, 2010 Jkt 089139 PO 00203 Frm 00832 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203