Page:United States Statutes at Large Volume 122.djvu/2829

 12 2 STA T . 2 806PUBLIC LA W 110 – 28 9—J UL Y3 0, 2008 4years a ft ers uchd ate o f in surance , the S ecretary sha l l b e entitled to 70p ercent of such e q uity and the m ort g agor shall be entitled to 3 0 percent of such equity .‘ ‘ (E)I f such sale or refinancing occurs during the period that begins 4 years after such date of insurance and ends 5 years after such date of insurance, the Secretary shall be entitled to 6 0 percent of such equity and the mortgagor shall be entitled to 40 percent of such equity. ‘‘( F ) If such sale or refinancing occurs during any period that begins 5 years after such date of insurance, the Sec - retary shall be entitled to 50 percent of such equity and the mortgagor shall be entitled to 50 percent of such equity. ‘‘( 2 ) AP P RECIAT I ON IN V A LU E. — For each eligible mortgage insured under this section, the Secretary and the mortgagor of such mortgage shall, upon any sale or disposition of the property to w hich such mortgage relates, each be entitled to 50 percent of any appreciation in v alue of the appraised value of such property that has occurred since the date that such mortgage was insured under this section. ‘‘(l) E S TA B LIS HM ENT O FHOP E FUN D .— ‘‘( 1 )IN G ENERAL.— T here is established in the Federal Housing Administration a revolving fund to be k nown as the Home Ownership Preservation Entity Fund, which shall be used by the B oard for carrying out the mortgage insurance obligations under this section. ‘‘(2) M ANAGEMENT OF FUND.—The HOPE Fund shall be administered and managed by the Secretary, who shall estab- lish reasonable and prudent criteria for the management and operation of any amounts in the HOPE Fund. ‘‘(m) L IMITATION ON AGGREGATE INSURANCE AUTHORIT Y .—The aggregate original principal obligation of all mortgages insured under this section may not e x ceed $ 300,000,000,000. ‘‘(n) R EPORTS BY THE BOARD.—The Board shall submit monthly reports to the C ongress identifying the progress of the HOPE for Homeowners Program, which shall contain the following informa- tion for each month

‘‘(1) The number of new mortgages insured under this section, including the location of the properties sub j ect to such mortgages by census tract. ‘‘(2) The aggregate principal obligation of new mortgages insured under this section. ‘‘(3) The average amount by which the principle balance outstanding on mortgages insured this section was reduced. ‘‘(4) The amount of premiums collected for insurance of mortgages under this section. ‘‘(5) The claim and loss rates for mortgages insured under this section. ‘‘(6) Any other information that the Board considers appro- priate. ‘‘(o) RE Q UIRED OUTREACH EFFORTS.—The Secretary shall carry out outreach efforts to ensure that homeowners, lenders, and the general public are aware of the opportunities for assistance avail- able under this section. ‘‘(p) ENHANCEMENT OF FHA CAPACITY.— U nder the direction of the Board, the Secretary shall take such actions as may be necessary to—

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