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Title 12 — Banks and BankingRelease 119-73

§5219a Home Affordable Modification Program guidelines

Title 12 › Chapter CHAPTER 52— - EMERGENCY ECONOMIC STABILIZATION › Subchapter SUBCHAPTER I— - TROUBLED ASSETS RELIEF PROGRAM › § 5219a

Last updated Apr 6, 2026|Official source

Summary

The Secretary of the Treasury must change the Home Affordable Modification Program rules (part of the Making Home Affordable initiative under the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) [12 U.S.C. 5201 et seq.]) so that any mortgage servicer in the program must give a borrower all borrower-related and mortgage-related input data used in any net present value (NPV) analysis when the borrower’s request for a mortgage modification is denied. That information must be given at the time of the denial. The Secretary must also set up and keep a website with an NPV calculator based on the Secretary’s own method so homeowners can enter their mortgage details and see if their loan would be accepted or rejected under the Program. The site must clearly say servicers might use a different NPV method, try to include a way to apply for a modification, and post the Secretary’s NPV methodology and computer model (including all formulas) and all non-proprietary variables used.

Full Legal Text

Title 12, §5219a

Banks and Banking — Source: USLM XML via OLRC

(a)The Secretary of the Treasury (in this section referred to as the “Secretary”) shall revise the supplemental directives and other guidelines for the Home Affordable Modification Program of the Making Home Affordable initiative of the Secretary of the Treasury, authorized under the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) [12 U.S.C. 5201 et seq.], to require each mortgage servicer participating in such program to provide each borrower under a mortgage whose request for a mortgage modification under the Program is denied with all borrower-related and mortgage-related input data used in any net present value (NPV) analyses performed in connection with the subject mortgage. Such input data shall be provided to the borrower at the time of such denial.
(b)(1)In carrying out the Home Affordable Modification Program, the Secretary shall establish and maintain a site on the World Wide Web that provides a calculator for net present value analyses of a mortgage, based on the Secretary’s methodology for calculating such value, that mortgagors can use to enter information regarding their own mortgages and that provides a determination after entering such information regarding a mortgage of whether such mortgage would be accepted or rejected for modification under the Program, using such methodology.
(2)Such Web site shall also prominently disclose that each mortgage servicer participating in such Program may use a method for calculating net present value of a mortgage that is different than the method used by such calculator.
(3)The Secretary shall make a reasonable effort to include on such World Wide Web site a method for homeowners to apply for a mortgage modification under the Home Affordable Modification Program.
(c)The Secretary shall make publicly available, including by posting on a World Wide Web site of the Secretary—
(1)the Secretary’s methodology and computer model, including all formulae used in such computer model, used for calculating net present value of a mortgage that is used by the calculator established pursuant to subsection (b); and
(2)all non-proprietary variables used in such net present value analysis.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Emergency Economic Stabilization Act of 2008, referred to in subsec. (a), is div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, which is classified principally to this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 5201 of this title and Tables. Codification Section was enacted as part of the Mortgage Reform and Anti-Predatory Lending Act, and also as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and not as part of the Emergency Economic Stabilization Act of 2008 which comprises this chapter.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the date on which final

Regulations

implementing such section take effect, or on the date that is 18 months after the designated transfer date if such

Regulations

have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an

Effective Date

of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade.

Reference

Citations & Metadata

Citation

12 U.S.C. § 5219a

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73