12 2 STA T . 2 80 0 PUBLIC LA W 110 – 28 9—J UL Y3 0 , 2008 TI T LE I V—HOP E F O R HO M EO WN ER SSEC.140 1.S HORT T I T L E. Thist it lemayb e c ite d as the ‘ ‘ HOPEfor Homeo wn ers A ct of 20 0 8’ ’ . SEC. 140 2 . EST AB LISH M E N TO F HO P E FOR HOMEO W NERS PRO G RAM. ( a ) E STABLI S HMEN T. — Title I Iofthe N ational Ho u sin g Act ( 1 2 U . S . C .1 7 07etse q .) is amended by adding at the end the following
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‘SEC. 2 57 . HOPE FOR HOMEOWNERS PROGRAM. ‘‘(a) ESTABLISHMENT.—There is established in the F ederal Housing Administration a HOPE for Homeowners Program. ‘‘(b) P URPO SE.—The p urpose of the HOPE for Homeowners Pro - gram is— ‘‘(1) to create an FHA program , participation in which is v oluntary on the part of homeowners and e x isting loan holders to insure refinanced loans for distressed borrowers to support long-term, sustainable homeownership
‘‘(2) to allow homeowners to avoid foreclosure by reducing the principle balance outstanding, and interest rate charged, on their mortgages; ‘‘( 3 ) to help stabili z e and provide confidence in mortgage mar k ets by bringing transparency to the value of assets based on mortgage assets; ‘‘( 4 ) to target mortgage assistance under this section to homeowners for their principal residence; ‘‘( 5 ) to enhance the administrative capacity of the FHA to carry out its expanded role under the HOPE for Homeowners Program; ‘‘( 6 ) to ensure the HOPE for Homeowners Program remains in effect only for as long as is necessary to provide stability to the housing market; and ‘‘(7) to provide servicers of delinquent mortgages with addi- tional methods and approaches to avoid foreclosure. ‘‘(c) ESTABLISHMENT AN D IMPLEMENTATION O F PRO G RAM R E Q UIREMENTS.— ‘‘(1) D UTIES OF THE BOARD.—In order to carry out the purposes of the HOPE for Homeowners Program, the B oard shall— ‘‘(A) establish requirements and standards for the pro- gram; and ‘‘(B) prescribe such regulations and provide such guid- ance as may be necessary or appropriate to implement such requirements and standards. ‘‘(2) DUTIES OF THE SE C RETAR Y .—In carrying out any of the program requirements or standards established under para- graph (1), the Secretary may issue such interim guidance and mortgagee letters as the Secretary determines necessary or appropriate. ‘‘(d) INSURANCE OF M ORTGAGES.—The Secretary is authorized upon application of a mortgagee to make commitments to insure or to insure any eligible mortgage that has been refinanced in a manner meeting the requirements under subsection (e). ‘‘(e) REQUIREMENTS OF INSURED MORTGAGES.—To be eligible for insurance under this section, a refinanced eligible mortgage shall comply with all of the following requirements: Regulations.S tan d a r ds. 12U S C 1 7 1 5z– 2 3 . 12 USC 17 0 1 note.
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