BILL NUMBER: AB 1639	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MARCH 15, 2010

INTRODUCED BY    Committee on Budget   (
  Evans (Chair), Arambula, Beall, Blumenfield,
Brownley, Carter, Chesbro, De La Torre, Feuer, Hernandez, Hill,
Huffman, Monning, Ruskin, and Swanson   ) 
 Assembly   Members   Nava,   Bass,
  and Lieu 
    (   Coauthor:   Senator  
DeSaulnier   ) 

                        JANUARY 11, 2010

   An act  relating to the Budget Act of 2010  
to amend Section   2923.5 of, and to add Article 1.7
(commencing with Section 2946) to Chapter 2 of Title 14 of Part 4 of
Division 3 of, the Civil Code, relating to mortgages  .


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1639, as amended,  Committee on Budget  
Nava  .  Budget Act of 2010.   Mediated
Mortgage Workout Program.  
   Existing law requires that, upon a breach of the obligation of a
mortgage or transfer of an interest in property, the trustee,
mortgagee, or beneficiary record a notice of default in the office of
the county recorder where the mortgaged or trust property is
situated and mail the notice of default to the mortgagor or trustor,
among other acts required prior to exercising a power of sale in a
nonjudicial foreclosure proceeding.  
   This bill would establish the Mediated Mortgage Workout (MMW)
Program. The program would be a process whereby borrowers and lenders
would engage in mediation for purposes of developing a loan
modification plan. The program would require that specified
information regarding the MMW Program be included with the notice of
default sent to a borrower, as defined, on a loan secured by
residential real property of one- to 4-family dwelling units that is
the primary residence of the borrower, as specified. The bill would
require that this additional notice be recorded in the office of the
county recorder. By expanding the duties of county recorders, the
bill would impose a state-mandated local program.  
    The bill would provide for an administrator of the program who
would be appointed by the Governor and confirmed by the Senate. The
program would require a borrower who elects to participate in the
program to complete a specified form and return the form to the
administrator of the program not later than 30 calendar days after
receiving the notice of default. The program would require the
borrower to submit other information to the administrator within 10
days of requesting to participate in the program, including tax
returns, income verification, and a specified deposit of funds. The
program would also require a borrower who elects to participate in
the program to deposit with the administrator 50% of the current
mortgage payment each month during participation in the MMW Program.
The bill would also prohibit a mortgagee, trustee, beneficiary, or
authorized agent from reporting negative credit information to a
credit reporting agency about a borrower who has successfully
completed the MMW Program and accepted a mortgage loan modification.
The bill would impose various administrative fees, payable by the
mortgagee, trustee, beneficiary, or authorized agent, or by the
borrower, as specified, who participate in the MMW Program. 

   The bill would also provide that the timelines set forth in the
provision governing the exercise of the power of sale, as specified,
would be suspended until the completion of the program, as specified.
 
   The bill would require the administrator of the program, among
other duties, to implement rules and standards for selecting
qualified mediators and to develop standards for forms and reports
required to implement the program. The bill would also require the
administrator, upon receipt of a borrower's form whereby he or she
elects to participate in the program to randomly appoint an
individual to serve as mediator from a list of qualified mediators in
the county in which the property is located. The bill would
establish the compensation for a mediator who provides his or her
services to the program and require a mediator to use reasonable
efforts to ensure that each MMW Program is completed within 60
calendar days of the mediator's appointment. The bill would also
require the mediator to prepare a final report, as specified. The
bill would also require, only until January 1, 2015, the
administrator to report quarterly to the Legislature regarding the
MMW Program, as specified. The bill would also require each
mortgagee, trustee, beneficiary, or authorized agent participating in
the program to post specified data about its loans on its Internet
Web site.  
   The bill would also make related and technical changes.  

   The California Constitution requires the state to reimburse local
agencies and school districts for certain costs mandated by the
state. Statutory provisions establish procedures for making that
reimbursement.  
   This bill would provide that, if the Commission on State Mandates
determines that the bill contains costs mandated by the state,
reimbursement for those costs shall be made pursuant to these
statutory provisions.  
   This bill would express the intent of the Legislature to enact
statutory changes relating to the Budget Act of 2010. 
   Vote: majority. Appropriation: no. Fiscal committee:  no
  yes  . State-mandated local program:  no
  yes  .


