Doris Matsui: “I yield myself the balance of my time. Mr. Chairman, I just want to say that these basic reporting requirements are not…”

“I yield myself the balance of my time. Mr. Chairman, I just want to say that these basic reporting requirements are not new. It's about HAMP. Every financial institution receiving HAMP funds from the TARP program is currently required to report this information today. The current industry reporting requirements have played a significant role in providing a sense of transparency and accountability, and that's what we're talking about, transparency and accountability in our efforts to help homeowners and stabilize our housing market. Requiring basic information to be reported will provide this Congress with the information to make future decisions on loan modification programs as well as monitor the performance of the mortgage industry. Mr. Chairman, I ask my colleagues to join me in supporting this important amendment to bring clarity and transparency to the mortgage industry. I yield back the balance of my time. Mr. McHENRY. Mr. Chairman, in closing, I would encourage my colleagues to vote ``no'' on this amendment. The reporting requirements my colleague references are required by the servicers that are participating in HAMP, and they are required to disclose the information related to the Federal program, HAMP. This amendment goes much further and requires these servicers to disclose hundreds of thousands of other modifications that are in the private sector. We know the aggregate number.…”