Page:United States Statutes at Large Volume 123.djvu/1663

 123STA T . 1 64 3 PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9‘ ‘ (1)servic er ofth ee x isti ng senior m ortg a ge or existing s ub or d inate mortgage for ever yl oan insured under the HOPE for Homeo w ners Program and ‘‘( 2 ) originator of each new loan insured under the HOPE for Homeowners Program . ‘‘(y) AUCTIONS . —T he S ecretary , with the concurrence of the B oard, shall, if feasible, establish a structure and organi z e p roce - dures for an auction to refinance eligible mortgages on a wholesale or bul k basis. ’ ’. (b) RED UCIN G TARP F UNDS TO O F FSET C OSTS OF P R OGR AM C H ANGES.—Paragraph ( 3 ) of section 11 5 (a) of the Emergency Eco- nomic Stabilization Act of 2 0 0 8 (12 U .S.C. 5225) is amended by inserting ‘‘, as such amount is reduced by $ 1,2 4 4,000,000,’’ after ‘‘$ 7 00,000,000,000’’. (c) TECHNICA L CORRECTION.—The second section 257 of the N ational Housing Act (Public L aw 110 – 28 9 U.S.C. 1715z–24) is amended by striking the section heading and inserting the following
 * 122 Stat. 2839; 12

‘ SEC.258 . PILOT P R O G R AMF ORA U TOMATE D PROCESS FOR B OR - RO W ERS WIT H OUT SUFFICIE N T CREDIT HISTOR Y . ’ ’. SEC. 2 03 .RE Q UIREMENTS FOR FHA-APPRO V ED MORTGAGEES. (a) M ORTGAGEE RE V IE W BOARD.— (1) I N GENERAL.—Section 202(c)(2) of the National Housing Act (12 U.S.C. 1708(c)) is amended— (A) in subparagraph (E), by inserting ‘‘and’’ after the semicolon; (B) in subparagraph (F), by striking ‘‘; and’’ and inserting ‘‘or their designees.’’; and (C) by striking subparagraph ( G ). (2) PROHI B ITION AGAINST LIMITATIONS ON MORTGAGEE REVIEW BOARD’S P OWER TO TA K E ACTION AGAINST MORTGA- GEES.—Section 202(c) of the National Housing Act (12 U.S.C. 1708(c)) is amended by adding at the end the following new paragraph: ‘‘(9) PROHIBITION AGAINST LIMITATIONS ON MORTGAGEE REVIEW BOARD’S POWER TO TAKE ACTION AGAINST MORTGA- GEES.—No State or local law, and no Federal law (except a Federal law enacted expressly in limitation of this subsection after the effective date of this sentence), shall preclude or limit the exercise by the Board of its power to take any action authorized under paragraphs (3) and ( 6 ) of this subsection against any mortgagee.’’. (b) LIMITATIONS ON PARTICIPATION AND MORTGAGEE APPROVAL AND USE OF NAME.—Section 202 of the National Housing Act (12 U.S.C. 1708) is amended— (1) by redesignating subsections (d), (e), and (f) as sub- sections (e), (f), and (g), respectively; (2) by inserting after subsection (c) the following new sub- section: ‘‘(d) LIMITATIONS ON PARTICIPATION IN ORIGINATION AND MORT- GAGEE APPROVAL.— ‘‘(1) RE Q UIREMENT.—Any person or entity that is not approved by the Secretary to serve as a mortgagee, as such term is defined in subsection (c)(7), shall not participate in the origination of an FHA-insured loan except as authorized by the Secretary. Procedu re s.