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14.8 Mortgage Resolution and Modification

<< Title XIV Overview

14.8 Mortgage Resolution and Modification

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14.8.     Mortgage Resolution and Modification.

                        14.8.1.    Multifamily Mortgage Resolution Program. The HUD Secretary will develop a program to ensure the protection of multifamily properties and the current and future tenants of such properties. [§1481] The program's objectives will include creating sustainable financing of such properties, maintaining the level of federal state and city subsidies, providing funds for rehabilitation, and facilitating the transfer of such properties to responsible new owners when appropriate.

                                    14.8.1.1            Restrictions for Certain Criminal Applicants. Certain criminal applicants are prohibited from receiving mortgage assistance under the Making Home Affordable Program authorized under the Emergency Economic Stabilization Act of 2008. The HUD Secretary must establish procedures to ensure no such criminal receives such assistance and shall report to the House Financial Services Committee and the Senate Banking Committee on the implementation of this provision.

                        14.8.2.    Adjustments in HAMP Guidelines.  Servicers participating in the Home Affordable Modification Program are required to provide each borrower who is denied a mortgage modification the borrower-related and lender-related data used in making a net present value calculation which resulted in denial. [§1482(a)]

                                    14.8.2.1.           Public Access to NPV Calculation Data. The Secretary of the Treasury is required to establish an online Net Present Value Calculator which may be used by servicers under the HAMP program. [§1482(b)] Treasury is also required to make a reasonable effort to include a method for homeowners to apply for a mortgage modification under the HAMP program on the website. The Secretary is also required to make publicly available the methodology and formulae used in calculating net present value. [§1483c)]

                                    14.8.2.2.           HAMP Monthly Reports.  Mortgage servicers or lenders participating in the Making Home Affordable Program must report to the Treasury on a monthly basis. [§1483] The Treasury then must post a report on its website on such information within two weeks of receiving it. [§1483(b)] The report must include the number of loan modification requests received, the number of loan modification requests currently being processed and the number of loan modification requests that were approved and denied. The Treasury Secretary has the authority to release publicly other relevant data deemed necessary.

                        14.8.3. The Protecting Tenants at Foreclosure Act Is Extended to December 31, 2014. The Protecting Tenants at Foreclosure Act was set to expire at the end of 2012, but is now extended through at least December 31, 2014. [§1484]