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12 U.S.C. § 5219b — Foreclosure mitigation efforts

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5219b — Foreclosure mitigation efforts

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Stable record: federal_law:legal_authorities:record_usc_228c4c956e897cf7d7de69e6
Source file: Laws/federal/codes/united-states-code/title-12/section-5219b-foreclosure-mitigation-efforts--82392a071e.md
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Source location: Title 12, Chapter 52, § 5219b; chapter-052-emergency-economic-stabilization.md

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**(a) Residential mortgage loan servicing standards** (1) **In general** — To the extent that the Secretary acquires mortgages, mortgage backed 11 So in original. Probably should be “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 1715z–23 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-23&num=0&edition=prelim) 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 and to remediate lead and asbestos hazards in residential properties. (2) **Waiver of certain provisions in connection with loan modifications** — The Secretary shall not be required to apply executive compensation restrictions under [section 5221 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5221&num=0&edition=prelim), or to receive warrants or debt instruments under [section 5223 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5223&num=0&edition=prelim), solely in connection with any loan modification under this section. **(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 5220(a)(1)(C) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5220/a/1/C&num=0&edition=prelim)), 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. 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.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5221 — 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 [[12 U.S.C. 5211](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5211&num=0&edition=prelim) 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.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5223 — Executive compensation and corporate governance

**(a) Definitions** For purposes of this section, the following definitions shall apply: (1) **Senior executive officer** — The term “senior executive officer” means an individual who is 1 of the top 5 most highly paid executives of a public company, whose compensation is required to be disclosed pursuant to the Securities Exchange Act of 1934 [[15 U.S.C. 78a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) et seq.], and any regulations issued thereunder, and non-public company counterparts. (2) **Golden parachute payment** — The term “golden parachute payment” means any payment to a senior executive officer for departure from a company for any reason, except for payments for services performed or benefits accrued. (3) **TARP recipient** — The term “TARP recipient” means any entity that has received or will receive financial assistance under the financial assistance provided under the TARP. (4) **Commission** — The term “Commission” means the Securities and Exchange Commission. (5) **Period in which obligation is outstanding; rule of construction** — For purposes of this section, the period in which any obligation arising from financial assistance provided under the TARP remains outstanding does not include any period during which the Federal Government only holds warrants to purchase common stock of the TARP recipient. **(b) Executive compensation and corporate governance** (1) **Establishment of standards** — During the period in which any obligation arising from financial assistance provided under the TARP remains outstanding, each TARP recipient shall be subject to— (A) the standards established by the Secretary under this section; and (B) the provisions of [section 162(m)(5) of title 26](https://usc

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5219b — Public availability of information of

Page 1806 TITLE 12—BANKS AND BANKING § 5219a 2009—Subsec. (a). Pub. L. 111–5 designated existing provisions as par. (1), inserted par. (1) heading, and added par. (2). § 5219a. Home Affordable Modification Program guidelines (a) Net present value input data The Secretary of the Treasury (in this section referred to as the ‘‘Secretary’’) shall revise the supplemental directives and other guidelines for the Home Affordable Modification Program of the Making Home Affordable initiative of the Secretary of the Treasury, authorized under the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) [12 U.S.C. 5201 et seq.], to require each mortgage servicer participating in such program to provide each borrower under a mortgage whose request for a mortgage modi- fication under the Program is denied with all borrower-related and mortgage-related input data used in any net present value (NPV) anal- yses performed in connection with the subject mortgage. Such input data shall be provided to the borrower at the time of such denial. (b) Web-based site for NPV calculator and appli- cation (1) NPV calculator In carrying out the Home Affordable Modi- fication Program, the Secretary shall estab- lish and maintain a site on the World Wide Web that provides a calculator for net present value analyses of a mortgage, based on the Secretary’s methodology for calculating such value, that mortgagors can use to enter infor- mation regarding their own mortgages and that provides a determination after entering such information regarding a mortgage of whether such mortgage would be accepted or rejected for modification under the Program, using such methodology. (2) Disclosure Such Web site shall also prominently dis- close that each mortgage servicer pa

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