§5230 — Title 12 Banks and Banking | U.S. Code

Summary

Authority in sections 5211(a) (except 5211(a)(3)) and 5212 must end on December 31, 2009. The Secretary can extend that authority by sending a written certification to Congress so it expires 2 years from October 3, 2008. The certification must explain why the extension helps American families, stabilizes financial markets, and give the expected cost. The Secretary may further extend to December 31, 2017 only for current participants in the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, and any obligations after that extension may not exceed $2,000,000,000.

Title 12, §5230

Banks and Banking — Source: USLM XML via OLRC

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

(b)The 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 October 3, 2008. 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 December 31, 2017, 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.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (b), was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, 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 section 5201 of this title and Tables.

Amendments

2015—Subsec. (b). Pub. L. 114–113 inserted at end “Notwithstanding the foregoing, the Secretary may further extend the authority provided under this chapter to expire on December 31, 2017, 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, 2015, 129 Stat. 3030, provided that: “(1) In general.—The Making Home Affordable initiative of the Secretary of the Treasury, as authorized under the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.), shall terminate on

December 31, 2016. “(2) Applicability.—Paragraph (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 (12 U.S.C. 5201 et seq.), before

December 31, 2016.”

§5230 Termination of Authority