Page:United States Statutes at Large Volume 110 Part 1.djvu/70

 110 STAT. 46 PUBLIC LAW 104-99 —JAN. 26, 1996 is required to undertake concerning repayment by the mortgagor of the amount owed to the Secretary. "(b) ASSIGNMENT.— "(1) PROGRAM AUTHORITY.—The Secretary may establish a program for assignment to the Secretary, upon request of the mortgagee, of a mortgage on a 1- to 4-family residence insured under this Act. "(2) PROGRAM REQUIREMENTS.—The Secretary may accept assignment of a mortgage under a program under this subsection only if— "(A) the mortgage was in default; "(B) the mortgagee has modified the mortgage to cure the default and provide for mortgage payments within the reasonable ability of the mortgagor to pay, at interest rates not exceeding current market interest rates; and "(C) the Secretary arranges for servicing of the assigned mortgage by a mortgagee (which may include the assigning mortgagee) through procedures that the Secretary has determined to be in the best interests of the appropriate insurance fund. " (3) PAYMENT OF INSURANCE BENEFITS.— Upon accepting assignment of a mortgage under a program established under this subsection, the Secretary may pay insurance benefits to the mortgagee from the appropriate insurance fund, in an amount that the Secretary determines to be appropriate, not to exceed the amount necessary to compensate the mortgagee for the assignment and any losses and expenses resulting from the mortgage modification. "(c) PROHIBITION OF JUDICIAL REVIEW.—No decision by the Secretary to exercise or forego exercising any authority under this section shall be subject to judicial review. "(d) SAVINGS PROVISION. — Any mortgage for which the mortgagor has applied to the Secretary, before the date of enactment of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1996, for assignment pursuant to subsection (b) of this section as in effect before such date of enactment shall continue to be governed by the provisions of this section, as in effect immediately before such date of enactment. "(e) APPLICABILITY OF OTHER LAWS.— No provision of this Act, or any other law, shall be construed to require the Secretary to provide an alternative to foreclosure for mortgagees with mortgages on 1- to 4-family residences insured by the Secretary under this Act, or to accept assignments of such mortgages.". 12 USC 1710 (c) APPLICABILITY OF AMENDMENTS. —Except as provided in sub- "lote. section (e), the amendments made by subsections (a) and (b) shall apply only with respect to mortgages insured under the National Housing Act that are originated before October 1, 1995. 12 USC 1710 (d) REGULATIONS.—Not later than 60 days after the date of noteenactment of this Act, the Secretary of Housing and Urban Development shall issue interim regulations to implement this section and the amendments made by this section. (e) EFFECTIVENESS AND APPLICABILITY. —I f this Act is enacted after the date of enactment of the Bsdanced Budget Act of 1995— (1) subsections (a), (b), (c), and (d) of this section shall not take effect; and

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