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12 U.S.C. § 5221 — Application of GSE conforming loan limit to mortgages assisted with TARP funds
Federal law — U.S. Code and appendices · legal_authorities
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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Source location: Title 12, Chapter 52, § 5221; chapter-052-emergency-economic-stabilization.md
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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
The purposes of this chapter are—
(1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States; and
(2) to ensure that such authority and such facilities are used in a manner that—
(A) protects home values, college funds, retirement accounts, and life savings;
(B) preserves homeownership and promotes jobs and economic growth;
(C) maximizes overall returns to the taxpayers of the United States; and
(D) provides public accountability for the exercise of such authority.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5211
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Federal law — U.S. Code and appendices · legal_authorities
All provisions of this chapter are designated as an emergency requirement and necessary to meet emergency needs pursuant to section 204(a) of S. Con. Res 11 So in original. Probably should be followed by a period. 21 (110th Congress), the concurrent resolution on the budget for fiscal year 2008 and rescissions of any amounts provided in this chapter shall not be counted for purposes of budget enforcement.
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5219b
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Federal law — U.S. Code and appendices · legal_authorities
Page 1800
TITLE 12—BANKS AND BANKING
§ 5211
(7) Secretary
The term ‘‘Secretary’’ means the Secretary
of the Treasury.
(8) TARP
The term ‘‘TARP’’ means the Troubled Asset
Relief Program established under section 5211
of this title.
(9) Troubled assets
The term ‘‘troubled assets’’ means—
(A) residential or commercial mortgages
and any securities, obligations, or other in-
struments that are based on or related to
such mortgages, that in each case was origi-
nated or issued on or before March 14, 2008,
the purchase of which the Secretary deter-
mines promotes financial market stability;
and
(B) any other financial instrument that
the Secretary, after consultation with the
Chairman of the Board of Governors of the
Federal Reserve System, determines the
purchase of which is necessary to promote
financial market stability, but only upon
transmittal of such determination, in writ-
ing, to the appropriate committees of Con-
gress.
(Pub. L. 110–343, div. A, § 3, Oct. 3, 2008, 122 Stat.
3766.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in text, was in the original
‘‘this Act’’ and was translated as reading ‘‘this divi-
sion’’, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122
Stat. 3765, known as the Emergency Economic Sta-
bilization Act of 2008, to reflect the probable intent of
Congress. For complete classification of division A to
the Code, see Short Title note set out under section
5201 of this title and Tables.
SUBCHAPTER I—TROUBLED ASSETS
RELIEF PROGRAM
§ 5211. Purchases of troubled assets
(a) Offices; authority
(1) Authority
The Secretary is authorized to establish the
Troubled Asset Relief Program (or ‘‘TARP’’)
to purchase, and to make and fund commit-
ments to purchase, troubled assets from any
financial instituti
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5211
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 5211. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1809
TITLE 12—BANKS AND BANKING
§ 5221
(b) Coordination
The Secretary of Housing and Urban Develop-
ment may, in carrying out the program devel-
oped under this section, coordinate with the
Secretary of the Treasury, the Federal Deposit
Insurance Corporation, the Board of Governors
of the Federal Reserve System, the Federal
Housing Finance Agency, and any other Federal
Government agency that the Secretary con-
siders appropriate.
(c) Definition
For purposes of this section, the term ‘‘multi-
family properties’’ means a residential structure
that consists of 5 or more dwelling units.
(d) Prevention of qualification for criminal appli-
cants
(1) In general
No person shall be eligible to begin receiving
assistance from the Making Home Affordable
Program authorized under the Emergency
Economic Stabilization Act of 2008 (12 U.S.C.
5201 et seq.), or any other mortgage assistance
program authorized or funded by that Act, on
or after 60 days after July 21, 2010, if such per-
son, in connection with a mortgage or real es-
tate transaction, has been convicted, within
the last 10 years, of any one of the following:
(A) Felony larceny, theft, fraud, or for-
gery.
(B) Money laundering.
(C) Tax evasion.
(2) Procedures
The Secretary shall establish procedures to
ensure compliance with this subsection.
(3) Report
The Secretary shall report to the Committee
on Financial Services of the House of Rep-
resentatives and the Committee on Banking,
Housing, and Urban Affairs of the Senate re-
garding the implementation of this provision.
The report shall also describe the steps taken
to implement this subsection.
(Pub. L. 111–203, title XIV, § 1481, July 21, 2010,
124 Stat. 2202.)
Editorial Notes
REFERENCES IN TEXT
The Emergency Economic Stabilization Ac
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5221
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