Page:United States Statutes at Large Volume 122.djvu/2827

 12 2 STA T . 2 804PUBLIC LA W 110 – 28 9—J UL Y3 0, 2008 ‘ ‘ (iv)whet he r there a re o ther m e c ha n i s ms or a u thorit y that wou ldb e use f ul to reduce foreclosure and ‘‘(v) and any other factors that the B oard considers relevant . ‘‘(B) DET E RMINA TI O N S . —T othee x tent that the Board finds that a facility of the ty p e described in subpara g raph ( A ) is feasible and useful , the study shall— ‘‘(i) determine and identify any additional authority or resources needed to establish and operate such a mechanism; ‘‘(ii) determine whether there is a need for addi - tional authority with respect to the loan underwriting criteria established in this section or with respect to eligibility of participating borrowers, lenders, or holders of liens; ‘‘(iii) determine whether such underwriting criteria should be established on the basis of individual loans, in the aggregate, or otherwise to facilitate the goal of refinancing borrowers at ris k of foreclosure into viable loans insured under this section. ‘‘( 3 ) R E P ORT.— N ot later than the expiration of the 60 - day period beginning on the date of the enactment of this section, the Board shall submit a report regarding the results of the study conducted under this subsection to the C ommittee on F inancial S ervices of the H ouse of Representatives and the Committee on Banking, Housing, and U rban Affairs of the Senate. The report shall include a detailed description of the analysis re q uired under paragraph ( 2 )(A) and of the determinations made pursuant to paragraph (2)(B), and shall include any other findings and recommendations of the Board pursuant to the study, including identifying various options for mechanisms described in paragraph ( 1 ). ‘‘(g) APPRAISA LI N D EPENDEN C E.— ‘‘(1) P RO H I B ITIONS ON INTERESTED PARTIES IN A REAL ESTATE TRANSACTION.—No mortgage lender, mortgage broker, mortgage banker, real estate broker, appraisal management company, employee of an appraisal management company, nor any other person with an interest in a real estate transaction involving an appraisal in connection with a mortgage insured under this section shall improperly influence, or attempt to improperly influence, through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, nonpayment for services rendered, or bribery, the development, reporting, result, or review of a real estate appraisal sought in connection with the mortgage. ‘‘(2) CI V IL MONETAR Y PENALTIES.—The Secretary may impose a civil money penalty for any knowing and material violation of paragraph (1) under the same terms and conditions as are authori z ed in section 5 36(a) of this Act. ‘‘(h) STANDARDS TO PROTECT A G AINST ADVERSE SELECTION.— ‘‘(1) IN GENERAL.—The Board shall, by rule or order, estab- lish standards and policies to require the underwriter of the insured loan to provide such representations and warranties as the Board considers necessary or appropriate to enforce compliance with all underwriting and appraisal standards of the H O P E for Homeowners Program. Regulations.Ord ers.

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