S. California Real Estate Updates

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We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. REALTOR^® -- A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS^® and subscribes to its strict Code of Ethics.

08/19/2008 01:29 AM

RealEstate.com, REALTORS� Hits Major Milestone Eclipsing 1,000 Agent Mark

Despite the downturn in the housing industry, RealEstate.com, REALTORS® continues to grow. The division of RealEstate.com is a full-service, company-owned brokerage that put out its first shingle in 2006 opening in Portland, Oregon. Now open for business in 14 markets, RealEstate.com, REALTORS® has more than 1,000 real estate professionals on staff. This current level places RealEstate.com, REALTORS® among the Top 50 Brokerages in the U.S. in terms of agent count*.

"Business growth in a down market is not impossible and RealEstate.com, REALTORS® is proving it," says Bret Violette, president of RealEstate.com. "Our online and on-the-ground strategy connects consumers with a world of useful neighborhood information, real estate professionals who are area experts, and best of all, the home of their dreams. Delighting our customers is our top priority and we look forward to expanding our strategy into even more markets with even more top-notch real estate agents."

Violette added, "Hitting the 1,000 agent mark is a real milestone for our business, especially since we're very selective and only hire experienced agents who represent a strong fit for our model. Our recruiting efforts focus on quality versus quantity, and we're also proud of our very low attrition rates. In the unfortunate circumstance that we actually lose an agent, it is rare that they leave us to join another real estate company. We think this is a strong sign of the value proposition RealEstate.com, REALTORS® provides our agents, including a high volume of warm-transferred customers, great training and marketing systems, as well as a lucrative commission plan."

RealEstate.com, REALTORS® currently operates full-service company owned brokerages in 14 markets including Charlotte, Denver, New England, Philadelphia, Las Vegas, New Jersey, New York, Phoenix, Portland, Salt Lake City, S. California, Seattle, Sierra Vista and Tucson. For more information, please visit www.realestate.com.

*Source: RISMedia 2008 Power Broker Report

About RealEstate.com, REALTORS®
RealEstate.com, REALTORS® is a full service residential real estate brokerage. It is a local, on-the-ground brokerage operation that complements the national RealEstate.com Web portal. RealEstate.com is an operating company of IAC (NASDAQ: IACI).

REALTOR® -- A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

08/06/2008 10:13 AM

RealEstate.com, REALTORS� Hits Major Milestone Eclipsing 1,000 Agent Mark

*Source: RISMedia 2008 Power Broker Report

08/06/2008 10:12 AM

RealEstate.com Wins National Award for Top-Notch Web Site

RealEstate.com was awarded the Apex Award of Excellence by Writing that Works and Communications Concepts for the "Most Improved Web and Intranet Sites." RealEstate.com is the nation's leading online destination dedicated to helping data hungry house hunters find comprehensive national real estate information in their neighborhood and across the U.S.

RealEstate.com's Web and Intranet sites were among more than 4,500 Apex 2008 Awards competitors in 11 major categories 110 subcategories. The event was administered and judged by industry professionals from Writing that Works who look for companies whose talent exceeds a high standard of excellence and whose work serves as a benchmark for the industry. Apex 2008 Awards winners can be seen here: http://www.apexawards.com/apexawards.htm.

"We're extremely proud that the RealEstate.com Web site was recognized at the 2008 Apex Awards competition," says Bret Violette, president of RealEstate.com. "We've put a lot of blood, sweat and tears into making Realestate.com the top online real estate destination for millions of Americans and this honor certainly proves that all of our hard work is paying off."

The RealEstate.com Web site is the gateway for national real estate shoppers looking for a rich database of homes for sale, comprehensive property values or a connection with a top-notch real estate professional anywhere in the U.S. The Web site has recently undergone a series of enhancements such as detailed neighborhood information for more than 22,000 cities nationwide, the addition of Google Maps Street View^TM imagery, as well as home values for more than 97 million properties around the country. Additional innovations will be integrated throughout the year ensuring RealEstate.com remains the most helpful location on the Web for those interested in buying, selling or researching real estate.

About RealEstate.com
RealEstate.com gives consumers a better way to buy or sell a home through a comprehensive suite of real estate services, tools and helpful advice as they progress through their home buying or selling process. The site provides access to nearly 2 million home listings, 97 million home values and a unique deep-dive view into more than 22,000 cities across the US (100% US city coverage).

