12 2 STA T .379 1 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8(2)thecos to fam o di ficatio n ofat r o ubl ed asset or g uar - antee of a troubled asset shall be the difference bet w een the current estimate consistent with p aragraph ( 1 ) under the terms of the troubled asset or guarantee of the troubled asset and the current estimate consistent with paragraph (1) under the terms of the troubled asset or guarantee of the troubled asset , as modified .SEC.124 . HOP E F O R HO M EO WN ERS A MEN D MEN T S. S ection 2 57 of the N ational H ousing A ct (12 U .S. C . 1715 z– 2 3 ) is amended — (1) in subsection (e)— (A) in paragraph (1)( B ),b y inserting before ‘ ‘a ratio ’ ’ the following
‘‘, or thereafter is li k ely to ha v e, due to the terms of the mortgage being reset,’’
(B) in paragraph (2)(B), by inserting before the period at the end ‘‘(or such higher percentage as the Board deter- mines, in the discretion of the Board)’’; (C) in paragraph ( 4 )(A)— (i) in the first sentence, by inserting after ‘‘insured loan’’ the following: ‘‘and any payments made under this paragraph,’’; and (ii) by adding at the end the following: ‘‘Such actions may include making payments, which shall be accepted as payment in full of all indebtedness under the eligible mortgage, to any holder of an e x isting subordinate mortgage, in lieu of any future appreciation payments authorized under subparagraph (B).’’; and (2) in subsection (w), by inserting after ‘‘administrative costs’’ the following: ‘‘and payments pursuant to subsection (e)(4)(A)’’. SEC. 12 5 . CON G RESS I ONA L O V ERSIGHT PANEL. (a) ESTABLI S HMEN T.— T here is hereby established the Congres- sional O versight P anel (hereafter in this section referred to as the ‘‘Oversight Panel’’) as an establishment in the legislative branch. (b) DU TIES.—The Oversight Panel shall review the current state of the financial markets and the regulatory system and submit the following reports to Congress: (1) R E G ULA R RE PO RTS.— (A) I N GENERAL.—Regular reports of the Oversight Panel shall include the following: (i) The use by the Secretary of authority under this Act, including with respect to the use of con- tracting authority and administration of the program. (ii) The impact of purchases made under the Act on the financial markets and financial institutions. (iii) The extent to which the information made available on transactions under the program has contributed to market transparency. (iv) The effectiveness of foreclosure mitigation efforts, and the effectiveness of the program from the standpoint of minimizing long-term costs to the tax- payers and maximizing the benefits for taxpayers. (B) TIMING.—The reports re q uired under this para- graph shall be submitted not later than 3 0 days after 12USC5 2 3 3 .
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