Page:United States Statutes at Large Volume 122.djvu/2831

 12 2 STA T . 2 80 8 PUBLIC LA W 110 – 28 9—J UL Y3 0, 2008 ‘ ‘ (4)EXIST I NG S E NI ORM ORTG A GE .—Thet e rm ‘e xis ti ng seni o r mortg a ge ’ means ,w ith res p e c t to a mortgage ins u re d under this section, the existing mortgage that has superior priorit y . ‘‘( 5 ) EXISTING S UB OR D INATE MORTGAGE.—The term ‘existing su b ordinate mortgage’ means, with respect to a mortgage insured under this section, an existing mortgage that has subordinate priority to the existing senior mortgage. ‘‘( 6 ) HOP E F OR H OMEO W NERS P ROGRAM.—The term ‘HOPE f or Homeowners Program’ means the program estab l ished under this section. ‘‘( 7 ) S E C RETAR Y .—The term ‘Secretary’ means the Secretary of Housing and U rban D e v elopment, except where specifically provided otherwise. ‘‘(t) R E Q UIREMENTS RE L ATED TO THE B OARD.— ‘‘( 1 ) C OMPENSATION, ACTUAL, NECESSARY, AND TRANSPOR - TATION EXPENSES.— ‘‘( A ) F EDERAL EMPLOYEES.—A member of the Board who is an officer or employee of the Federal G overnment shall serve without additional pay (or benefits in the nature of compensation) for service as a member of the Board. ‘‘(B) TRA V EL EXPENSES.— M embers of the Board shall be entitled to receive travel expenses, including per diem in lieu of subsistence, e q uivalent to those set forth in subchapter I of chapter 57 of title 5, United States Code. ‘‘( 2 ) BYLAWS.—The Board may prescribe, amend, and repeal such bylaws as may be necessary for carrying out the functions of the Board. ‘‘( 3 ) Q UORUM.—A ma j ority of the Board shall constitute a quorum. ‘‘(4) STAFF EXPERTS AND CONSULTANTS.— ‘‘(A) DETAIL OF GOVERNMENT EMPLOYEES.—Upon request of the Board, any Federal Government employee may be detailed to the Board without reimbursement, and such detail shall be without interruption or loss of civil service status or privilege. ‘‘(B) EXPERTS AND CONSULTANTS.—The Board shall pro- cure the services of experts and consultants as the Board considers appropriate. ‘‘(u) RULE OF CONSTRUCTION RELATED TO V OLUNTARY N ATURE OF THE PROGRAM.—This section shall not be construed to require that any approved financial institution or mortgagee participate in any activity authori z ed under this section, including any activity related to the refinancing of an eligible mortgage. ‘‘(v) RULE OF CONSTRUCTION RELATED TO INSURANCE OF MORT- GAGES.—Except as otherwise provided for in this section or by action of the Board, the provisions and requirements of section 2 0 3(b) shall apply with respect to the insurance of any eligible mortgage under this section. ‘‘(w) HOPE BONDS.— ‘‘(1) ISSUANCE AND REPAYMENT OF BONDS.—Notwith- standing section 504(b) of the Federal Credit Reform Act of 1 9 90 (2 U.S.C. 661d(b)), the Secretary of the Treasury shall— ‘‘(A) subject to such terms and conditions as the Sec- retary of the Treasury deems necessary, issue Federal credit instruments, to be k nown as ‘HOPE Bonds’, that are callable at the discretion of the Secretary of the

