§ 5219a. Home Affordable Modification Program guidelines

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(a)Net present value input data The Secretary of the Treasury (in this section referred to as the “Secretary”) shall revise the supplemental directives and other guidelines for the Home Affordable Modification Program of the Making Home Affordable initiative of the Secretary of the Treasury, authorized under the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) [12 U.S.C. 5201 et seq.], to require each mortgage servicer participating in such program to provide each borrower under a mortgage whose request for a mortgage modification under the Program is denied with all borrower-related and mortgage-related input data used in any net present value

(NPV)analyses performed in connection with the subject mortgage. Such input data shall be provided to the borrower at the time of such denial.

(b)Web-based site for NPV calculator and application

(1)NPV calculator In carrying out the Home Affordable Modification Program, the Secretary shall establish and maintain a site on the World Wide Web that provides a calculator for net present value analyses of a mortgage, based on the Secretary’s methodology for calculating such value, that mortgagors can use to enter information regarding their own mortgages and that provides a determination after entering such information regarding a mortgage of whether such mortgage would be accepted or rejected for modification under the Program, using such methodology.

(2)Disclosure Such Web site shall also prominently disclose that each mortgage servicer participating in such Program may use a method for calculating net present value of a mortgage that is different than the method used by such calculator.

(3)Application The Secretary shall make a reasonable effort to include on such World Wide Web site a method for homeowners to apply for a mortgage modification under the Home Affordable Modification Program.

(c)Public availability of NPV methodology, computer model, and variables The Secretary shall make publicly available, including by posting on a World Wide Web site of the Secretary—

(1)the Secretary’s methodology and computer model, including all formulae used in such computer model, used for calculating net present value of a mortgage that is used by the calculator established pursuant to subsection (b); and

(2)all non-proprietary variables used in such net present value analysis.

(Pub. L. 111–203, title XIV, § 1482, July 21, 2010, 124 Stat. 2203.)

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statute-compilations

Sec. 1482
HOME AFFORDABLE MODIFICATION PROGRAM GUIDELINES

statutes-at-large

Public Law 111–203
To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes

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U.S. Code

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Public Law 110–343
Pub. L. 111–203, title XIV, § 1482
124 Stat. 2203
Pub. L. 110–343
122 Stat. 3765
section 1400(c) of Pub. L. 111–203

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cites case law

§ 5219a

Home Affordable Modification Program guidelines

Stat. Comp.×1

Stat.×1

U.S.C.§ 5201

U.S.C.§ 1601

Pub. L.Public Law 110–343

Pub. L.Pub. L. 111–203, title XIV, § 1482

Stat.124 Stat. 2203

Pub. L.Pub. L. 110–343

Stat.122 Stat. 3765

Cites 8 · showing 7Cited by 2 across 2 sources