In addition to the RealEstate.com portal, the company operates five distinct business lines including RealEstate.com, REALTORS®, a company-owned real estate brokerage that operates in 14 markets with more than 1,000 sales agents; a Broker Network, a strategic lead generation program for real estate brokers that provides them with incremental, targeted, and high-quality leads; iNest, a lead generator that specializes in newly-constructed homes and offers consumers an exclusive cash bonus program; Domania, a provider of innovative customer acquisition and retention products for banks, mortgage lenders and REALTORS®; and also, a network of geo-targeted advertising opportunities throughout the RealEstate.com portal.

08/04/2008 11:19 AM

Google Street View Maps on RealEstate.com listings....

RealEstate.com Visitors Explore Neighborhoods with a Whole New View

Google Maps Street View Addition Provides Users Drive-By Real Estate Experience from the Comfort of their Own Homes

RealEstate.com has begun providing the Google Maps Street View^TM feature across its entire portal of nearly two million real estate listings, which brings online real estate search one step closer to real life. Here is an actual listing in San Diego, CA: http://www.realestate.com/Property/9592125-250406-Albatross-San-Diego-CA-92101-080042926.aspx

RealEstate.com's addition of Street View is an innovative feature for real estate Web sites and gives visitors a true, first-hand experience from the comfort of their own home computers. Street View, which has imagery from over 40 metropolitan regions nationwide.

"We're really excited about adding the Street View feature from Google Maps to RealEstate.com because it provides our visitors a new and interesting viewpoint for their online real estate searches," says Greg Hanson, vice president of product excellence for RealEstate.com. "This has allowed us to achieve speed to market with this feature, and we look forward to hearing from our customers to see what they think."

Street View will be featured in all available home sale listings found on RealEstate.com. Previously, visitors to RealEstate.com viewed an album of photographs including several inside and outside pictures of available properties. Now, where Street View imagery is available, a visitor will also see a "Street View" link located below the listing information where they can click and get a drive-by snap shot of the house and a 360 degree tour of the street and the neighborhood. Visitors can walk the neighborhood virutally.

08/02/2008 11:58 PM

HomePriceCheck.com...97 million home values across the country...

Are You a Nosey Neighbor? Then You'll Love RealEstate.com's Access to More Than 97 Million Home Values

RealEstate.com recently launched major upgrades to its home valuation tool that provides users price estimates and detailed property information on more than 97 million homes across the country. RealEstate.com provides users instant access to comprehensive home value estimation data for nearly 100 million homes including those for sale and existing residences.

The RealEstate.com home valuation tool, found at www.realestate.com/homepricecheck or www.homepricecheck.com, provides users a unique one-stop-information-shop for all of their real estate curiosities. After simply entering an address and zip code, users will have their hands on tons of real estate data, including property information, values and locations for their own homes, their neighbors' homes or even their bosses' home. RealEstate.com's home valuation tool recently underwent a major upgrade and now offers visitors the following features:

What's My House Worth? ? The home valuation tool gives each property searched a unique Value Estimate Range that shows the high and low end of a home's value. This data is derived from proprietary technology that looks at geographical factors, comparable homes in the area and current market conditions and provides price estimates unlike any other Web site valuation device.
Give Me the Scoop ? Each home searched through the RealEstate.com valuation tool displays many property details including number of bedrooms and bathrooms, square feet and the year the home was built.
Are you a Nosey Neighbor? ? If you're interested in knowing what your neighbors' homes are worth, you can now see values for more than 97 million homes across the country when using the RealEstate.com home valuation tool. The home valuation tool taps into local real estate data and shows users comparable homes in the area and includes detailed information such as address, number of bedrooms and bathrooms, square feet, sold date and sold price.
The Homing Device® ? The home valuation tool also features a one-of-a-kind homing device that plots specific addresses on a value grid based on square footage and total price compared to other homes in the area. The homing device uses the Google Maps^TM API, which allows users to toggle around the neighborhood viewing other home values that are in close proximity to homes searched.
Superior Mapping Technology ? The home valuation tool is accompanied by Google Maps^TM and offers users information about where homes are plotted on a neighborhood street map, as well as their proximity to other comparable properties in the area. The mapping technology also allows users to cyber-cruise around the neighborhood and see detailed property information about other homes for sale and other existing home values.
What Else is on the Market? ? Now users can view similar homes for sale in the area when utilizing the RealEstate.com home valuation tool. Each home listing includes detailed property information such as address, number of bedroom and bathrooms, type of home and listing price and with a few quick clicks of their mouse, users can also be connected with a real estate professional in a matter of moments if they are interested. This feature is also linked to Google Maps^TM and shows users where each home is located in the area.

