124 STAT. 2208 PUBLIC LAW 111–203—JULY 21, 2010 (B) in paragraph (4), by inserting ‘‘or medical condi- tions’’ after ‘‘adverse economic conditions’’; (2) in section 104 (12 U.S.C. 2703)— (A) in subsection (b), by striking ‘‘, but such assistance’’ and all that follows through the period at the end and inserting the following: ‘‘. The amount of assistance pro- vided to a homeowner under this title shall be an amount that the Secretary determines is reasonably necessary to supplement such amount as the homeowner is capable of contributing toward such mortgage payment, except that the aggregate amount of such assistance provided for any homeowner shall not exceed $50,000.’’; (B) in subsection (d), by striking ‘‘interest on a loan or advance’’ and all that follows through the end of the subsection and inserting the following: ‘‘(1) the rate of interest on any loan or advance of credit insured under this title shall be fixed for the life of the loan or advance of credit and shall not exceed the rate of interest that is generally charged for mortgages on single-family housing insured by the Secretary of Housing and Urban Develop- ment under title II of the National Housing Act at the time such loan or advance of credit is made, and (2) no interest shall be charged on interest which is deferred on a loan or advance of credit made under this title. In establishing rates, terms and conditions for loans or advances of credit made under this title, the Secretary shall take into account a homeowner’s ability to repay such loan or advance of credit.’’; and (C) in subsection (e), by inserting after the period at the end of the first sentence the following: ‘‘Any eligible homeowner who receives a grant or an advance of credit under this title may repay the loan in full, without penalty, by lump sum or by installment payments at any time before the loan becomes due and payable.’’; (3) in section 105 (12 U.S.C. 2704)— (A) by striking subsection (b); (B) in subsection (e)— (i) by inserting ‘‘and emergency mortgage relief payments made under section 106’’ after ‘‘insured under this section’’; and (ii) by striking ‘‘$1,500,000,000 at any one time’’ and inserting ‘‘$3,000,000,000’’; (C) by redesignating subsections (c), (d), and (e) as subsections (b), (c), and (d), respectively; and (D) by adding at the end the following new subsection: ‘‘(e) The Secretary shall establish underwriting guidelines or procedures to allocate amounts made available for loans and advances insured under this section and for emergency relief pay- ments made under section 106 based on the likelihood that a mortgagor will be able to resume mortgage payments, pursuant to the requirement under section 103(5).’’; (4) in section 107— (A) by striking ‘‘(a)’’; and (B) by striking subsection (b); (5) in section 108 (12 U.S.C. 2707), by adding at the end the following new subsection: 12 USC 2706. Guidelines. Procedures. Determination.
