The program alternatives set
forth in this section are as follows:
(1) REDUCTION OF HOPE FOR
HOMEOWNERS PROGRAM COSTS- A program under which the
Secretary--
(A) provides coverage
for fees under the HOPE for Homeowners Program under
section 257 of the National Housing Act (12 U.S.C.
1715z-23), as amended by title V of this Act; or
(B) ensures the
affordability of interest rates of mortgages insured
under such Program.
(2) BUY-DOWN OF SECOND
LIEN MORTGAGES- A program under which the Secretary
makes available to owners of owner-occupied residential
properties a direct mortgage loan the proceeds of which
shall be used only to reduce the outstanding debt of
such owner under an existing second lien mortgage on
such residential property, for the purpose of
facilitating loan modification, subject to such
reductions in the principal of such existing second lien
mortgages as the Secretary may require.
(3) SERVICER INCENTIVES
AND ASSISTANCE- A program under which the Secretary may
make payments to servicers, including servicers that are
not affiliated with a depository institution, who
implement modifications to mortgages that result in
mortgages that meet such requirements as the Secretary
shall establish.
(4) LOAN PURCHASES- A
program under which the Secretary, or one or more
entities that the Secretary, in consultation with the
Secretary of Housing and Urban Development, enters into
a contract with to carry out the program under this
paragraph, which may include the Federal Deposit
Insurance Corporation, regional public-private
partnerships, and entities selected as contractors under
section 107 of the Emergency Economic Stabilization Act
of 2008, purchases whole loans for the purpose of
modifying or refinancing the loans.
(5) SUBSTITUTION OF TRUST-
A program under which modifications are allowed to the
securitization trust agreements with respect to
securities secured by pools of mortgages to allow a new
qualified buyer to be substituted on a foreclosed
property or a delinquent mortgage without seeking new
financing.
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