Sec. 2. Definitions
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In this Act, the following definitions shall apply: The term current borrower means a mortgagor that— has made each payment on an eligible mortgage, within the month in which the payment was due, during the 6-month period preceding the date of refinancing of the eligible mortgage under this Act; and has not been more than 30 days delinquent on an eligible mortgage more than once during the 1-year period preceding the date of refinancing of the mortgage under this Act. The term Director means the Director of the Federal Housing Finance Agency.
The term eligible mortgage — means any mortgage that— is an existing first mortgage— that was made for purchase of, or refinancing of another first mortgage, on a 1- to 4-family owner-occupied dwelling, including a condominium or a share in a cooperative ownership housing association; and with a current loan-to-value ratio in excess of 80 percent, but not greater than 140 percent; was originated on or before May 31, 2009; is not owned or guaranteed by an enterprise; and with respect to which, the mortgagor is a current borrower; and does not include any mortgage that is insured or guaranteed by any program of the Federal Housing Administration, the Department of Housing and Urban Development, the Government National Mortgage Association, the Department of Agriculture, or the Department of Veterans Affairs.
The term enterprise means the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The term guarantee fee has the same meaning as in section 1327(a) of the Housing and Community Development Act of 1992 (12 U.S.C. 4547(a)).
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U.S. Code