Page:United States Statutes at Large Volume 123.djvu/1658

 123STA T . 1 6 3 8PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9SEC.105 . N E IGHBOR HOO D S TA BI L I Z ATION P ROGRA M RE F INEMENTS. (a)INGE NE RAL.—Section2301 (c) o f t h e F o r ec l o su re P re v ention A ct of 200 8 ( 4 2 U .S. C . 5 301 note) is a m en d ed— (1) by redesi g nating p aragraph (3) as paragraph (4) and (2) by inserting after paragraph (2) the follo w ing new para - graph

‘(3) EXC E PTIO N F OR CERTAIN S TATES.—Each State that has received the minimum allocation of amounts pursuant to the re q uirement under section 2302 may , tothee x tent such State has fulfilled the requirements of paragraph (2), distribute any remaining amounts to areas with homeowners at ris k of fore- closure or in foreclosure without regard to the percentage of home foreclosures in such areas. ’ ’. (b) R ETROACTI V E EFFECTIVE D ATE.— T he amendment made by subsection (a) shall take effect as if enacted on the date of enactment of the Foreclosure Prevention Act of 2008 (Public L aw 110 – 28 9 ). TI T LE II —FOR E C LO SU RE M ITI GA TIO N AN D CREDIT A V AILA B ILIT Y SEC. 2 01. SER V ICER SAFE HARBOR FOR MORTGAGE LOAN MODIFICA - TIONS. (a) CON G RESSIONAL FIN D INGS.—Congress finds the following: (1) Increasing numbers of mortgage foreclosures are not only depriving many Americans of their homes, but are also destabili z ing property values and negatively affecting State and local economies as well as the national economy. (2) In order to reduce the number of foreclosures and to stabilize property values, local economies, and the national economy, servicers must be given— (A) authorization to— (i) modify mortgage loans and engage in other loss mitigation activities consistent with applicable guidelines issued by the Secretary of the Treasury or his designee under the Emergency Economic Sta- bilization Act of 2008; and (ii) refinance mortgage loans under the H ope for Homeowners program; and ( B ) a safe harbor to enable such servicers to exercise these authorities. (b) SAFE HAR B OR.—Section 129A of the Truth in Lending Act (15 U.S.C. 1 6 39a) is amended to read as follows: ‘ ‘SEC. 12 9 .D U T Y OF SERVICERS OF RESIDENTIAL MORTGAGES. ‘‘(a) IN GENERAL.— N otwithstanding any other provision of law, whenever a servicer of residential mortgages agrees to enter into a qualified loss mitigation plan with respect to 1 or more residential mortgages originated before the date of enactment of the Helping Families Save Their Homes Act of 2009, including mortgages held in a securitization or other investment vehicle— ‘‘(1) to the extent that the servicer owes a duty to investors or other parties to maximize the net present value of such mortgages, the duty shall be construed to apply to all such investors and parties, and not to any individual party or group of parties; and Ap p licab ili ty.P la ns. 15USC 1 639 a n o t e. 42 USC 53 0 1 note.