08/02/2008 11:45 PM

U.S. Housing and Foreclosure Prevention Act of 2008

Here are the basics from the actual bill.

U.S. Housing and Foreclosure Prevention Act of 2008
H.R. 3221
TITLE IV--HOPE FOR HOMEOWNERS
SEC. 1401. HOPE for Homeowners Act of 2008

SEC. 1402. ESTABLISHMENT OF HOPE FOR HOMEOWNERS PROGRAM.
(a) Establishment- Title II of the National Housing Act (12 U.S.C. 1707 et seq.) is amended by adding at the end the following:

SEC. 257. HOPE FOR HOMEOWNERS PROGRAM.

(a) Establishment- There is established in the Federal Housing Administration a HOPE for Homeowners Program.
(b) Purpose- The purpose of the HOPE for Homeowners Program is--

(1) to create an FHA program, participation in which is voluntary on the part of homeowners and existing loan holders to insure refinanced loans for distressed borrowers to support long-term, sustainable homeownership;
(2) to allow homeowners to avoid foreclosure by reducing the principle balance outstanding, and interest rate charged, on their mortgages;
(3) to help stabilize and provide confidence in mortgage markets by bringing transparency to the value of assets based on mortgage assets;
(4) to target mortgage assistance under this section to homeowners for their principal residence;
(5) to enhance the administrative capacity of the FHA to carry out its expanded role under the HOPE for Homeowners Program;
(6) to ensure the HOPE for Homeowners Program remains in effect only for as long as is necessary to provide stability to the housing market; and
(7) to provide servicers of delinquent mortgages with additional methods and approaches to avoid foreclosure.

(c) Establishment and Implementation of Program Requirements-
(1) DUTIES OF THE BOARD- In order to carry out the purposes of the HOPE for Homeowners Program, the Board shall--‘(A) establish requirements and standards for the program; and‘(B) prescribe such regulations and provide such guidance as may be necessary or appropriate to implement such requirements and standards.
(2) DUTIES OF THE SECRETARY- In carrying out any of the program requirements or standards established under paragraph (1), the Secretary may issue such interim guidance and mortgagee letters as the Secretary determines necessary or appropriate.

(d) Insurance of Mortgages- The Secretary is authorized upon application of a mortgagee to make commitments to insure or to insure any eligible mortgage that has been refinanced in a manner meeting the requirements under subsection (e).

(e) Requirements of Insured Mortgages- To be eligible for insurance under this section, a refinanced eligible mortgage shall comply with all of the following requirements:

(1) LACK OF CAPACITY TO PAY EXISTING MORTGAGE-
(A) BORROWER CERTIFICATION-
(i) IN GENERAL- The mortgagor shall provide certification to the Secretary that the mortgagor has not intentionally defaulted on the mortgage or any other debt, and has not knowingly, or willfully and with actual knowledge, furnished material information known to be false for the purpose of obtaining any eligible mortgage.
(ii) PENALTIES-
(I) FALSE STATEMENT- Any certification filed pursuant to clause (i) shall contain an acknowledgment that any willful false statement made in such certification is punishable under section 1001, of title 18, United States Code, by fine or imprisonment of not more than 5 years, or both.
(II) LIABILITY FOR REPAYMENT- The mortgagor shall agree in writing that the mortgagor shall be liable to repay to the Federal Housing Administration any direct financial benefit achieved from the reduction of indebtedness on the existing mortgage or mortgages on the residence refinanced under this section derived from misrepresentations made in the certifications and documentation required under this subparagraph, subject to the discretion of the Secretary.‘

(B) CURRENT BORROWER DEBT-TO-INCOME RATIO- As of March 1, 2008, the mortgagor shall have had a ratio of mortgage debt to income, taking into consideration all existing mortgages of t hat mortgagor at such time, greater than 31 percent (or such higher amount as the Board determines appropriate).

