Title 12 — Banks and Banking
Chapter 52 — Emergency Economic Stabilization
§ 5220a. Application of GSE conforming loan limit to mortgages assisted with TARP funds
Statutory text
In making any assistance available to prevent and mitigate foreclosures on residential properties, including any assistance for mortgage modifications, using any amounts made available to the Secretary of the Treasury under title I of the Emergency Economic Stabilization Act of 2008 [12 U.S.C. 5211 et seq.], the Secretary shall provide that the limitation on the maximum original principal obligation of a mortgage that may be modified, refinanced, made, guaranteed, insured, or otherwise assisted, using such amounts shall not be less than the dollar amount limitation on the maximum original principal obligation of a mortgage that may be purchased by the Federal Home Loan Mortgage Corporation that is in effect, at the time that the mortgage is modified, refinanced, made, guaranteed, insured, or otherwise assisted using such amounts, for the area in which the property involved in the transaction is located.
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.
Helping Families Save Their Homes Act of 2009
Pub. L. 111–22 div. A title II § 205 · 123 Stat. 1632
Enacted · 12 U.S.C. § 5220a
(Pub. L. 111–22, div. A, title II, § 205, May 20, 2009, 123 Stat. 1654.)
Source evidence
Code source credit
(Pub. L. 111–22, div. A, title II, § 205, May 20, 2009, 123 Stat. 1654.)Enacted provision · exact public law section
SEC. 205. APPLICATION OF GSE CONFORMING LOAN LIMIT TO MORTGAGES ASSISTED WITH TARP FUNDS. In making any assistance available to prevent and mitigate foreclosures on residential properties, including any assistance for mortgage modifications, using any amounts made available to the Secretary of the Treasury under title I of the Emergency Economic Stabilization Act of 2008, the Secretary shall provide that the limitation on the maximum original principal obligation of a mortgage that may be modified, refinanced, made, guaranteed, insured, or otherwise assisted, using such amounts shall not be less than the dollar amount limitation on the maximum original principal obligation of a mortgage that may be purchased by the Federal Home Loan Mortgage Corporation that is in effect, at the time that the mortgage is modified, refinanced, made, guaranteed, insured, or otherwise assisted using such amounts, for the area in which the property involved in the transaction is located.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
The Emergency Economic Stabilization Act of 2008, referred to in text, is div. A of Pub. L. 110–343, , 122 Stat. 3765. Title I of the Act is classified principally to this subchapter. For complete classification of this Act to the Code, see Short Title note set out under section 5201 of this title and Tables.
Codification
Section was enacted as part of the Helping Families Save Their Homes Act of 2009, and not as part of the Emergency Economic Stabilization Act of 2008 which comprises this chapter.
Credits
(Pub. L. 111–22, div. A, title II, § 205, , 123 Stat. 1654.)