12 2 STA T . 2 807PUBLIC LA W 110 – 28 9—J UL Y3 0 , 2008 ‘ ‘ (1)contra ct f ort he e s ta bli sh m ent of u n d er w ritin g criteria , automated underwriting s y stems, p ricing standards, and other factors relating to eligibility for mortgages insured under this section
‘‘( 2 ) contract for independent q uality re v iews of under - writing, including appraisal reviews and fraud detection, of mortgages insured under this section or pools of such mort- gages; and ‘‘( 3 ) increase personnel of the D epartment as necessary to process or monitor the processing of mortgages insured under this section . ‘‘(q) GNMACOM M IT M EN TA U T H O R IT Y . — ‘‘(1) GU A RANTEE S .— T he S ecretary shall ta k e such actions as may be necessary to ensure that securities based on and backed by a trust or pool composed of mortgages insured under this section are available to be guaranteed by the Government National Mortgage Association as to the timely payment of principal and interest. ‘‘(2) GUARANTEE AUTHORITY.—To carry out the purposes of section 3 06 of the National H ousing Act (12 U .S.C. 1 7 21), the Government National Mortgage Association may enter into new commitments to issue guarantees of securities based on or backed by mortgages insured under this section, not e x ceeding $ 300,000,000,000. The amount of authority provided under the preceding sentence to enter into new commitments to issue guarantees is in addition to any amount of authority to make new commitments to issue guarantees that is provided to the Association under any other provision of law. ‘‘(r) SUNSET.—The Secretary may not enter into any new commitment to insure any refinanced eligible mortgage, or newly insure any refinanced eligible mortgage pursuant to this section before O ctober 1, 200 8 or after September 30, 2011. ‘‘(s) DE F INITIONS.— F or purposes of this section, the following definitions shall apply
‘‘(1) A P PRO V E D FINAN C IA L INSTITUTION OR MORT G AGEE.— The term ‘approved financial institution or mortgagee ’ means a financial institution or mortgagee approved by the Secretary under section 203 as responsible and able to service mortgages responsibly. ‘‘(2) B OARD.—The term ‘Board’ means the Board of Direc- tors of the HO PE for Homeowners Program. The Board shall be composed of the Secretary, the Secretary of the Treasury, the Chairperson of the Board of Governors of the Federal R eserve System, and the Chairperson of the Board of Directors of the Federal Deposit I nsurance Corporation, or their des- ignees. ‘‘(3) ELIGI B LE MORTGAGE.—The term ‘eligible mortgage’ means a mortgage— ‘‘(A) the mortgagor of which— ‘‘(i) occupies such property as his or her principal residence; and ‘‘(ii) cannot, sub j ect to subsection (e)(1)(B) and such other standards established by the Board, afford his or her mortgage payments; and ‘‘(B) originated on or before J anuary 1, 2008.
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