modification or workout plan or other loss 
mitigation action will exceed, on a net 
present value basis, the anticipated recov-
ery on the principal outstanding obligation 
of the mortgage to be realized through 
foreclosure. 
(3) 
APPLICABILITY.—This 
subsection 
shall 
apply only with respect to modifications, workouts, 
and other loss mitigation plans initiated before Jan-
uary 1, 2012. 
(b) REPORTING.—Each servicer that engages in loan 
modifications or workout plans subject to the safe harbor 
in subsection (a) shall report to the Secretary on a regular 
basis regarding the extent, scope and results of the 
servicer’s modification activities. The Secretary shall pre-
scribe regulations specifying the form, content, and timing 
of such reports. 
(c) DEFINITION OF SECURITIZATION VEHICLES.— 
For purposes of this section, the term ‘‘securitization vehi-
cle’’ means a trust, corporation, partnership, limited liabil-
ity entity, special purpose entity, or other structure that— 
(1) is the issuer, or is created by the issuer, of 
mortgage pass-through certificates, participation cer-
tificates, mortgage-backed securities, or other similar 
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securities backed by a pool of assets that includes 
residential mortgage loans; and 
(2) holds such mortgages. 
SEC. 202. CHANGES TO HOPE FOR HOMEOWNERS PRO-
GRAM. 
(a) PROGRAM CHANGES.—Section 257 of the Na-
tional Housing Act (12 U.S.C. 1715z–23) is amended— 
(1) in subsection (c)— 
(A) in the heading for paragraph (1), by 
striking ‘‘THE
BOARD’’ and inserting ‘‘SEC-
RETARY’’; 
(B) in paragraph (1), by striking ‘‘Board’’ 
inserting ‘‘Secretary, after consultation with the 
Board,’’; and 
(C) by adding after paragraph (2) the fol-
lowing: 
‘‘(3) DUTIES OF BOARD.—The Board shall ad-
vise the Secretary regarding the establishment and 
implementation of the HOPE for Homeowners Pro-
gram.’’. 
(2) by striking ‘‘Board’’ each place such term 
appears in subsections (e), (h)(1), (h)(3), (j), (l), 
(n), (s)(3), and (v) and inserting ‘‘Secretary’’; 
(3) in subsection (e)— 
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(A) by striking paragraph (1) and insert-
ing the following: 
‘‘(1) BORROWER CERTIFICATION.— 
‘‘(A) NO
INTENTIONAL
DEFAULT
OR 
FALSE
INFORMATION.—The mortgagor shall 
provide a certification to the Secretary that the 
mortgagor has not intentionally defaulted on 
the existing mortgage or mortgages and has not 
knowingly, or willfully and with actual knowl-
edge, furnished material information known to 
be false for the purpose of obtaining the eligible 
mortgage to be insured. 
‘‘(B) LIABILITY
FOR
REPAYMENT.—The 
mortgagor shall agree in writing that the mort-
gagor shall be liable to repay to the Secretary 
any direct financial benefit achieved from the 
reduction of indebtedness on the existing mort-
gage or mortgages on the residence refinanced 
under this section derived from misrepresenta-
tions made by the mortgagor in the certifi-
cations and documentation required under this 
paragraph, subject to the discretion of the Sec-
retary.’’; 
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