(2) DETERMINATION OF PRINCIPAL OBLIGATION AMOUNT- The principal obligation amount of the refinanced eligible mortgage to be insured shall--
(A) be determined by the reasonable ability of the mortgagor to make his or her mortgage payments, as such ability is determined by the Secretary pursuant to section 203(b)(4) or by any other underwriting standards established by the Board; and‘(B) not exceed 90 percent of the appraised value of the property to which such mortgage relates.

(3) REQUIRED WAIVER OF PREPAYMENT PENALTIES AND FEES- All penalties for prepayment or refinancing of the eligible mortgage, and all fees and penalties related to default or delinquency on the eligible mortgage, shall be waived or forgiven.

(4) EXTINGUISHMENT OF SUBORDINATE LIENS-
(A) REQUIRED AGREEMENT- All holders of outstanding mortgage liens on the property to which the eligible mortgage relates shall agree to accept the proceeds of the insured loan as payment in full of all indebtedness under the eligible mortgage, and all encumbrances related to such eligible mortgage shall be removed. The Secretary may take such actions, subject to standards established by the Board under subparagraph (B), as may be necessary and appropriate to facilitate coordination and agreement between the holders of the existing senior mortgage and any existing subordinate mortgages, taking into consideration the subordinate lien status of such subordinate mortgages.

(B) SHARED APPRECIATION-
(i) IN GENERAL- The Board shall establish standards and policies that will allow for the payment to the holder of any existing subordinate mortgage of a portion of any future appreciation in the property secured by such eligible mortgage that is owed to the Secretary pursuant to subsection (k).‘(ii) FACTORS- In establishing the standards and policies required under clause (i), the Board shall take into consideration--‘(I) the status of any subordinate mortgage;‘(II) the outstanding principal balance of and accrued interest on the existing senior mortgage and any outstanding subordinate mortgages;‘(III) the extent to which the current appraised value of the property securing a subordinate mortgage is less than the outstanding principal balance and accrued interest on any other liens that are senior to such subordinate mortgage; and‘(IV) such other factors as the Board determines to be appropriate.

(C) VOLUNTARY PROGRAM- This paragraph may not be construed to require any holder of any existing mortgage to participate in the program under this section generally, or with respect to any particular loan.

(5) TERM OF MORTGAGE- The refinanced eligible mortgage to be insured shall--‘(A) bear interest at a single rate that is fixed for the entire term of the mortgage; and‘(B) have a maturity of not less than 30 years from the date of the beginning of amortization of such refinanced eligible mortgage.

(6) MAXIMUM LOAN AMOUNT- The principal obligation amount of the eligible mortgage to be insured shall not exceed 132 percent of the dollar amount limitation in effect for 2007 under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a property of the applicable size.

(7) PROHIBITION ON SECOND LIENS- A mortgagor may not grant a new second lien on the mortgaged property during the first 5 years of the term of the mortgage insured under this section, except as the Board determines to be necessary to ensure the maintenance of property standards; and provided that such new outstanding liens (A) do not reduce the value of the Government's equity in the borrower's home; and (B) when combined with the mortgagor's existing mortgage indebtedness, do not exceed 95 percent of the home's appraised value at the time of the new second lien.

(8) APPRAISALS- Any appraisal conducted in connection with a mortgage insured under this section shall--‘(A) be based on the current value of the property;‘(B) be conducted in accordance with title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.);‘(C) be completed by an appraiser who meets the competency requirements of the Uniform Standards of Professional Appraisal Practice;‘(D) be wholly consistent with the appraisal standards, practices, and procedures under section 202(e) of this Act that apply to all loans insured under this Act; and‘(E) comply with the requirements of subsection (g) of this section (relating to appraisal independence).

(9) DOCUMENTATION AND VERIFICATION OF INCOME- In complying with the FHA underwriting requirements under the HOPE for Homeowners Program under this section, the mortgagee shall document and verify the income of the mortgagor or non-filing status by procuring (A) an income tax return transcript of the income tax returns of the mortgagor, or(B) a copy of the income tax returns from the Internal Revenue Service, for the two most recent years for which the filing deadline for such years has passed and by any other method, in accordance with procedures and standards that the Board shall establish.

(10) MORTGAGE FRAUD- The mortgagor shall not have been convicted under Federal or State law for fraud during the 10-year period ending upon the insurance of the mortgage under this section.

