Page:Emergency Economic Stabilization Act of 2008.djvu/28

 O:k4YOk4YO0 8 C0 4.xaxd 1 2 3 4 5 6 7 8 9 lO 11 12 13 14 15 16 17 18 19 20 21 22 23 24 28 (1) IN GENERAL.--To the extent that the Fed- eral property manager holds, ovv7m, or controls mort- gages, mortgage backed securities, and other assets secured by residential real estate, including multi- family housing, the Federal propey manager shall implement a plan that seeks to maximize assistance for homeoysters and use its authority to encourage the sewicers of' the underlying mortgages, and con- sidering net present value to the taxpayer, to take advantage of' the HOPE for Homeoysters Program under section 257 of' the National Housing Act or other available programs to minimize foreclosures. (2) MODIFICATIONS.--In the case of' a residen- tial mortgage loan, modifications made under para- graph (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, modifica- tions made under paragraph (1) shall ensure (A) the continuation of' any existing Fed- eral, State, and local rental subsidies and pro- tections; and

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