(a) Required Elements- The
comprehensive plan established pursuant to section 201(b)
shall comply with the following requirements:
(1) OWNER-OCCUPIED
RESIDENCES ONLY- The programs implemented under the plan
shall prevent and mitigate foreclosures specifically on
owner-occupied residential properties.
(2) LEVERAGING OF PRIVATE
CAPITAL- The plan shall leverage private capital to the
maximum extent possible consistent with the purpose of
preventing and mitigating foreclosures on such
properties.
(3) USE OF PROGRAM
ALTERNATIVES- The actions to be taken under the plan
shall consist of the systematic foreclosure prevention
and mortgage modification program under section 204 and
a combination of the program alternatives set forth in
section 203.
(4) WORKFORCE AND
OUTREACH- The plan shall set forth how the Secretary
intends to develop, second, or contract for appropriate
staffing to carry out the plan and the component
programs and to ensure that private mortgage servicers
utilizing the programs established by the Secretary will
provide sufficient staffing and resources to engage in
the outreach, loss mitigation activities, and homeowner
education necessary for successful foreclosure
mitigation.
(b) Concentrations of
Foreclosures- The comprehensive plan established pursuant to
section 201(b) may include provisions designed to prevent
and mitigate foreclosures on residential properties located
in areas that are most seriously affected by such
foreclosures.
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