12 U.S.C. § 5230 | Termination of authority

(a)

Termination

December 31, 2009The authorities provided under sections 5211(a), excluding section 5211(a)(3), and 5212 of this title shall terminate on .

(b)

Extension upon certification

October 3, 2008December 31, 2017The Secretary, upon submission of a written certification to Congress, may extend the authority provided under this chapter to expire not later than 2 years from . Such certification shall include a justification of why the extension is necessary to assist American families and stabilize financial markets, as well as the expected cost to the taxpayers for such an extension. Notwithstanding the foregoing, the Secretary may further extend the authority provided under this chapter to expire on , provided that (1) any such extension shall apply only with respect to current program participants in the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, and (2) funds obligated following such extension shall not exceed $2,000,000,000.

Pub. L. 110–343, div. A, title I, § 120Oct. 3, 2008122 Stat. 3788 Pub. L. 114–113, div. O, title VII, § 709(a)Dec. 18, 2015129 Stat. 3030(, , ; , , .)

Editorial Notes

References in Text

Pub. L. 110–343Oct. 3, 2008122 Stat. 3765 section 5201 of this titleThis chapter, referred to in subsec. (b), was in the original “this Act” and was translated as reading “this division”, meaning div. A of , , , known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under and Tables.

Amendments

Pub. L. 114–113December 31, 20172015—Subsec. (b). inserted at end “Notwithstanding the foregoing, the Secretary may further extend the authority provided under this chapter to expire on , provided that (1) any such extension shall apply only with respect to current program participants in the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, and (2) funds obligated following such extension shall not exceed $2,000,000,000.”

Statutory Notes and Related Subsidiaries

Termination of the Making Home Affordable Initiative

Pub. L. 114–113, div. O, title VII, § 709(b)Dec. 18, 2015129 Stat. 3030

“(1)

In general .—

12 U.S.C. 5201December 31, 2016The Making Home Affordable initiative of the Secretary of the Treasury, as authorized under the Emergency Economic Stabilization Act of 2008 ( et seq.), shall terminate on .

“(2)

Applicability .—

12 U.S.C. 5201December 31, 2016Paragraph (1) shall not apply to any loan modification application made under the Home Affordable Modification Program under the Making Home Affordable initiative of the Secretary of the Treasury, as authorized under the Emergency Economic Stabilization Act of 2008 ( et seq.), before .”

, , , provided that: