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12 U.S.C. § 5220 — Home Affordable Modification Program guidelines

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

12 U.S.C. § 5220 — 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5201&num=0&edition=prelim) et seq.], to require each mortgage servicer participating in such program to provide each borrower under a mortgage whose request for a mortgage modification under the Program is denied with all borrower-related and mortgage-related input data used in any net present value (NPV) analyses 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 application** (1) **NPV calculator** — In carrying out the Home Affordable Modification Program, the Secretary shall establish 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 information 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 disclose that each mortgage servicer participating in such Program may use a method for calculating net present value of a mortgage that is different than the method used by such calculat

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

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

15 U.S.C. § 1601 — Congressional findings and declaration of purpose

**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices. **(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.

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

12 U.S.C. § 5201 — Emergency treatment

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

12 U.S.C. § 5211 — Purposes

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.

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12 U.S.C. § 5201 — Purposes

Page 1798 TITLE 12—BANKS AND BANKING § 5201 Sec. 5225. Graduated authorization to purchase. 5226. Oversight and audits. 5227. Study and report on margin authority. 5228. Funding. 5229. Judicial review and related matters. 5230. Termination of authority. 5231. Special Inspector General for the Troubled Asset Relief Program. 5231a. Public-Private Investment Program; addi- tional appropriations for the Special In- spector General for the Troubled Asset Re- lief Program. 5232. Credit reform. 5233. Congressional Oversight Panel. 5234. Cooperation with the FBI. 5235. Disclosures on exercise of loan authority. 5236. Exchange Stabilization Fund reimbursement. 5237. Authority to suspend mark-to-market ac- counting. 5238. Study on mark-to-market accounting. 5239. Recoupment. 5240. Preservation of authority. 5241. Temporary increase in deposit and share in- surance coverage. SUBCHAPTER II—BUDGET-RELATED PROVISIONS 5251. Information for congressional support agen- cies. 5252. Reports by the Office of Management and Budget and the Congressional Budget Of- fice. 5253. Emergency treatment. SUBCHAPTER III—TAX PROVISIONS 5261. Gain or loss from sale or exchange of certain preferred stock. § 5201. Purposes The purposes of this chapter are— (1) to immediately provide authority and fa- cilities that the Secretary of the Treasury can use to restore liquidity and stability to the fi- nancial 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, re- tirement accounts, and life savings; (B) preserves homeownership and promotes jobs and economic growth; (C) maximizes overall returns to the tax- payers of the United States; and (D) provide

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

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

Page 1807 TITLE 12—BANKS AND BANKING § 5220 1 See References in Text note below. 2 So in original. Probably should be ‘‘mortgage-backed’’. level. The Secretary shall issue regulations prescribing— (A) the procedures for disclosing such data to the public; and (B) such deletions as the Secretary may determine to be appropriate to protect any privacy interest of any mortgage modifica- tion applicant, including the deletion or al- teration of the applicant’s name and identi- fication number. (Pub. L. 111–203, title XIV, § 1483, July 21, 2010, 124 Stat. 2203.) Editorial Notes REFERENCES IN TEXT The Emergency Economic Stabilization Act of 2008, referred to in subsec. (a), is div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, which is classified prin- cipally to this chapter. 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 Mortgage Reform and Anti-Predatory Lending Act, and also as part of the Dodd-Frank Wall Street Reform and Consumer Pro- tection Act, and not as part of the Emergency Eco- nomic Stabilization Act of 2008 which comprises this chapter. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on the date on which final regula- tions implementing such section take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade. § 5220. Assistance to homeowners (a) Definitions As used in this section— (1) the term ‘‘Federal property manager’’ means— (A) the Federal Housing Finance

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