Page:Emergency Economic Stabilization Act of 2008.djvu/26

 O:LiYOLiYO08C04.xml 26 1 where permissible, to permit bona fide tenants who are 2 current on their rent to remain in their homes under the 3 terms of the lease. In the case of a mortgage on a residen- 4 tial rental property, the plan required under this section 5 shall include protecting Federal, State, and local rental 6 subsidies and protections, and ensuring any modification 7 takes into account the need for operating fhnds to main- 8 tain decent and safe conditions at the property. 9 (c) CONSENT TO REASONABLE LOAN MODIFICATION 10 REQUESTS.--Upon any request arising under existing in- 11 vestment contracts, the Secreta T shall consent, where ap- 12 propriate, and considering net present value to the tax- I 3 payer, to reasonable requests for loss mitigation measures, 14 including term extensions, rate reductions, principal write 15 dovms, increases in the proportion of loans within a trust 16 or other structure allowed to be modified, or removal of 17 other limitation on modifications. 18 SEC. 110. ASSISTANCE TO HOMEOWNERS. 19 (a) DEFINITIONS.--As used in this section- 20 (1) the term "Federal property manager" 21 means-- 22 23 24 25 (A) the Federal Housing Finance Agency, its capacity as conserwator of the Federal in National Mortgage Association and the Federal Home Loan Mortgage Cm?oration;

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