REPORT BY THE GAO.

SEC. 1421. REPORT BY THE GAO.(a) Report Required.—The Comptroller General of the United States shall conduct a study to determine the effects the enactment of this Act will have on the availability and affordability of credit for consumers, small businesses, homebuyers, and mortgage lending, including the effect—(1) on the mortgage market for mortgages that are not within the safe harbor provided in the amendments made by this subtitle;(2) on the ability of prospective homebuyers to obtain financing;(3) on the ability of homeowners facing resets or adjustments to refinance—for example, do they have fewer refinancing options due to the unavailability of certain loan products that were available before the enactment of this Act;(4) on minorities’ ability to access affordable credit compared with other prospective borrowers;(5) on home sales and construction;(6) of extending the rescission right, if any, on adjustable rate loans and its impact on litigation;(7) of State foreclosure laws and, if any, an investor’s ability to transfer a property after foreclosure;(8) of expanding the existing provisions of the Home Ownership and Equity Protection Act of 1994;(9) of prohibiting prepayment penalties on high-cost mortgages; and(10) of establishing counseling services under the Department of Housing and Urban Development and offered through the Office of Housing Counseling.(b) Report.—Before the end of the 1-year period beginning on the date of the enactment of this Act, the Comptroller General shall submit a report to the Congress containing the findings and conclusions of the Comptroller General with respect to the study conducted pursuant to subsection (a).(c) Examination Related to Certain Credit Risk Retention Provisions.—The report required by subsection (b) shall also 124 STAT. 2157 include an analysis by the Comptroller General of the effect on the capital reserves and funding of lenders of credit risk retention provisions for non-qualified mortgages, including an analysis of the exceptions and adjustments authorized in section 129C(b)(3) of the Truth in Lending Act and a recommendation on whether a uniform standard is needed.(d) Analysis of Credit Risk Retention Provisions.—The report required by subsection (b) shall also include—(1) an analysis by the Comptroller General of whether the credit risk retention provisions have significantly reduced risks to the larger credit market of the repackaging and selling of securitized loans on a secondary market; and(2) recommendations to the Congress on adjustments that should be made, or additional measures that should be undertaken.