123STA T . 1 6 3 5PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9sub s ectionf o r t h e m ort ga ge .T he S ecretar y may subse -q uent l y —‘ ‘ ( i ) re-assign the mortgage to the mortgagee un d er terms and conditions as are agreed to by the mortgagee and the Secretary
‘‘(ii) act as a G o v ernment N ational M ortgage A ssociation issuer , or contract w ith an entity for such p urpose, in order to pool the mortgage into a Govern- ment National Mortgage Association security; or ‘‘(iii) re-sell the mortgage in accordance with any program that has been established for purchase by the F ederal Government of mortgages insured under this title, and the Secretary may coordinate standards for interest rate reductions available for loan modifica- tion with interest rates established for such purchase. ‘‘( E ) LOANSERVIC IN G .— I n carrying out the program under this subsection, the Secretary may require the e x isting servicer of a mortgage assigned to the Secretary under the program to continue servicing the mortgage as an agent of the Secretary during the period that the Sec- retary acquires and holds the mortgage for the purpose of modifying the terms of the mortgage. If the mortgage is resold pursuant to subparagraph ( D )(iii), the Secretary may provide for the existing servicer to continue to service the mortgage or may engage another entity to service the mortgage. ’ ’. (b) TEC H NICA L A M EN D MEN T S.—Subsection (h) of section 502 of the H ousing Act of 194 9 (42 U .S. C .14 7 2(h)) is amended— (1) in paragraph (5)(A), by stri k ing ‘‘(as defined in para- graph (1 3 )’’ and inserting ‘‘(as defined in paragraph (17)’’; and (2) in paragraph (1 8 )(E)(as so redesignated by subsection (a)(2)), by— (A) striking ‘‘paragraphs (3), ( 6 ), (7)(A), (8), and (10)’’ and inserting ‘‘paragraphs (3), (6), (7)(A), (8), (10), (13), and (14)’’; and ( B ) striking ‘‘paragraphs (2) through (13)’’ and inserting ‘‘paragraphs (2) through (15)’’. (c) P ROCED U RE.— (1) IN GENERAL.—The promulgation of regulations neces- sitated and the administration actions required by the amend- ments made by this section shall be made without regard to— (A) the notice and comment provisions of section 553 of title 5, United States Code; (B) the Statement of Policy of the Secretary of Agri- culture effective J uly 24, 1971 (36 Fed. R eg. 13804), relating to notices of proposed rulemaking and public participation in rulemaking; and (C) chapter 35 of title 44, United States Code (com- monly known as the ‘‘Paperwork Reduction Act’’). (2) CONGRESSIONAL REVIE W O F AGENC Y RULEMA K ING.—In carrying out this section, and the amendments made by this section, the Secretary shall use the authority provided under section 808 of title 5, United States Code. 42USC1 4 7 2 note.
