Notwithstanding any general or special law to the contrary, there shall be a commission to study the feasibility of providing home mortgage refinancing assistance to non-delinquent homeowners. The commission shall consist of the following members: the executive director of Massachusetts Housing Finance Agency, who shall serve as chair of the commission; the state treasurer or a designee; the senate chair of the joint committee on financial services; the house chair of the joint committee on financial services; a member to be appointed by the house minority leader; a member to be appointed by the senate minority leader; the commissioner of banks or a designee; and 2 members appointed by the governor, , 1 of whom shall be a representative of the Massachusetts credit union league and 1 of whom shall be a representative of the Massachusetts bankers association. The commission shall conduct a comprehensive review and evaluation of providing refinancing assistance for residents of the Commonwealth who, due in part to a loss of income, a depreciation in the value of their real estate, or the current refinancing exposure criteria as established by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, are unable to refinance at a lower market interest rate. The commission's study shall include, but may not be limited to, the feasibility of establishing a fund encumbered by the commonwealth to be pledged to the Massachusetts Housing Finance Agency as a mortgage refinance guarantee. The commission shall submit its findings and recommendations, together with drafts of legislation or regulations necessary to carry those recommendations into effect by filing the same with the governor, the clerks of the house of representatives and senate, and the joint committee on financial services, on or before December 31, 2012.