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

   SECTION 1.    Section 2923.5 of the   Civil
Code   is amended to read: 
   2923.5.  (a) (1) A mortgagee, trustee, beneficiary, or authorized
agent may not file a notice of default pursuant to Section 2924 until
30 days after initial contact is made as required by 
paragraph   paragraphs  (2)  and (3)  or
30 days after satisfying the due diligence requirements as described
in subdivision  (g)   (f)  . 
   (2) (A) A mortgagee, trustee, beneficiary, or authorized agent
shall inform the borrower, via certified mail accompanying a notice
of delinquency, that the borrower may request to participate in the
Mediated Mortgage Workout Program under Article 1.7 (commencing with
Section 2946). The notice shall include, in boldface type, the
telephone number, e-mail address, and Internet Web site for the
administrator of the Mediated Mortgage Workout Program.  
   (B) (i) A borrower shall have 30 days from receipt of the notice
to request participation in the Mediated Mortgage Workout Program.
 
   (ii) If a borrower chooses to participate in the Mediated Mortgage
Workout Program, the requirements in paragraph (3) shall be deemed
to be completed.  
   (iii) A notice of default may not be filed while the borrower
participates in the Mediated Mortgage Workout Program under Article
1.7 (commencing with Section 2946).  
   (2) 
    (3)  A mortgagee,  trustee,  beneficiary, or
authorized agent shall contact the borrower in person or by telephone
in order to assess the borrower's financial situation and explore
options for the borrower to avoid foreclosure. During the initial
contact, the mortgagee,  trustee,  beneficiary, or
authorized agent shall advise the borrower that he or she has the
right to request a subsequent meeting and, if requested, the
mortgagee,  trustee,  beneficiary, or authorized agent shall
schedule the meeting to occur within 14 days. The assessment of the
borrower's financial situation and discussion of options may occur
during the first contact, or at the subsequent meeting scheduled for
that purpose. In either case, the borrower shall be provided the
toll-free telephone number made available by the United States
Department of Housing and Urban Development (HUD) to find a
HUD-certified housing counseling agency. Any meeting may occur
telephonically.
   (b) A notice of default filed pursuant to Section 2924 shall
include a declaration that the mortgagee,  trustee, 
beneficiary, or authorized agent has contacted the borrower, has
tried with due diligence to contact the borrower as required by this
section, or that no contact was required pursuant to subdivision
 (h)   (g)  .
   (c) If a mortgagee, trustee, beneficiary, or authorized agent had
already filed the notice of default prior to the enactment of this
section and did not subsequently file a notice of rescission, then
the mortgagee, trustee, beneficiary, or authorized agent shall, as
part of the notice of sale filed pursuant to Section 2924f, include a
declaration that either:
   (1) States that the borrower was contacted to assess the borrower'
s financial situation and to explore options for the borrower to
avoid foreclosure.
   (2) Lists the efforts made, if any, to contact the borrower in the
event no contact was made.
   (d) A mortgagee's, trustee's,  beneficiary's, or
authorized agent's loss mitigation personnel may participate by
telephone during any contact required by this section. 
   (e) For purposes of this section, a "borrower" shall include a
mortgagor or trustor.  
   (f) 
    (e)  A borrower may designate, with consent given in
writing, a HUD-certified housing counseling agency, attorney, or
other advisor to discuss with the mortgagee,  trustee, 
beneficiary, or authorized agent, on the borrower's behalf, the
borrowers financial situation and options for the borrower to avoid
foreclosure. That contact made at the direction of the borrower shall
satisfy the contact requirements of paragraph (2) of subdivision
(a). Any loan modification or workout plan offered at the meeting by
the mortgagee,  trustee,  beneficiary, or authorized agent
is subject to approval by the borrower. 
   (g) 
    (f)  A notice of default may be filed pursuant to
Section 2924 when a mortgagee,  trustee,  beneficiary, or
authorized agent has not contacted a borrower as required by
paragraph (2) of subdivision (a) provided that the failure to contact
the borrower occurred despite the due diligence of the mortgagee,
 trustee,  beneficiary, or authorized agent. For purposes of
this section, "due diligence" shall require and mean all of the
following:
   (1) A mortgagee,  trustee,  beneficiary, or authorized
agent shall first attempt to contact a borrower by sending a
first-class letter that includes the toll-free telephone number made
available by HUD to find a HUD-certified housing counseling agency.
   (2) (A) After the letter has been sent, the mortgagee,  t
  rustee,  beneficiary, or authorized agent shall
attempt to contact the borrower by telephone at least three times at
different hours and on different days. Telephone calls shall be made
to the primary telephone number on file.
   (B) A mortgagee,  trustee,  beneficiary, or authorized
agent may attempt to contact a borrower using an automated system to
dial borrowers, provided that, if the telephone call is answered, the
call is connected to a live representative of the mortgagee, 
trustee,  beneficiary, or authorized agent.
   (C) A mortgagee,  trustee,  beneficiary, or authorized
agent satisfies the telephone contact requirements of this paragraph
if it determines, after attempting contact pursuant to this
paragraph, that the borrower's primary telephone number and secondary
telephone number or numbers on file, if any, have been disconnected.

