Page:United States Statutes at Large Volume 112 Part 3.djvu/843

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PUBLIC LAW 105-276—OCT. 21, 1998 112 STAT. 2673 foreclosure or acquisition of the property by other means the Secretary may include in the amount of insurance benefits an amount equal to any xmpaid mortgage interest; or "(B) provide for a modification of the terms of the mortgage for the purpose of recasting, over the remsdning term of the mortgage or over such longer period pursuant to guidelines as may be prescribed by the Secretary, the toted unpaid amount then due, with the modification to become effective currently or to become effective upon the termination of an agreed-upon extension of the period for curing the default; and the principal amount of the mortgage, as modified, shall be considered the 'original principed obligation of the mortgage' for purposes of paragraph (5). "(7) TERMINATION OF PREMIUM OBLIGATION. —The obligation of the mortgagee to pay the premium charges for insurance shall cease upon fulfillment of the appropriate requirements under which the Secretary may pay insureuice benefits, as described in paragraph (1). The Secretary may also terminate the mortgagee's obligation to pay mortgage insurance premiums upon receipt of an application filed by the mortgagee for insurance benefits under paragraph (1), or in the event the contract of insurance is terminated pursuant to section 229. " (8) EFFECT ON PAYMENT OF INSURANCE BENEFITS UNDER SECTION 230. — Nothing in this section shall limit the authority of the Secretsiry to pay insurance benefits under section 230. " (9) TREATMENT OF MORTGAGE ASSIGNMENT PROGRAM.—Notwithstanding any other provision of law, or the Amended Stipulation entered as a consent decree on November 8, 1979, in Ferrell v. Cuomo, No. 73 C 334 (N.D. 111.), or any other order intended to require the Secretary to operate the program of mortgage assignment and forbeareuice that was operated by the Secretary pursuant to the Amended Stipulation and under the authority of section 230, prior to its amendment by section 407(b) of The Balanced Budget Downpayment Act, I (Public Law 104-99; 110 Stat. 45), no mortgage assigned under this section may be included in any mortgage foreclosure avoidsuice program that is the same or substantially equivalent to such a program of mortgage assignment and forbearance.". (b) EFFECTIVE DATE. —The Secretary shall publish a notice in Federal Register, the Federal Register stating the effective date of the terms and publication. conditions prescribed by the Secretary under section 204(a)(1) of i^U^C 1710 the National Housing Act, as amended by subsection (a) of this note. section. Subsections (a) and (k) of section 204 of the National Housing Act, as in effect immediately before such effective date, shall continue to apply to any mortgage insiu-ed under section 203 of the National Housing Act before such effective date, except that the Secretary may, at the request of the mortgagee, pay insurance benefits as provided in subparagraphs (A) and (D) of section 204(a)(1) of such Act to calculate insurance benefits in accordance with section 204(a)(5) of such Act. (c) REPEAL OF REDUNDANT PROVISION. —Subsection (k) of section 204 of the National Housing Act (12 U.S.C. 1710(k)) is hereby repesded. (d) AUTHORITY TO SELL. — Section 204(g) of the National Housing Act (12 U.S.C. 1710(g)) is amended by adding at the end