§ 5219. Foreclosure mitigation efforts

Footnotes

1. 1 So in original. Probably should be “mortgage-backed”.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 2008

   Emergency Economic Stabilization Act of 2008

   Pub. L. 110–343 div. A title I § 109 · 122 Stat. 3765

   Enacted · 12 U.S.C. § 5219

   Pub. L. 110–343, div. A, title I, § 109, Oct. 3, 2008, 122 Stat. 3774

   Source evidence

   Code source credit
   Pub. L. 110–343, div. A, title I, § 109, Oct. 3, 2008, 122 Stat. 3774

   Enacted provision · exact public law section
   SEC. 109. FORECLOSURE MITIGATION EFFORTS. (a) Residential Mortgage Loan Servicing Standards.— To the extent that the Secretary acquires mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Secretary shall implement a plan that seeks to maximize assistance for homeowners and use the authority of the Secretary to encourage the servicers of the underlying mortgages, considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures. In addition, the Secretary may use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures. (b) Coordination.— The Secretary shall coordinate with the Corporation, the Board (with respect to any mortgage or mortgage-backed securities or pool of securities held, owned, or controlled by or on behalf of a Federal reserve bank, as provided in section 110(a)(1)(C)), the Federal Housing Finance Agency, the Secretary of Housing and Urban Development, and other Federal Government entities that hold troubled assets to attempt to identify opportunities for the acquisition of classes of troubled assets that will improve the ability of the Secretary to improve the loan modification and restructuring process and, where permissible, to permit bona fide tenants who are current on their rent to remain in their homes under the terms of the lease. Residential rental property. In the case of a mortgage on a residential rental property, the plan required under this section shall include protecting Federal, State, and local rental subsidies and protections, and ensuring any modification takes into account the need for operating funds to maintain decent and safe conditions at the property. (c) Consent to Reasonable Loan Modification Requests.— Upon any request arising under existing investment contracts, the Secretary shall consent, where appropriate, and considering net present value to the taxpayer, to reasonable requests for loss mitigation measures, including term extensions, rate reductions, principal write downs, increases in the proportion of loans within a trust or other structure allowed to be modified, or removal of other limitation on modifications.

2. 2009

   American Recovery and Reinvestment Act of 2009

   Pub. L. 111–5 div. B title VII § 7002 · 123 Stat. 115

   1. Amended · 12 U.S.C. § 5219(a)

      Pub. L. 111–5 designated existing provisions as par. (1)

   2. Inserted · 12 U.S.C. § 5219(a)

      Pub. L. 111–5 inserted par. (1) heading

   3. Added · 12 U.S.C. § 5219(a)

      Pub. L. 111–5 added par. (2)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 111–5 designated existing provisions as par. (1), inserted par. (1) heading, and added par. (2).

   Enacted provision · exact public law section
   SEC. 7002. APPLICABILITY WITH RESPECT TO LOAN MODIFICATIONS.   Section 109(a) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5219(a)) is amended— (1) by striking “To the extent” and inserting the following: “(1) In general.— To the extent” ; and (2) by adding at the end the following: “(2) Waiver of certain provisions in connection with loan modifications.— The Secretary shall not be required to apply executive compensation restrictions under section 111, or to receive warrants or debt instruments under section 113, solely in connection with any loan modification under this section.” .

3. 2018

   Economic Growth, Regulatory Relief, and Consumer Protection Act

   Pub. L. 115–174 title III § 305 · 132 Stat. 1296

   Inserted · 12 U.S.C. § 5219(a)(1)

   Pub. L. 115–174 inserted before period at end “and to remediate lead and asbestos hazards in residential properties”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 115–174 inserted before period at end “and to remediate lead and asbestos hazards in residential properties”.

   Enacted provision · exact public law section
   SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS.   Section 109(a)(1) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5219(a)(1)) is amended, in the second sentence, by inserting “and to remediate lead and asbestos hazards in residential properties” before the period at the end.

5 of 5 references resolved to an enrolled provision