H. R. 836
IN THE HOUSE OF REPRESENTATIVES
February 28, 2011
Mr. Hensarling (for himself, Mr. Bachus, and Mrs. Biggert) introduced the following bill; which was referred to the Committee on Financial Services
To rescind the unobligated funding for the Emergency Mortgage Relief Program and to terminate the program.
This Act may be cited as the
Emergency Mortgage Relief Program
Rescission of funding for Emergency Mortgage Relief Program
Effective on the date of the enactment of this Act, there are rescinded and permanently canceled all unobligated balances remaining available as of such date of enactment of the amounts made available by section 1496(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 2207; 12 U.S.C. 2706 note).
Termination of Emergency Mortgage Relief Program
Title I of the Emergency Housing Act of 1975 (12 U.S.C. 2701 et seq.), as amended by section 1496(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is hereby repealed.
Treatment of remaining funds
Notwithstanding the repeal under subsection (a) of this section, any amounts made available under the provision specified in section 2 of this Act and obligated before the date of the enactment of this Act shall continue to be governed by the provisions of law specified in subsection (a) of this section, as in effect immediately before such repeal.
Upon the completion of outlays to liquidate all amounts referred to in subsection (b) of this section and the completion of all activities with respect to such amounts under the provisions of law specified in subsection (a) of this section, the Secretary of Housing and Urban Development shall terminate the Emergency Mortgage Relief Program authorized under the provisions specified in subsection (a).