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

the Federal Housing Finance Agency, in its capacity as conservator of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; 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 ; and 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, 1 or as collateral for an advance or discount that is not in default; 1 See References in Text note below. the term “consumer” has the same meaning as in section 1602 of title 15 ; the term “insured depository institution” has the same meaning as in section 1813 of this title ; and the term “servicer” has the same meaning as in section 2605(i)(2) of this title . To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed 2 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 2 So in original. Probably should be “mortgage-backed”. section 1715z–23 of this title or other available programs to minimize foreclosures. reduction in interest rates; reduction of loan principal; and other similar modifications. the continuation of any existing Federal, State, and local rental subsidies and protections; and that modifications take into account the need for operating funds to maintain decent and safe conditions at the property. 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 . 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. 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. encourage implementation by the loan servicers of loan modifications developed under subsection (b); and assist in facilitating any such modifications, to the extent possible. The requirements of this section shall not supersede any other duty or requirement imposed on the Federal property managers under otherwise applicable law. 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 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, except 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 paragraph (1); or without a lease or with a lease terminable at will under State law, subject to the receipt by the tenant of the 90 day notice under subsection (1), the mortgagor or the child, spouse, or parent of the mortgagor under the contract is not the tenant; the lease or tenancy was the result of an arms-length transaction; and the lease or tenancy requires the receipt of rent that is not substantially less than fair market rent for the property or the unit’s rent is reduced or subsidized due to a Federal, State, or local subsidy. For purposes of this section, the term ‘federally-related mortgage loan’ has the same meaning as in section 3 of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2602 ). For purposes of this section, the date of a notice of foreclosure shall be deemed to be the date on which complete title to a property is transferred to a successor entity or person as a result of an order of a court or pursuant to provisions in a mortgage, deed of trust, or security deed.”