(B) in paragraph (7), by striking the semi-
colon and all that follows through ‘‘new second 
lien’’; 
(C) in paragraph (9)— 
(i) by striking ‘‘by procuring (A) an 
income tax return transcript of the income 
tax return of the mortgagor, or (B)’’ and 
inserting ‘‘in accordance with procedures 
and standards that the Secretary shall es-
tablish, which may include requiring the 
mortgagee to procure’’; and 
(ii) by striking ‘‘and by any other 
method, in accordance with procedures and 
standards that the Board shall establish’’; 
and 
(D) by adding after paragraph (11) the 
following new paragraph: 
‘‘(12) BAN ON MILLIONAIRES.—The mortgagor 
shall not have a net worth, as of the date the mort-
gagor first applies for a mortgage to be insured 
under the Program under this section, that exceeds 
$1,000,000.’’; 
(4) in subsection (h)(2)— 
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(A) by striking ‘‘The Board shall prohibit 
the Secretary from paying’’ and inserting ‘‘The 
Secretary shall not pay’’; and 
(B) by inserting after the period at the end 
the following: ‘‘In implementing this provision 
with respect to a failure by a mortgagor to 
make a first payment, the Secretary shall estab-
lish policies and timing of endorsements as con-
sistent as is possible with endorsement policies 
established with respect to mortgages insured 
under section 203(b)’’; 
(5) in subsection (i)— 
(A) by inserting ‘‘, after weighing maxi-
mization of participation with consideration of 
collection 
of 
premiums,’’ 
after 
‘‘Secretary 
shall’’; 
(B) in paragraph (1), by striking ‘‘equal to 
3 percent’’ and inserting ‘‘not more than 2 per-
cent’’; and 
(C) in paragraph (2), by striking ‘‘equal to 
1.5 percent’’ and inserting ‘‘not more than 1 
percent’’; 
(6) in subsection (k)— 
(A) by striking the subsection heading and 
inserting ‘‘EXIT FEE’’; 
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(B) in paragraph (1), in the matter pre-
ceding subparagraph (A), by striking ‘‘such sale 
or refinancing’’ and inserting ‘‘the mortgage 
being insured under this section’’; and 
(C) in paragraph (2), by striking ‘‘and the 
mortgagor’’ and all that follows through the 
end and inserting ‘‘may, upon any sale or dis-
position of the property to which the mortgage 
relates, be entitled to up to 50 percent of ap-
preciation, up to the appraised value of the 
home at the time when the mortgage being refi-
nanced under this section was originally made. 
The Secretary may share any amounts received 
under this paragraph with the holder of the eli-
gible mortgage refinanced under this section.’’; 
(7) in the heading for subsection (n), by strik-
ing ‘‘THE BOARD’’ and inserting ‘‘SECRETARY’’; 
(8) in subsection (p), by striking ‘‘Under the di-
rection of the Board, the’’ and inserting ‘‘The’’; 
(9) in subsection (s)— 
(A) in the first sentence of paragraph (2), 
by striking ‘‘Board of Directors of’’ and insert-
ing ‘‘Advisory Board for’’; and 
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(B) in paragraph (3)(A)(ii), by striking 
‘‘subsection (e)(1)(B) and such other’’ and in-
serting ‘‘such’’; 
(10) in subsection (v), by inserting after the pe-
riod at the end the following: ‘‘The Secretary shall 
conform documents, forms, and procedures for mort-
gages insured under this section to those in place for 
mortgages insured under section 203(b) to the max-
imum extent possible consistent with the require-
ments of this section.’’; and 
(11) by adding at the end the following new 
subsections: 
‘‘(x) PAYMENT TO EXISTING LOAN SERVICER.—The 
Secretary may establish a payment to the servicer of the 
existing senior mortgage for every loan insured under the 
HOPE for Homeowners Program in an amount, for each 
such loan, that does not exceed $1,000. 
‘‘(y) AUCTIONS.—The Secretary, with the concur-
rence of the Board, shall, if feasible, establish a structure 
and organize procedures for an auction to refinance eligi-
ble mortgages on a wholesale or bulk basis.’’. 
(b) REDUCING TARP FUNDS TO OFFSET COSTS OF 
PROGRAM CHANGES.—Paragraph (3) of section 115(a) of 
the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5225) is amended by inserting ‘‘, as such amount 
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