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14.9 Miscellaneous Provisions

<< Title XIV Overview

14.9 Miscellaneous Provisions

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14.9.     Miscellaneous Provisions

                        14.9.1.    Sense of the Congress Regarding Fannie Mae and Freddie Mac. The Act includes a sense of the Congress regarding Fannie Mae and Freddie Mac and states that meaningful structural reform of Fannie Mae and Freddie Mac is necessary. [§1491]

                        14.9.2.    Comptroller General Study. The Comptroller General will study the efforts of the federal government to crackdown on mortgage foreclosure rescue scams and loan modification fraud and make recommendations for further protections. [§1492]

                        14.9.3.    Drywall Study. The HUD Secretary will also conduct a study dealing with drywall that was imported from China from 2004 through 2007 and its impact on residential mortgage loan foreclosures and the availability of property insurance for residential structures in which such drywall is present. The report on that study is due 120 days from the date of enactment. [§1494]

                        14.9.4.    Emergency Mortgage Relief.  The HUD Secretary is to provide $1 billion in assistance through the Emergency Homeowner's Relief Fund. [§1496] The Emergency Mortgage Relief Program is also reauthorized.

                                     Other Assistance. The HUD Secretary is to provide $1 billion in additional assistance to state and local government for the redevelopment of abandoned and foreclosed homes. [§1497] The HUD Secretary shall also establish a program to provide grants for foreclosure legal assistance to low- and moderate-income homeowners and tenants. [§1498]