| Sections 122-128 |
| Foreclosure Prevention Act of 2008 |
SEC. 122. HOME EQUITY CONVERSION MORTGAGES.
(a) In General- Section 255 of the National Housing Act (12
U.S.C. 1715z-20) is amended--
(1) in subsection (b)(2), insert `real estate,' after
`mortgagor',';
(2) by amending subsection (d)(1) to read as follows:
`(1) have been originated by a mortgagee approved by the
Secretary;';
(3) by amending subsection (d)(2)(B) to read as follows:
`(B) has received adequate counseling, as provided in
subsection (f), by an independent third party that is not,
either directly or indirectly, associated with or compensated
by a party involved in--
`(i) originating or servicing the mortgage;
`(ii) funding the loan underlying the mortgage; or
`(iii) the sale of annuities, investments, long-term care
insurance, or any other type of financial or insurance
product;';
(4) in subsection (f)--
(A) by striking `(f) Information Services for Mortgagors- ' and
inserting `(f) Counseling Services and Information for
Mortgagors- '; and
(B) by amending the matter preceding paragraph (1) to read
as follows: `The Secretary shall provide or cause to be
provided adequate counseling for the mortgagor, as
described in subsection (d)(2)(B). Such counseling shall be
provided by counselors that meet qualification standards and
follow uniform counseling protocols. The qualification
standards and counseling protocols shall be established by
the Secretary within 12 months of the date of enactment of
the Reverse Mortgage Proceeds Protection Act . The
protocols shall require a qualified counselor to discuss with
each mortgagor information which shall include--'
(5) in subsection (g), by striking `established under section
203(b)(2)' and all that follows through `located' and inserting
`limitation established under section 305(a)(2) of the Federal
Home Loan Mortgage Corporation Act for a 1-family
residence';
(a) In General- Section 255 of the National Housing Act (12
U.S.C. 1715z-20) is amended--
(1) in subsection (b)(2), insert `real estate,' after
`mortgagor',';
(2) by amending subsection (d)(1) to read as follows:
`(1) have been originated by a mortgagee approved by the
Secretary;';
(3) by amending subsection (d)(2)(B) to read as follows:
`(B) has received adequate counseling, as provided in
subsection (f), by an independent third party that is not,
either directly or indirectly, associated with or compensated
by a party involved in--
`(i) originating or servicing the mortgage;
`(ii) funding the loan underlying the mortgage; or
`(iii) the sale of annuities, investments, long-term care
insurance, or any other type of financial or insurance
product;';
(4) in subsection (f)--
(A) by striking `(f) Information Services for Mortgagors- ' and
inserting `(f) Counseling Services and Information for
Mortgagors- '; and
(B) by amending the matter preceding paragraph (1) to read
as follows: `The Secretary shall provide or cause to be
provided adequate counseling for the mortgagor, as
described in subsection (d)(2)(B). Such counseling shall be
provided by counselors that meet qualification standards and
follow uniform counseling protocols. The qualification
standards and counseling protocols shall be established by
the Secretary within 12 months of the date of enactment of
the Reverse Mortgage Proceeds Protection Act . The
protocols shall require a qualified counselor to discuss with
each mortgagor information which shall include--'
(5) in subsection (g), by striking `established under section
203(b)(2)' and all that follows through `located' and inserting
`limitation established under section 305(a)(2) of the Federal
Home Loan Mortgage Corporation Act for a 1-family
residence';
(6) in subsection (i)(1)(C), by striking `limitations' and inserting `limitation';
| Foreclosure Prevention Act of 2008 |
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