Page:United States Statutes at Large Volume 122.djvu/3797

 12 2 STA T .37 7 4PUBLIC LA W 11 0– 343 —O CT. 3 , 200 8(a),w a ived a nypro vi s ion o fth e F edera lAcqu isition R e g ulation pertaining to m inority contracting, the S ecretary shall develop and implement standards and procedures to ensure, to the ma x imum extent practica b le, the inclusion and utili z ation of minorities (as such term is defined in section 1204 (c) of the Financial I nstitutions Reform, Recovery, and E nforcement Act of 1 98 9 (12 U. S. C . 1811 note)) and women, and minority - and women-owned businesses (as such terms are defined in section 21A(r)(4) of the Federal H ome L oan B an k Act (12 U.S.C. 1441a(r)(4)), in that solicitation or contract, including contracts to asset managers, servicers, prop- erty managers, and other service providers or expert consultants. (c) E LIG I B ILI TYOF F D IC. —N otwithstanding subsections (a) and (b), the Corporation— (1) shall be eligible for, and shall be considered in, the selection of asset managers for residential mortgage loans and residential mortgage-backed securities and (2) shall be reimbursed by the Secretary for any services provided. SEC.108 .C ONFLI C T S OF INTE R EST. (a) ST AND A R D S R EQU IRED.— T he Secretary shall issue regula- tions or guidelines necessary to address and manage or to prohibit conflicts of interest that may arise in connection with the adminis- tration and execution of the authorities provided under this Act, including— (1) conflicts arising in the selection or hiring of contractors or advisors, including asset managers; (2) the purchase of troubled assets; ( 3 ) the management of the troubled assets held; (4) post-employment restrictions on employees; and ( 5 ) any other potential conflict of interest, as the Secretary deems necessary or appropriate in the public interest. (b) TI M ING.—Regulations or guidelines required by this section shall be issued as soon as practicable after the date of enactment of this Act. SEC. 10 9 . FORECLOS U RE M ITI GA TION EFFORTS. (a) RESIDENTIAL M ORTGAGE LOAN SER V I C ING STANDARDS.—To the extent that the Secretary acquires mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Secretary shall implement a plan that seeks to maximize assistance for homeowners and use the authority of the Secretary to encourage the servicers of the underlying mortgages, considering net present value to the tax- payer, to take advantage of the H OP E for Homeowners Program under section 25 7 of the National Housing Act or other available programs to minimize foreclosures. In addition, the Secretary may use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures. (b) COORDINATION.—The Secretary shall coordinate with the Corporation, the Board (with respect to any mortgage or mortgage- backed securities or pool of securities held, owned, or controlled by or on behalf of a Federal reserve bank, as provided in section 110(a)(1)(C)), the Federal Housing Finance Agency, the Secretary of Housing and Urban Development, and other Federal G overnment entities that hold troubled assets to attempt to identify opportuni- ties for the acquisition of classes of troubled assets that will improve the ability of the Secretary to improve the loan modification and 12USC5 21 9.Regulations . 12 USC 521 8.

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