[Pages S4224-S4225]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4201. Mr. FRANKEN (for himself and Ms. Snowe) submitted an 
amendment intended to be proposed by him to the bill H.R. 4899, making 
emergency supplemental appropriations for disaster relief and summer 
jobs for the fiscal year ending September 30, 2010, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

             Subtitle __--Office of the Homeowner Advocate

     SEC. 1091. OFFICE OF THE HOMEOWNER ADVOCATE.

       (a) Establishment.--There is established in the Department 
     of the Treasury an office to be known as the ``Office of the 
     Homeowner Advocate'' (in this subtitle referred to as the 
     ``Office'').
       (b) Director.--
       (1) In general.--The Director of the Office of the 
     Homeowner Advocate (in this subtitle referred to as the 
     ``Director'') shall report directly to the Assistant 
     Secretary of the Treasury for Financial Stability, and shall 
     be entitled to compensation at the same rate as the highest 
     rate of basic pay established for the Senior Executive 
     Service under section 5382 of title 5, United States Code.
       (2) Appointment.--The Director shall be appointed by the 
     Secretary, after consultation with the Secretary of the 
     Department of Housing and Urban Development, and without 
     regard to the provisions of title 5, United States Code, 
     relating to appointments in the competitive service or the 
     Senior Executive Service.
       (3) Qualifications.--An individual appointed under 
     paragraph (2) shall have--
       (A) experience as an advocate for homeowners; and
       (B) experience dealing with mortgage servicers.
       (4) Restriction on employment.--An individual may be 
     appointed as Director only if such individual was not an 
     officer or employee of either a mortgage servicer or the 
     Department of the Treasury during the 4-year period preceding 
     the date of such appointment.
       (5) Hiring authority.--The Director shall have the 
     authority to hire staff, obtain support by contract, and 
     manage the budget of the Office of the Homeowner Advocate.

     SEC. 1092. FUNCTIONS OF THE OFFICE.

       (a) In General.--It shall be the function of the Office--
       (1) to assist homeowners, housing counselors, and housing 
     lawyers in resolving problems with the Home Affordable 
     Modification Program of the Making Home Affordable initiative 
     of the Secretary, authorized under the Emergency Economic 
     Stabilization Act of 2008 (in this subtitle referred to as 
     the ``Home Affordable Modification Program'');
       (2) to identify areas, both individual and systematic, in 
     which homeowners, housing counselors, and housing lawyers 
     have problems in dealings with the Home Affordable 
     Modification Program;
       (3) to the extent possible, to propose changes in the 
     administrative practices of

[[Page S4225]]

     the Home Affordable Modification Program, to mitigate 
     problems identified under paragraph (2);
       (4) to identify potential legislative changes which may be 
     appropriate to mitigate such problems; and
       (5) to implement other programs and initiatives that the 
     Director deems important to assisting homeowners, housing 
     counselors, and housing lawyers in resolving problems with 
     the Home Affordable Modification Program, which may include--
       (A) running a triage hotline for homeowners at risk of 
     foreclosure;
       (B) providing homeowners with access to housing counseling 
     programs of the Department of Housing and Urban Development 
     at no cost to the homeowner;
       (C) developing Internet tools related to the Home 
     Affordable Modification Program; and
       (D) developing training and educational materials.
       (b) Authority.--
       (1) In general.--Staff designated by the Director shall 
     have the authority to implement servicer remedies, on a case-
     by-case basis, subject to the approval of the Assistant 
     Secretary of the Treasury for Financial Stability.
       (2) Limitations on foreclosures.--No homeowner may be taken 
     to a foreclosure sale, until the earlier of the date on which 
     the Office of the Homeowner Advocate case involving the 
     homeowner is closed, or 60 days since the opening of the 
     Office of the Homeowner Advocate case involving the homeowner 
     have passed, except that nothing in this section may be 
     construed to relieve any loan servicers from any otherwise 
     applicable rules, directives, or similar guidance under the 
     Home Affordable Modification Program relating to the 
     continuation or completion of foreclosure proceedings.
       (3) Resolution of homeowner concerns.--The Office shall, to 
     the extent possible, resolve all homeowner concerns not later 
     than 30 days after the opening of a case with such homeowner.
       (c) Commencement of Operations.--The Office shall commence 
     its operations, as required by this subtitle, not later than 
     3 months after the date of enactment of this Act.
       (d) Sunset.--The Office shall cease operations as of the 
     date on which the Home Affordable Modification Program ceases 
     to operate.

     SEC. 1093. RELATIONSHIP WITH EXISTING ENTITIES.

       (a) Transfer.--The Office shall coordinate and centralize 
     all complaint escalations relating to the Home Affordable 
     Modification Program.
       (b) Hotline.--The HOPE hotline (or any successor triage 
     hotline) shall reroute all complaints relating to the Home 
     Affordable Modification Program to the Office.
       (c) Coordination.--The Office shall coordinate with the 
     compliance office of the Office of Financial Stability of the 
     Department of the Treasury and the Homeownership Preservation 
     Office of the Department of the Treasury.

     SEC. 1094. REPORTS TO CONGRESS.

       (a) Testimony.--The Director shall be available to testify 
     before the Committee on Banking, Housing, and Urban Affairs 
     of the Senate and the Committee on Financial Services of the 
     House of Representatives, not less frequently than 4 times a 
     year, or at any time at the request of the Chairs of either 
     committee.
       (b) Reports.--Once annually, the Director shall provide a 
     detailed report to Congress on the Home Affordable 
     Modification Program. Such report shall contain full and 
     substantive analysis, in addition to statistical information, 
     including, at a minimum--
       (1) data and analysis of the types and volume of complaints 
     received from homeowners, housing counselors, and housing 
     lawyers, broken down by category of servicer, except that 
     servicers may not be identified by name in the report;
       (2) a summary of not fewer than 20 of the most serious 
     problems encountered by Home Affordable Modification Program 
     participants, including a description of the nature of such 
     problems;
       (3) to the extent known, identification of the 10 most 
     litigated issues for Home Affordable Modification Program 
     participants, including recommendations for mitigating such 
     disputes;
       (4) data and analysis on the resolutions of the complaints 
     received from homeowners, housing counselors, and housing 
     lawyers;
       (5) identification of any programs or initiatives that the 
     Office has taken to improve the Home Affordable Modification 
     Program;
       (6) recommendations for such administrative and legislative 
     action as may be appropriate to resolve problems encountered 
     by Home Affordable Modification Program participants; and
       (7) such other information as the Director may deem 
     advisable.

     SEC. 1095. FUNDING.

       Amounts made available for the costs of administration of 
     the Home Affordable Modification Program that are not 
     otherwise obligated shall be available to carry out the 
     duties of the Office. Funding shall be maintained at levels 
     adequate to reasonably carry out the functions of the Office.
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