12 2 STA T .37 7 5PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8rest r uc tur ingp r o cess a n d,wh ere per m issi bl e, to permit bona f ide tenants who are current on their rent to remain in their homes under the terms of the lease .I n the case of a mortgage on a residential rental propert y , the plan re q uired under this section shall include protecting F ederal, S tate, and local rental subsidies and protections, and ensuring any modification ta k es into account the need for operating funds to maintain decent and safe conditions at the property. ( c )CONSE N T TO R E A SONA BL E L OAN M O DIF I C ATION RE QU ESTS. —U pon any request arising under e x isting in v estment contracts, the Secretary shall consent, where appropriate, and considering net present value to the taxpayer, to reasonable requests for loss mitiga - tion measures, including term extensions, rate reductions, principal write downs, increases in the proportion of loans within a trust or other structure allowed to be modified, or removal of other limitation on modifications. SEC.1 1 0 . A SS I S T A N CET OH O M EO W NE R S. (a) D EFINITIONS.— A s used in this section— ( 1 ) the term ‘ ‘Federal property manager ’ ’ means— (A) the Federal H ousing Finance Agency, in its capacity as conservator of the Federal N ational Mortgage Associa- tion and the Federal Home Loan Mortgage Corporation
( B ) the Corporation, with respect to residential mort- gage loans and mortgage-backed securities held by any bridge depository institution pursuant to section 11(n) of the Federal Deposit Insurance Act; and (C) the Board, with respect to any mortgage or mort- gage-backed securities or pool of securities held, owned, or controlled by or on behalf of a Federal reserve bank, other than mortgages or securities held, owned, or con- trolled in connection with open market operations under section 1 4 of the Federal Reserve Act (1 2 U.S.C. 35 3), or as collateral for an advance or discount that is not in default; (2) the term ‘‘consumer’’ has the same meaning as in section 1 0 3of the T ruth in Lending Act (15 U.S.C. 1 6 02); (3) the term ‘‘insured depository institution’’ has the same meaning as in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1 8 13); and (4) the term ‘‘servicer’’ has the same meaning as in section 6(i)(2) of the Real E state Settlement P rocedures Act of 1 97 4 (12 U.S.C. 2605(i)(2)). (b) HO M EO W NE R ASSISTANCE B Y A G ENCIES.— (1) IN GENERAL.—To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Federal property manager shall implement a plan that seeks to maximi z e assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and considering net present value to the taxpayer, to take advantage of the H O PE for Home- owners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures. (2) MODIFICATIONS.—In the case of a residential mortgage loan, modifications made under paragraph (1) may include— (A) reduction in interest rates; 12USC5 22 0.Resid e nt i alr ental p r o pert y .
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