(11) PRIMARY RESIDENCE- The mortgagor shall provide documentation satisfactory in the determination of the Secretary to prove that the residence covered by the mortgage to be insured under this section is occupied by the mortgagor as the primary residence of the mortgagor, and that such residence is the only residence in which the mortgagor has any present ownership interest.

(f) Study of Auction or Bulk Refinance Program-
(1) STUDY- The Board shall conduct a study of the need for and efficacy of an auction or bulk refinancing mechanism to facilitate refinancing of existing residential mortgages that are at risk for foreclosure into mortgages insured under this section. The study shall identify and examine various options for mechanisms under which lenders and servicers of such mortgages may make bids for forward commitments for such insurance in an expedited manner.
(2) CONTENT-
(A) ANALYSIS- The study required under paragraph (1) shall analyze--‘(i) the feasibility of establishing a mechanism that would facilitate the more rapid refinancing of borrowers at risk of foreclosure into performing mortgages insured under this section;‘(ii) whether such a mechanism would provide an effective and efficient mechanism to reduce foreclosures on qualified existing mortgages;‘(iii) whether the use of an auction or bulk refinance program is necessary to stabilize the housing market and reduce the impact of turmoil in that market on the economy of the United States;‘(iv) whether there are other mechanisms or authority that would be useful to reduce foreclosure; and‘(v) and any other factors that the Board considers relevant.
(B) DETERMINATIONS- To the extent that the Board finds that a facility of the type described in subparagraph (A) is feasible and useful, the study shall--‘(i) determine and identify any additional authority or resources needed to establish and operate such a mechanism;‘(ii) determine whether there is a need for additional authority with respect to the loan underwriting criteria established in this section or with respect to eligibility of participating borrowers, lenders, or holders of liens;‘(iii) determine whether such underwriting criteria should be established on the basis of individual loans, in the aggregate, or otherwise to facilitate the goal of refinancing borrowers at risk of foreclosure into viable loans insured under this section.‘(3) REPORT- Not later than the expiration of the 60-day period beginning on the date of the enactment of this section , the Board shall submit a report regarding the results of the study conducted under this subsection to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. The report shall include a detailed description of the analysis required under paragraph (2)(A) and of the determinations made pursuant to paragraph (2)(B), and shall include any other findings and recommendations of the Board pursuant to the study, including identifying various options for mechanisms described in paragraph (1).‘(g) Appraisal Independence-

(1) PROHIBITIONS ON INTERESTED PARTIES IN A REAL ESTATE TRANSACTION- No mortgage lender, mortgage broker, mortgage banker, real estate broker, appraisal management company, employee of an appraisal management company, nor any other person with an interest in a real estate transaction involving an appraisal in connection with a mortgage insured under this section shall improperly influence, or attempt to improperly influence, through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, nonpayment for services rendered, or bribery, the development, reporting, result, or review of a real estate appraisal sought in connection with the mortgage.

(2) CIVIL MONETARY PENALTIES- The Secretary may impose a civil money penalty for any knowing and material violation of paragraph (1) under the same terms and conditions as are authorized in section 536(a) of this Act.‘(h) Standards To Protect Against Adverse Selection-‘(1) IN GENERAL- The Board shall, by rule or order, establish standards and policies to require the underwriter of the insured loan to provide such representations and warranties as the Board considers necessary or appropriate to enforce compliance with all underwriting and appraisal standards of the HOPE for Homeowners Program.

(2) EXCLUSION FOR VIOLATIONS- The Board shall prohibit the Secretary from paying insurance benefits to a mortgagee who violates the representations and warranties, as established under paragraph (1), or in any case in which a mortgagor fails to make the first payment on a refinanced eligible mortgage.

(3) OTHER AUTHORITY- The Board may establish such other standards or policies as necessary to protect against adverse selection, including requiring loans identified by the Secretary as higher risk loans to demonstrate payment performance for a reasonable period of time prior to being insured under the program.‘(i) Premiums- For each refinanced eligible mortgage insured under this section, the Secretary shall establish and collect--‘(1) at the time of insurance, a single premium payment in an amount equal to 3 percent of the amount of the original insured principal obligation of the refinanced eligible mortgage, which shall be paid from the proceeds of the mortgage being insured under this section, through the reduction of the amount of indebtedness that existed on the eligible mortgage prior to refinancing; and‘(2) in addition to the premium required under paragraph (1), an annual premium in an amount equal to 1.5 percent of the amount of the remaining insured principal balance of the mortgage.‘(j) Origination Fees and Interest Rate- The Board shall establish--‘(1) a reasonable limitation on origination fees for refinanced eligible mortgages insured under this section; and‘(2) procedures to ensure that interest rates on such mortgages shall be commensurate with market rate interest rates on such types of loans.

