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12 U.S.C. § 5220b — Assistance to homeowners

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

12 U.S.C. § 5220b — Assistance to homeowners

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Source location: Title 12, Chapter 52, § 5220b; chapter-052-emergency-economic-stabilization.md

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**(a) Definitions** As used in this section— (1) the term “Federal property manager” means— (A) the Federal Housing Finance Agency, in its capacity as conservator of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; (B) the Corporation, with respect to residential mortgage loans and mortgage-backed securities held by any bridge depository institution pursuant to [section 1821(n) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/n&num=0&edition=prelim); and (C) 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, other than mortgages or securities held, owned, or controlled in connection with open market operations under sections 348a and 353 to 359 of this title,11 See References in Text note below. or as collateral for an advance or discount that is not in default; (2) the term “consumer” has the same meaning as in [section 1602 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1602&num=0&edition=prelim); (3) the term “insured depository institution” has the same meaning as in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim); and (4) the term “servicer” has the same meaning as in [section 2605(i)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2605/i/2&num=0&edition=prelim). **(b) Homeowner assistance by agencies** (1) **In general** — To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed 22 So in original. Probably should be “mortgage-backed”. securities, and other assets secured by residential real estate, including multifamily housing, the Federal property manager shall implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and 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. (2) **Modifications** — In the case of a residential mortgage loan, modifications made under paragraph (1) may include— (A) reduction in interest rates; (B) reduction of loan principal; and (C) other similar modifications. (3) **Tenant protections** — In the case of mortgages on residential rental properties, modifications made under paragraph (1) shall ensure— (A) the continuation of any existing Federal, State, and local rental subsidies and protections; and (B) that modifications take into account the need for operating funds to maintain decent and safe conditions at the property. (4) **Timing** — Each Federal property manager shall develop and begin implementation of the plan required by this subsection not later than 60 days after October 3, 2008. (5) **Reports to Congress** — Each Federal property manager shall, 60 days after October 3, 2008, and every 30 days thereafter, report to Congress specific information on the number and types of loan modifications made and the number of actual foreclosures occurring during the reporting period in accordance with this section. (6) **Consultation** — In developing the plan required by this subsection, the Federal property managers shall consult with one another and, to the extent possible, utilize consistent approaches to implement the requirements of this subsection. **(c) Actions with respect to servicers** In any case in which a Federal property manager is not the owner of a residential mortgage loan, but holds an interest in obligations or pools of obligations secured by residential mortgage loans, the Federal property manager shall— (1) encourage implementation by the loan servicers of loan modifications developed under subsection (b); and (2) assist in facilitating any such modifications, to the extent possible. **(d) Limitation** The requirements of this section shall not supersede any other duty or requirement imposed on the Federal property managers under otherwise applicable law.

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

42 U.S.C. § 1437f — Repealed. Pub. L. 93–383, title II, § 204, Aug. 22, 1974, 88 Stat. 668

### Statutory Notes Section, act Aug. 2, 1954, ch. 649, title VIII, § 815, 68 Stat. 647, required submission of specifications by applicants prior to award of any contract for construction of a project and submission of data with respect to acquisition of land prior to authorization to purchase such land.

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

15 U.S.C. § 1602 — Definitions and rules of construction

**(a)** The definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter. **(b) Bureau.—** The term “Bureau” means the Bureau of Consumer Financial Protection. **(c)** The term “Board” refers to the Board of Governors of the Federal Reserve System. **(d)** The term “organization” means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association. **(e)** The term “person” means a natural person or an organization. **(f)** The term “credit” means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment. **(g)** The term “creditor” refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. For the purpose of the requirements imposed under part D of this subchapter and sections 1637(a)(5), 1637(a)(6), 1637(a)(7), 1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8), and 1637(b)(10) of this title, the term “creditor” shall also include card issuers whether or not the amount due is payable by agreement in more than four installments or the payment of a finance charge

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

12 U.S.C. § 2602 — Definitions

For purposes of this chapter— (1) the term “federally related mortgage loan” includes any loan (other than temporary financing such as a construction loan) which— (A) is secured by a first or subordinate lien on residential real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of from one to four families, including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property; and (B) (i) is made in whole or in part by any lender the deposits or accounts of which are insured by any agency of the Federal Government, or is made in whole or in part by any lender which is regulated by any agency of the Federal Government, or (ii) is made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way, by the Secretary or any other officer or agency of the Federal Government or under or in connection with a housing or urban development program administered by the Secretary or a housing or related program administered by any other such officer or agency; or (iii) is intended to be sold by the originating lender to the Federal National Mortgage Association, the Government National Mortgage Association, the Federal Home Loan Mortgage Corporation, or a financial institution from which it is to be purchased by the Federal Home Loan Mortgage Corporation; or (iv) is made in whole or in part by any “creditor”, as defined in section 1602(f) 11 See References in Text note below. of title 15, who makes or invests in residential real estate loans aggregating more than $1,000,000 per year, except that for the purpose of this chapter, the term “creditor” does not include any agency or instrumentality of any State; (2) the te

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

12 U.S.C. § 353 — Purchase and sale of cable transfers, acceptances and bills

Any Federal reserve bank may, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, firms, corporations, or individuals, cable transfers and bankers’ acceptances and bills of exchange of the kinds and maturities by this chapter made eligible for rediscount, with or without the indorsement of a member bank.

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

12 U.S.C. § 1813 — Definitions

As used in this chapter— **(a) Definitions of bank and related terms** (1) **Bank** — The term “bank”— (A) means any national bank and State bank, and any Federal branch and insured branch; (B) includes any former savings association. (2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which— (A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and (B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia, including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989. (3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. **(b) Definition of savings associations and related terms** (1) **Savings association** — The term “savings association” means— (A) any Federal savings association; (B) any State savings association; and (C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association. (2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t

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

12 U.S.C. § 5220b — Multifamily mortgage resolution pro-

Page 1808 TITLE 12—BANKS AND BANKING § 5220a (d) Limitation The requirements of this section shall not su- persede any other duty or requirement imposed on the Federal property managers under other- wise applicable law. (Pub. L. 110–343, div. A, title I, § 110, Oct. 3, 2008, 122 Stat. 3775.) Editorial Notes REFERENCES IN TEXT Sections 348a and 353 to 359 of this title, referred to in subsec. (a)(1)(C), was in the original a reference to ‘‘section 14 of the Federal Reserve Act (12 U.S.C. 353)’’. For classification of section 14 to the Code, see Codi- fication note set out under section 353 of this title. Statutory Notes and Related Subsidiaries EFFECT OF FORECLOSURE ON PREEXISTING TENANCY Pub. L. 111–22, div. A, title VII, § 702, May 20, 2009, 123 Stat. 1660, as amended by Pub. L. 111–203, title XIV, § 1484(1), July 21, 2010, 124 Stat. 2204, provided that: ‘‘(a) IN GENERAL.—In the case of any foreclosure on a federally-related mortgage loan or on any dwelling or residential real property after the date of enactment of this title [May 20, 2009], any immediate successor in in- terest in such property pursuant to the foreclosure shall assume such interest subject to— ‘‘(1) the provision, by such successor in interest of a notice to vacate to any bona fide tenant at least 90 days before the effective date of such notice; and ‘‘(2) the rights of any bona fide tenant— ‘‘(A) under any bona fide lease entered into before the notice of foreclosure to occupy the premises until the end of the remaining term of the lease, ex- cept that a successor in interest may terminate a lease effective on the date of sale of the unit to a purchaser who will occupy the unit as a primary residence, subject to the receipt by the tenant of the 90 day notice under paragra

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