United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 52. EMERGENCY ECONOMIC STABILIZATION |
SubChapter I. TROUBLED ASSETS RELIEF PROGRAM |
§ 5220a. Application of GSE conforming loan limit to mortgages assisted with TARP funds
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In making any assistance available to prevent and mitigate foreclosures on residential properties, including any assistance for mortgage modifications, using any amounts made available to the Secretary of the Treasury under title I of the Emergency Economic Stabilization Act of 2008 [12 U.S.C. 5211 et seq.], the Secretary shall provide that the limitation on the maximum original principal obligation of a mortgage that may be modified, refinanced, made, guaranteed, insured, or otherwise assisted, using such amounts shall not be less than the dollar amount limitation on the maximum original principal obligation of a mortgage that may be purchased by the Federal Home Loan Mortgage Corporation that is in effect, at the time that the mortgage is modified, refinanced, made, guaranteed, insured, or otherwise assisted using such amounts, for the area in which the property involved in the transaction is located.
References In Text
The Emergency Economic Stabilization Act of 2008, referred to in text, is div. A of Pub. L. 110–343,
Codification
Section was enacted as part of the Helping Families Save Their Homes Act of 2009, and not as part of the Emergency Economic Stabilization Act of 2008 which comprises this chapter.