111th CONGRESS1st Session
In the House of Representatives, U. S.,
May 19, 2009
AMENDMENT:
That the bill from the Senate (S. 896) entitled An Act to prevent mortgage foreclosures and enhance mortgage credit availability.
, do pass with the following
Page 2, before line 1, insert the following new heading:
APreventing Mortgage Foreclosures
Page 2, line 2, strike Act
and insert division
.
Page 2, line 5, strike Act
and insert division
.
Strike line 10 on page 16 and all that follows through page 17, line 23 and insert the following:
(a)Section 2301(c) of the Foreclosure Prevention Act of 2008 (42 U.S.C. 5301 note) is amended—
(1)by redesignating paragraph (3) as paragraph (4); and
(2)by inserting after paragraph (2) the following new paragraph:
(3)Exception for certain statesEach State that has received the minimum allocation of amounts pursuant to the requirement under section 2302 may, to the extent such State has fulfilled the requirements of paragraph (2), distribute any remaining amounts to areas with homeowners at risk of foreclosure or in foreclosure without regard to the percentage of home foreclosures in such areas..
Page 22, line 24, strike the closing quotation marks and the 2nd period.
Page 22, after line 24, insert the following new subsection:
(g)No provision of subsection (b) or (d) shall be construed as affecting the liability of any servicer or person as described in subsection (d) for actual fraud in the origination or servicing of a loan or in the implementation of a qualified loss mitigation plan, or for the violation of a State or Federal law, including laws regulating the origination of mortgage loans, commonly referred to as predatory lending laws..
Page 29, line 8, insert or assign the rights of any amounts due to the Secretary to
after with
.
Page 30, line 9, insert or existing subordinate mortgage
after mortgage
.
Page 30, line 22, strike $2,316,000,000
and insert $1,244,000,000
.
Page 35, line 23, strike 203(c)
and insert 230(c)
.
Page 69, strike line 1 and all that follows through line 15 and insert the following new subparagraph:
(H)require each manager of a public-private fund to identify for the Secretary, on a periodic basis, each investor that, individually or together with affiliates, directly or indirectly, holds equity interests equal to at least 10 percent of the equity interest of the fund including if such interests are held in a vehicle formed for the purpose of directly or indirectly investing in the fund
Page 70, beginning on line 21, strike the Public Private Investment
and all that follows through Board),
on page 71, line 2, and insert any program that is funded in whole or in part by funds appropriated under the Emergency Economic Stabilization Act of 2008,
.
Page 72, line 11, strike $2,331,000,000
and insert $1,259,000,000
.
Page 72, after line 11, insert the following new subsection:
(g)The Secretary of the Treasury may prescribe such regulations or other guidance as may be necessary or appropriate to define terms or carry out the authorities or purposes of this section.
Page 80, line 17, insert or the child, spouse, or parent of the mortgagor
after mortgagor
.
Page 80, line 20, strike or
and insert and
.
Page 80, line 23, insert or the unit’s rent is reduced or subsidized due to a Federal, State, or local subsidy
before the period at the end.
Page 81, line 10, strike initial
.
Page 96, line 22, strike eliminate
. Lorraine MillerClerk.