Page:Emergency Economic Stabilization Act of 2008.djvu/25

 O:kiYOkiYO08C04.xml 25 1 SEC. 109. FORECLOSURE MITIGATION EFFORTS. 2 (a) RESIDENTIAL MORTGAGE LOAN SERVICING 3 STANDARDS.--To the extent that the SeercrafT acquires 4 minegages, mortgage backed securities, and other assets 5 secured by residential real estate, including multifamily 6 housing, the SecretroT shall implement a plan that seeks 7 to maximize assistance for homeowners and use the au- 8 thority of the SecretroT to encourage the sewieers of the 9 underlying mortgages, considering net present value to the 10 taxpayer, to take advantage of the HOPE for Home- 11 owners Program under section 257 of the National Hous- 12 ing Act or other available programs to minimize fore- 13 closures. In addition, the SeercrafT may use loan guaran- 14 tees and credit enhancements to facilitate loan modifiea- 15 tions to prevent avoidable foreclosures. 16 (b) COORDNATON.--The SeercrafT shall coordinate 17 with the Corporation, the Board (with respect to any 18 minegage or minegage-backed securities or pool of seeuri- 19 ties held, owned, or controlled by or on behalf of a Federal 20 resewe bank, as provided in section 110(a)(1)(C)), the 21 Federal Housing Finance Agency, the SecretroT of Hous- 22 ing and Urban Development, and other Federal Govern- 23 ment entities that hold troubled assets to attempt to iden- 24 tify oppmCunities for the acquisition of classes of troubled 25 assets that will improve the ability of the SecretroT to im- 26 prove the loan modification and restructuring process and,

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