Page:United States Statutes at Large Volume 112 Part 3.djvu/842

 112 STAT. 2672 PUBLIC LAW 105-276—OCT. 21, 1998 Secretary of all claims referred to in clause (ii) of subparagraph (B), if— "(i) the sale of the mortgaged property has been approved by the Secretary; "(ii) the mortgagee receives an amiount at least equal to the fair market value of the property (with appropriate adjustments), as determined by the Secretary; and "(iii) the mortgagor has received an appropriate disclosure, as determined by the Secretary. (2) PAYMENT FOR LOSS MITIGATION.—The Secretary may pay insurance benefits to the mortgagee to recompense the mortgagee for all or part of any costs of the mortgagee for taking loss mitigation actions that provide an alternative to foreclosure of a mortgage that is in default (including but not limited to actions such as specied forbearance, loan modification, and deeds in lieu of foreclosure, but not including assignment of mortgages to the Secretary under section 204(a)(l)(A)). No actions taken under this paragraph, nor any failure to act under this paragraph, by the Secretary or by a mortgagee shall be subject to judicial review. Publication. "(3) DETERMINATION OF CLAIMS PROCEDURE. — The Secretary Guidelines. shall publish g^delines for determining which of the procedures for pa3anent of insurance under paragraph (1) are available to a mortgagee when it claims insurance benefits. At least one of the procedures for payment of insurance benefits specified in p8u*agraph (1)(A) or (1)(B) shall be available to a mortgagee with respect to a mortgage, but the seune procedure shall not be required to be available for all of the mortgages held by a mortgagee. "(4) SERVICING OF ASSIGNED MORTGAGES. — If a mortgage is assigned to the Secretary under paragraph (I)(A), the Secretary may permit the assigning mortgagee or its servicer to continue to service the mortgage for reasonable compensation £Uid on terms and conditions determined by the Secretary. Neither the Secretary nor any servicer of the mortgage shall be required to forbear from collection of amounts due tinder the mortgage or otherwise pursue loss mitigation measures. "(5) CALCULATION OF INSURANCE BENEFITS.— Insurance benefits shall be paid in accordance with section 520 and shall be equal to the original principal obligation of the mortgage (with such additions and deductions as the Secretary determines are appropriate) which was unpaid upon the date of— "(A) assignment of the mortgage to the Secretary; "(B) the institution of foreclostu'e proceedings; than by foreclosure; or ''(D) sale of the mortgaged property by the mortgagor. " (6) FORBEARANCE AND RECASTING AFTER DEFAULT.— The mortgagee may, upon such terms and conditions as the Secretary may prescribe— "{A) extend the time for the curing of the default and the lime for commencing foreclosure proceedings or for otherwise acquiring title to the mortgaged property, to such time as the mortgagee determines is necessary and desirable to enable the mortgap^r to complete the mortgage payments, indudin^ an extension of time beyond the stadbed maturity of the mortage, and in the event of a subsequent
 * (C) the acquisition of the property after default other

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