   (3) If the borrower does not respond within two weeks after the
telephone call requirements of paragraph (2) have been satisfied, the
mortgagee, beneficiary, or authorized agent shall then send a
certified letter, with return receipt requested.
   (4) The mortgagee,  trustee,  beneficiary, or authorized
agent shall provide a means for the borrower to contact it in a
timely manner, including a toll-free telephone number that will
provide access to a live representative during business hours.
   (5) The mortgagee,  trustee,  beneficiary, or authorized
agent has posted a prominent link on the homepage of its Internet Web
site, if any, to the following information:
   (A) Options that may be available to borrowers who are unable to
afford their mortgage payments and who wish to avoid foreclosure, and
instructions to borrowers advising them on steps to take to explore
those options.
   (B) A list of financial documents borrowers should collect and be
prepared to present to the mortgagee, beneficiary, or authorized
agent when discussing options for avoiding foreclosure.
   (C) A toll-free telephone number for borrowers who wish to discuss
options for avoiding foreclosure with their mortgagee, beneficiary,
or authorized agent.
   (D) The toll-free telephone number made available by HUD to find a
HUD-certified housing counseling agency. 
   (h) 
    (g)  Subdivisions (a), (c), and  (g) 
 (f)  shall not apply if any of the following occurs:
   (1) The borrower has surrendered the property as evidenced by
either a letter confirming the surrender or delivery of the keys to
the property to the mortgagee, trustee, beneficiary, or authorized
agent.
   (2) The borrower has contracted with an organization, person, or
entity whose primary business is advising people who have decided to
leave their homes on how to extend the foreclosure process and avoid
their contractual obligations to mortgagees or beneficiaries.
   (3) A case has been filed by the borrower under Chapter 7, 11, 12,
or 13 of Title 11 of the United States Code and the bankruptcy court
has not entered an order closing or dismissing the bankruptcy case,
or granting relief from a stay of foreclosure. 
   (4) The borrower has completed participation in the Mediated
Mortgage Workout Program, and participation did not result in a
mortgage loan modification, or other result mutually agreed to by the
borrower and the mortgagee, trustee, beneficiary, or authorized
agent.  
   (i) 
    (h)  This section shall apply only to mortgages or deeds
of trust recorded from January 1, 2003, to December 31, 2007,
inclusive, that are secured by owner-occupied residential real
property containing no more than four dwelling units. For purposes of
this subdivision, "owner-occupied" means that the residence is the
principal residence of the borrower as indicated to the lender in
loan documents. 
   (i) For purposes of this section, a "borrower" includes a
mortgagor or trustor. 
   (j) This section shall remain in effect only until January 1,
2013, and as of that date is repealed, unless a later enacted
statute, that is enacted before January 1, 2013, deletes or extends
that date.
   SEC. 2.    Article 1.7 (commencing with Section 2946)
is added to Chapter 2 of Title 14 of Part 4 of Division 3 of the
  Civil Code   , to read:  

