‘‘(f) ELIGIBLE LENDER OR SERVICER.—A lender or 
servicer is eligible for TARAP assistance if— 
‘‘(1) the lender or servicer has agreed to full 
disclosure requirements as may be established by the 
Secretary; or 
‘‘(2) the lender or servicer has agreed to use an 
independent appraiser and standard appraisal prac-
tices as may be established by the Secretary; 
‘‘(g) PROGRAM GUIDELINES.— 
‘‘(1) TARAP shall pay a servicer or lender up 
to 80 percent of the difference between the original 
asset and rehabilitated asset pursuant to such regu-
lations as may be prescribed by the Secretary. 
‘‘(2) The servicer or lender shall use docu-
mented best efforts, prior to foreclosure, to work 
with the borrower to create an affordable front-end 
debt ratio of up to 30 percent of the borrower’s 
gross monthly income. 
‘‘(3) The Secretary may establish mechanisms 
to provide for those assets which cannot be rehabili-
tated under the preceding guidelines. 
‘‘(h) PROGRAM TERMINATION.—All authority under 
this section ceases no later than December 31, 2009.’’. 
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SEC. 6. DEFERRAL OF ALL FORECLOSURES ON ANY PRIN-
CIPAL DWELLING OF A CONSUMER FOR A 90- 
DAY PERIOD. 
(a) IN GENERAL.—Notwithstanding any provision of 
any State or Federal law, after the date of the enactment 
of this Act, no creditor, servicer, or holder of such mort-
gage, or any other person acting on behalf of any such 
creditor, servicer, or holder, may take any action to ini-
tiate a foreclosure, whether judicial or nonjudicial, or any 
action in connection with a foreclosure already instituted 
other than to suspend such foreclosure, with respect to 
any eligible mortgage of a consumer, until the end of the 
90-day period beginning on the date of the enactment of 
this Act. 
(b) ACTION BY CONSUMER.— 
(1) IN GENERAL.—After the date of the enact-
ment of this Act, any consumer shall have the right 
to defer any initiation of a foreclosure, whether judi-
cial or nonjudicial, or any action in connection with 
a foreclosure already instituted, including any fore-
closure sale, with respect to any eligible mortgage by 
any creditor, servicer, or holder of such mortgage, or 
any other person acting on behalf of any such cred-
itor, servicer, or holder, until the end of the 90-day 
period beginning on the date of the enactment of 
this Act. 
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(2) ENFORCEMENT OF RIGHT.—Any consumer 
may defend against a foreclosure or bring an action 
in any court of competent or general jurisdiction to 
compel compliance with the right of the consumer 
under paragraph (1) to defer any initiation of a 
foreclosure or any action in connection with a fore-
closure already instituted, including any foreclosure 
sale, with respect to any eligible mortgage. 
(c) RULE OF CONSTRUCTION.—No provision of this 
section shall be construed as affecting or altering the obli-
gations of the consumer under the terms of the eligible 
mortgage notwithstanding any deferral of foreclosure. 
(d) ELIGIBLE MORTGAGE DEFINED.—For purposes 
of this section, the term ‘‘eligible mortgage’’ means any 
residential mortgage loan to any consumer that con-
stitutes a first lien on the dwelling or real property secur-
ing the loan which constitutes, or on which is located, the 
principal residence of the consumer. 
Æ 
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