Page:United States Statutes at Large Volume 122.djvu/3799

 12 2 STA T .37 7 6PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8(B)reduction o fl o a n p rincipal and ( C )ot h er s i m ilar modifications . ( 3 ) TENA N TPRO TE C T I ON S . —I n the case of mort g ages on residential rental properties , modifications made under para - graph ( 1 ) shall ensure— ( A ) the continuation of an y e x isting F ederal, S tate, and local rental su b sidies and protections; and (B) that modifications ta k e into account the need for operating funds to maintain decent and safe conditions at the property. ( 4 )TI M IN G .— E ach Federal property manager shall de v elop and begin implementation of the plan re q uired by this sub- section not later than 60 days after the date of enactment of this Act. ( 5 ) R EPORTS TO CONGRESS.—Each Federal property man- ager shall, 60 days after the date of enactment of this Act and every 30 days thereafter, report to Congress specific information on the number and types of loan modifications made and the number of actual foreclosures occurring during the reporting period in accordance w ith this section. (6) CONS UL TATION.—In developing the plan required by this subsection, the Federal property managers shall consult with one another and, to the extent possible, utili z e consistent approaches to implement the requirements of this subsection. (c) ACTIONS W IT H RESPECT TO SER V ICERS.—In any case in which a Federal property manager is not the owner of a residential mortgage loan, but holds an interest in obligations or pools of obligations secured by residential mortgage loans, the Federal prop- erty manager shall— (1) encourage implementation by the loan servicers of loan modifications developed under subsection (b); and ( 2 ) assist in facilitating any such modifications, to the extent possible. (d) L IMITATION.—The requirements of this section shall not supersede any other duty or requirement imposed on the Federal property managers under otherwise applicable law. SEC.1 11. E X EC UTIV EC OMP E N S A TION AN D CO R PORATE G OVERNANCE. (a) APPLICA B ILIT Y .—Any financial institution that sells troubled assets to the Secretary under this Act shall be sub j ect to the executive compensation requirements of subsections (b) and (c) and the provisions under the Internal Revenue Code of 1 98 6, as provided under the amendment by section 302, as applicable. (b) D IRECT P URCHASES.— (1) IN GENERAL.—Where the Secretary determines that the purposes of this Act are best met through direct purchases of troubled assets from an individual financial institution where no bidding process or market prices are available, and the Secretary receives a meaningful equity or debt position in the financial institution as a result of the transaction, the Secretary shall require that the financial institution meet appropriate standards for executive compensation and corporate govern- ance. The standards required under this subsection shall be effective for the duration of the period that the Secretary holds an equity or debt position in the financial institution. (2) CRITERIA.—The standards required under this sub- section shall include— Ef f ectiv e da te .S ta n da r d s. 12U S C5 221. D ead l ine.

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