      Article 1.7  Mediated Mortgage Workout Program


   2946.  For purposes of this article:
   (a) "Administrator" means the administrator of the Mediated
Mortgage Workout (MMW) Program.
   (b) "Borrower" includes a mortgagor, trustor, or owner of the
residential real estate property described in the notice of default
sent pursuant to Section 2924.
   (c) "Meaningful participation" includes both of the following:
   (1) Attendance at all mediation sessions.
   (2) Presentation of all required documents and payment of all
required fees.
   (d) "Residential real estate property" means residential real
property consisting of one- to four-family dwelling units.
Owner-occupied condominiums shall be considered residential real
estate property within the scope of this program, regardless of the
number of family dwelling units in any single homeowners'
association, complex, or community.
   2946.1.  (a) This article shall apply to a loan secured by
residential real property that is the primary residence of the
borrower and for which a notice of default has been filed pursuant to
Section 2924.
   (b) Chapter 2 (commencing with Section 1115) of Division 9 of the
Evidence Code shall apply to a mediation conducted pursuant to this
article.
   2946.2.  (a) The administrator shall be appointed by the Governor
and confirmed by the Senate.
   (b) The administrator shall do all of the following in order to
carry out this article:
   (1) Implement rules and standards for choosing qualified
mediators.
   (2) Implement rules and standards for the removal of mediators for
good cause.
   (3) Develop standards for forms and reports, as may be required to
implement the MMW Program.
   (4) Require additional training for mediators to meet the goals of
this article.
   2946.3.  A notice of default sent pursuant to Section 2924 to a
borrower of residential real property that is subject to this chapter
shall include all of the following:
   (a) (1) A separate notice, entitled "Opportunity to Meet
Face-to-Face with Your Lender/Loan Servicer and a Neutral
Professional in a Mediated Mortgage Workout Program," advising the
borrower of his or her right to participate in an MMW Program to
explore options for the borrower to avoid foreclosure. This notice
and all of the documents required to be included with the notice of
default shall be printed in large, bold type and shall be printed in
English, Spanish, Chinese, Tagalog, and Korean. This separate notice
shall be sent to all borrowers of record. This notice shall be
recorded, in addition to the notice of default, in the office of the
appropriate county recorder.
   (2) The notice described in paragraph (1) shall do all of the
following:
   (A) Explain the requirements for participation in the MMW Program
and advise the borrower of the procedures that are to be followed to
make an election to participate in the program.
   (B) Include the name, address, telephone number, facsimile number,
and e-mail address of the mortgagee, trustee, beneficiary, or
authorized agent, and the administrator of the MMW Program, as well
as two or more local housing counseling agencies that are approved by
the United States Department of Housing and Urban Development.
   (C) Advise the borrower that loan counselors are prohibited from
collecting an advance fee.
   (b) Three copies of an election form, as developed and approved by
the administrator of the MMW Program, upon which the borrower may
indicate his or her election to either participate in, or waive
participation in, the MMW Program.
   (c) Two separate envelopes, one addressed to the mortgagee,
trustee, beneficiary, or authorized agent and one addressed to the
administrator of the MMW Program, for use by the borrower to advise
the mortgagee, trustee, beneficiary, or authorized agent and the
administrator of the borrower's election to participate in the MMW
Program.
   (d) This section shall not apply to borrowers who have previously
completed the MMW Program.
   2946.4.  (a) If the borrower elects to participate in the MMW
Program, the borrower shall complete the election form and mail a
copy of the election form to the mortgagee, trustee, beneficiary, or
authorized agent and to the administrator not later than 30 calendar
days after receipt of the notice of default. The election form shall
be sent by certified mail, return receipt requested.
   (b) Within 10 days of requesting to participate in the MMW
Program, the borrower shall submit all of the following to the
administrator:
   (1) Tax returns filed for the prior tax year, if the borrower was
required to file a tax return for that year.
   (2) Payroll or other income verification for the previous two
months.
   (3) First deposit of funds in accordance with Section 2946.7.
   (c) Within 10 days of receiving notice that the borrower has
elected to participate in the MMW Program, the mortgagee, trustee,
beneficiary, or authorized agent shall submit all of the following
documents to the administrator:
   (1) The applicable Pooling and Service Agreement, if any.
   (2) The loan application, loan origination documents, appraisal,
and payment history.
   (3) The original note and assignments or certificate regarding a
lost document.
   (4) Documentary evidence of current ownership or chain of custody
of the mortgage note.
   (5) The net present value formula that the mortgagee, trustee,
beneficiary, or authorized agent uses.
   (d) The administrator may allow the borrower to elect to
participate in the MMW Program by completing the election form on an
Internet Web site, by submitting the form via e-mail, or by
completing the form over the telephone. The administrator shall
maintain a platform that responsibly records and gives the borrower a