(k) Equity and Appreciation-
(1) FIVE-YEAR PHASE-IN FOR EQUITY AS A RESULT OF SALE OR REFINANCING- For each eligible mortgage insured under this section, the Secretary and the mortgagor of such mortgage shall, upon any sale or disposition of the property to which such mortgage relates, or upon the subsequent refinancing of such mortgage, be entitled to the following with respect to any equity created as a direct result of such sale or refinancing:

(A) If such sale or refinancing occurs during the period that begins on the date that such mortgage is insured and ends 1 year after such date of insurance, the Secretary shall be entitled to 100 percent of such equity.
(B) If such sale or refinancing occurs during the period that begins 1 year after such date of insurance and ends 2 years after such date of insurance, the Secretary shall be entitled to 90 percent of such equity and the mortgagor shall be entitled to 10 percent of such equity.
(C) If such sale or refinancing occurs during the period that begins 2 years after such date of insurance and ends 3 years after such date of insurance, the Secretary shall be entitled to 80 percent of such equity and the mortgagor shall be entitled to 20 percent of such equity.
(D) If such sale or refinancing occurs during the period that begins 3 years after such date of insurance and ends 4 years after such date of insurance, the Secretary shall be entitled to 70 percent of such equity and the mortgagor shall be entitled to 30 percent of such equity.
(E) If such sale or refinancing occurs during the period that begins 4 years after such date of insurance and ends 5 years after such date of insurance, the Secretary shall be entitled to 60 percent of such equity and the mortgagor shall be entitled to 40 percent of such equity.
(F) If such sale or refinancing occurs during any period that begins 5 years after such date of insurance, the Secretary shall be entitled to 50 percent of such equity and the mortgagor shall be entitled to 50 percent of such equity.

(2) APPRECIATION IN VALUE- For each eligible mortgage insured under this section, the Secretary and the mortgagor of such mortgage shall, upon any sale or disposition of the property to which such mortgage relates, each be entitled to 50 percent of any appreciation in value of the appraised value of such property that has occurred since the date that such mortgage was insured under this section.

(l) Establishment of HOPE Fund-
(1) IN GENERAL- There is established in the Federal Housing Administration a revolving fund to be known as the Home Ownership Preservation Entity Fund, which shall be used by the Board for carrying out the mortgage insurance obligations under this section.
(2) MANAGEMENT OF FUND- The HOPE Fund shall be administered and managed by the Secretary, who shall establish reasonable and prudent criteria for the management and operation of any amounts in the HOPE Fund.

(m) Limitation on Aggregate Insurance Authority- The aggregate original principal obligation of all mortgages insured under this section may not exceed $300,000,000,000.

(n) Reports by the Board- The Board shall submit monthly reports to the Congress identifying the progress of the HOPE for Homeowners Program, which shall contain the following information for each month:‘(1) The number of new mortgages insured under this section, including the location of the properties subject to such mortgages by census tract.‘(2) The aggregate principal obligation of new mortgages insured under this section.‘(3) The average amount by which the principle balance outstanding on mortgages insured this section was reduced.‘(4) The amount of premiums collected for insurance of mortgages under this section.‘(5) The claim and loss rates for mortgages insured under this section.‘(6) Any other information that the Board considers appropriate.

(o) Required Outreach Efforts- The Secretary shall carry out outreach efforts to ensure that homeowners, lenders, and the general public are aware of the opportunities for assistance available under this section.

(p) Enhancement of FHA Capacity- Under the direction of the Board, the Secretary shall take such actions as may be necessary to--‘(1) contract for the establishment of underwriting criteria, automated underwriting systems, pricing standards, and other factors relating to eligibility for mortgages insured under this section;‘( 2) contract for independent quality reviews of underwriting, including appraisal reviews and fraud detection, of mortgages insured under this section or pools of such mortgages; and‘(3) increase personnel of the Department as necessary to process or monitor the processing of mortgages insured under this section.

(q) GNMA Commitment Authority-‘(1) GUARANTEES- The Secretary shall take 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 306 of the National Housing Act (12 U.S.C. 1721), 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 exceeding $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 October 1, 2008 or after September 30, 2011.