hard copy record of his or her election to participate in the MMW
Program and that record shall be in compliance with recognizable
standards for recording and storing critical electronic information.
   (e) When a borrower has elected to participate in the MMW Program,
the timelines set forth in Section 2924 shall be suspended for the
duration of, and no further action may be taken to exercise the power
of sale until the completion of, the MMW Program, as evidenced by
the mediator's final report as described in Section 2946.14.
   2946.5.  A mediator shall be compensated for his or her services
at the hourly rate of one hundred fifty dollars ($150). The
compensation shall initially be paid by the mortgagee, trustee,
beneficiary, or authorized agent and, in the event that the mortgage
loan is modified, the borrower shall reimburse the mortgagee,
trustee, beneficiary, or authorized agent for one-half of the total
compensation paid to the mediator. The borrower's share of the
mediator's fees may be added to the principal balance of the loan if
requested by the borrower. If the parties' efforts to modify the loan
fail and the property is sold, the mortgagee, trustee, beneficiary,
or authorized agent, alone, shall be responsible for the expense of
the mediator's fees.
   2946.6.  (a) Upon receipt of a borrower's form whereby he or she
elects to participate in the MMW Program the administrator shall
randomly appoint an individual from a list of qualified mediators in
the county in which the property is located to act as the mediator
for the borrower and the mortgagee, trustee, beneficiary, or
authorized agent. The mediator shall contact the parties within 15
days of his or her appointment to schedule the first session of the
MMW Program.
   (b) (1) The administrator shall notify the mortgagee, trustee,
beneficiary, or authorized agent of the borrower's election to
participate in the MMW Program within 15 days of receipt of the
borrower's election to participate in the program. The mortgagee,
trustee, beneficiary, or authorized agent shall submit an
administrative fee of five hundred dollars ($500), as well as all
required documentation, to the administrator within 10 days of the
administrator's notification of the borrower's election. In the event
that the mortgage loan is modified, as part of the modification
plan, the borrower shall reimburse the mortgagee, trustee,
beneficiary, or authorized agent two hundred fifty dollars ($250) as
partial reimbursement of this fee according to the same terms as set
forth in Section 2946.5. In the event that the parties' efforts to
modify the loan fail and the property is sold by the mortgagee,
trustee, beneficiary, or authorized agent, the mortgagee, trustee,
beneficiary, or authorized agent, alone, shall be responsible for the
program fee.
   (2) Failure of the mortgagee, trustee, beneficiary, or authorized
agent to deposit the fee within 10 days of the administrator's
notification of the borrower's election to participate shall result
in a stay of foreclosure proceedings and delay of the MMW Program
until the fee is deposited with an additional penalty of one hundred
dollars ($100) per day for each day after the deadline that the fee
has not been deposited.
   2946.7.  Any borrower who elects to participate in the MMW Program
shall deposit with the administrator 50 percent of the current
mortgage payment every month during participation in the MMW Program.
The first monthly deposit shall be made within 10 days after
requesting participation in the MMW Program. If the borrower fails to
comply with these terms, the borrower's election shall be deemed to
be canceled and the MMW Program shall be deemed to be completed for
purposes of subdivision (c) of Section 2946.4.
   2946.8.  A borrower who participates in the MMW Program shall not
be required, as a condition of participation, or as a condition of
acceptance of a modification, to waive any rights and remedies that
may otherwise be available.
   2946.10.  (a) The borrower or borrowers and mortgagee, trustee,
beneficiary, or authorized agent shall attend the MMW Program
sessions in person.
   (b) In the event of exigent circumstances, the administrator may
allow either party to be represented by a person with a power of
attorney or other written authorization to represent and bind the
party. In addition, each party may be represented by an attorney or
housing counselor. However, no attorney, other representative, or
loan counselor appearing on behalf of the borrower may receive an
advance fee for any services rendered in connection with the MMW
Program.
   (c) No request for a continuance of an MMW Program session may be
granted, except upon showing of extraordinary circumstances. A
request shall be made to the administrator, at least three business
days prior to the MMW Program session detailing the extraordinary
circumstances that require the continuance. A fee of three hundred
dollars ($300) shall be levied upon the party requesting the
continuance, payable to the mediator or as otherwise directed by the
administrator, if a continuance is granted.
   (d) The borrower and mortgagee, trustee, beneficiary, or
authorized agent may agree on the terms of a loan modification which
may include any or all of the following features:
   (1) An interest rate reduction for a fixed term of at least five
years.
   (2) An extension of the mortgage term, not to exceed 40 years from
the original date of the loan.
   (3) Deferral of a portion of the principal amount of the unpaid
principal balance until maturity of the loan.
   (4) Reduction of the principal balance.
   (5) Compliance with a federally mandated loan modification
program.
   (6) Other alternatives that may reduce the borrower's monthly
payment to 31 percent or less of the borrower's debt-to-income ratio
and that are designed to meet long-term sustainability for the
borrower.
   (7) Nothing in this section shall be construed to prevent a
creditor from offering or accepting alternatives in writing to
foreclosure, such as a short sale or deed-in-lieu of foreclosure, but
only if the borrower requests these alternatives, rejects a loan
modification offered pursuant to this section, or does not qualify
for a loan modification pursuant to this section.
   (e) If a borrower has failed to meaningfully participate in the
MMW Program, the MMW Program shall be deemed suspended for purposes
of subdivision (c) of Section 2946.3. If the borrower cures the
noncompliance to the satisfaction of the mediator within 10 days of
notice of failure to comply, the mediator shall rescind suspension of
the mediation sessions and continue with the MMW Program.
   (f) If a mortgagee, trustee, beneficiary, or authorized agent
fails to meaningfully participate in the MMW Program, the MMW Program
shall be suspended. During the suspension of the program for failure
to meaningfully participate, the mortgagee, trustee, beneficiary, or
authorized agent may not pursue further foreclosure actions until
such time as the mortgagee, trustee, beneficiary, or authorized agent
cures the noncompliance.
   2946.11.  A mortgagee, trustee, beneficiary, or authorized agent
shall not report negative credit information about a borrower to a
credit reporting agency if the borrower has successfully participated
in the MMW Program and a mortgage loan modification has been
accepted.
   2946.12.  A borrower shall not be responsible for fees, late
payment charges, or other monetary penalties while the MMW Program or
final report is pending.
   2946.13.  The mediator shall use reasonable efforts to ensure that
each MMW Program is completed within 60 calendar days of the
mediator's appointment.
   2946.14.  (a) The mediator's final report shall describe the basic
terms of the loan at issue, including the principal balance and
arrearages. The final report shall state whether a mutually
acceptable resolution was reached between the parties.
   (b) The final report shall be sent by first-class mail or via
electronic means to the borrower, mortgagee, trustee, beneficiary, or
authorized agent, and the administrator and shall include a
statement that the MMW Program has been completed.
   2946.15.  (a) (1) The administrator shall report quarterly to the
Legislature regarding the performance of the MMW Program, including
all of the following information:
   (A) The number of homeowners who attend mediation prior to notice
of default.
   (B) The number of homeowners who attend mediation after receiving
a notice of default.
   (C) The number of mediations suspended because of lack of
meaningful participation by the borrower.
   (D) The number of mediations suspended because of lack of
meaningful participation on the part of the mortgagee, trustee,
beneficiary, or authorized agent.
   (E) The number of mediations that result in a loan modification.
   (F) The number of mediations that result in a solution other than
a loan modification.
   (2) (A) The requirement for submitting a report pursuant to
paragraph (1) is inoperative on January 1, 2015, pursuant to Section
10231.5 of the Government Code.
   (B) A report to be submitted pursuant to paragraph (1) shall be
submitted in compliance with Section 9795 of the Government Code.
   (b) Each mortgagee, trustee, beneficiary, or authorized agent
participating in the MMW Program shall post public data reports on a
quarterly                                            basis on its
Internet Web site detailing the following:
   (1) The number of loans that have been modified through the MMW
Program and the type of modification.
   (2) The final disposition of loans that were in the MMW Program
but not modified.
   (3) The final disposition of loans that did not go through in the
MMW Program.
   (A) The type of loans in a portfolio serviced by others,
delineated by prime, subprime, and nontraditional.
   (B) The loans in a portfolio or serviced by others that are
securitized.
   (C) The number of home retention actions.
   (D) Redefault rates for portfolio loans and loans serviced for
others.
   (E) The default rates for portfolio loans and loans serviced for
others.
   (F) The default rates of loans modified in 2008 by changes in
payment.
   (G) Newly initiated home retention actions compared with
foreclosure actions.
   (H) Completed foreclosures and other home forfeiture actions.
   (I) The overall portfolio performance by percentage.
   (J) The performance of government guaranteed loans, by percentage.

   (K) The performance of government sponsored enterprise loans, by
percentage.
   (L) Seriously delinquent mortgages, by percentage.
   (M) Home Affordable Modification Program actions by investor and
risk category.
   (N) Changes in loan terms made by modifications during 2009.
   (O) Changes in monthly principal and interest payments owing to
modification, by the number of modifications.
   (P) The number of modified loans, 30 or more days delinquent.
   (Q) The number of modified loans, 60 or more days delinquent.
   (R) The number of modified loans, 90 or more days delinquent.

   SEC. 3.    If the Commission on State Mandates
determines that this act contains costs mandated by the state,
reimbursement to local agencies and school districts for those costs
shall be made pursuant to Part 7 (commencing with Section 17500) of
Division 4 of Title 2 of the Government Code.  
  SECTION 1.    It is the intent of the Legislature
to enact statutory changes relating to the Budget Act of 2010.