(s) Definitions- For purposes of this section, the following definitions shall apply:‘(1) APPROVED FINANCIAL INSTITUTION OR MORTGAGEE- 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) BOARD- The term ‘Board' means the Board of Directors of the HOPE 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 Reserve System, and the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation, or their designees.‘(3) ELIGIBLE 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, subject 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 January 1, 2008.‘(4) EXISTING SENIOR MORTGAGE- The term ‘existing senior mortgage' means, with respect to a mortgage insured under this section, the existing mortgage that has superior priority.‘(5) EXISTING SUBORDINATE MORTGAGE- The term ‘existing subordinate mortgage' means, with respect to a mortgage insured under this section, an existing mortgage that has subordinate priority to the existing senior mortgage.‘(6) HOPE FOR HOMEOWNERS PROGRAM- The term ‘HOPE for Homeowners Program' means the program established under this section.‘(7) SECRETARY- The term ‘Secretary' means the Secretary of Housing and Urban Development, except where specifically provided otherwise.

(t) Requirements Related to the Board-‘(1) COMPENSATION, ACTUAL, NECESSARY, AND TRANSPORTATION EXPENSES-‘(A) FEDERAL EMPLOYEES- A member of the Board who is an officer or employee of the Federal Government shall serve without additional pay (or benefits in the nature of compensation) for service as a member of the Board.‘(B) TRAVEL EXPENSES- Members of the Board shall be entitled to receive travel expenses, including per diem in lieu of subsistence, equivalent to those set forth in subchapter I of chapter 57 of title 5, United States Code.‘(2) BYLAWS- The Board may prescribe, amend, and repeal such bylaws as may be necessary for carrying out the functions of the Board.‘(3) QUORUM- A majority of the Board shall constitute a quorum.‘(4) STAFF; EXPERTS AND CONSULTANTS-‘(A) DETAIL OF GOVERNMENT EMPLOYEES- Upon request of the Board, any Federal Government employee may be detailed to the Board without reimbursement, and such detail shall be without interruption or loss of civil service status or privilege.‘(B) EXPERTS AND CONSULTANTS- The Board shall procure the services of experts and consultants as the Board considers appropriate.

(u) Rule of Construction Related to Voluntary Nature of the Program- This section shall not be construed to require that any approved financial institution or mortgagee participate in any activity authorized under this section, including any activity related to the refinancing of an eligible mortgage.

(v) Rule of Construction Related to Insurance of Mortgages- Except as otherwise provided for in this section or by action of the Board, the provisions and requirements of section 203(b) shall apply with respect to the insurance of any eligible mortgage under this section.

(w) HOPE Bonds-
(1) ISSUANCE AND REPAYMENT OF BONDS- Notwithstanding section 504(b) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661d(b)), the Secretary of the Treasury shall--‘(A) subject to such terms and conditions as the Secretary of the Treasury deems necessary, issue Federal credit instruments, to be known as ‘HOPE Bonds', that are callable at the discretion of the Secretary of the Treasury and do not, in the aggregate, exceed the amount specified in subsection (m);‘(B) provide the subsidy amounts necessary for loan guarantees under the HOPE for Homeowners Program, not to exceed the amount specified in subsection (m), in accordance with the provisions of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.), except as provided in this paragraph; and‘(C) use the proceeds from HOPE Bonds only to pay for the net costs to the Federal Government of the HOPE for Homeowners Program, including administrative costs.
(2) REIMBURSEMENTS TO TREASURY- Funds received pursuant to section 1338(b) of the Federal Housing Enterprises Regulatory Reform Act of 1992 shall be used to reimburse the Secretary of the Treasury for amounts borrowed under paragraph (1).
(3) USE OF RESERVE FUND- If the net cost to the Federal Government for the HOPE for Homeowners Program exceeds the amount of funds received under paragraph (2), remaining debts of the HOPE for Homeowners Program shall be paid from amounts deposited into the fund established by the Secretary under section 1337(e) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, remaining amounts in such fund to be used to reduce the National debt.
(4) REDUCTION OF NATIONAL DEBT- Amounts collected under the HOPE for Homeowners Program in accordance with subsections (i) and (k) in excess of the net cost to the Federal Government for such Program shall be used to reduce the National debt.

08/01/2008 06:49 PM

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