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Text of the Emergency Mortgage Relief Program Termination Act

This bill was introduced in a previous session of Congress and was passed by the House on March 11, 2011 but was never passed by the Senate. The text of the bill below is as of Feb 28, 2011 (Introduced).

This is not the latest text of this bill.

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Source: GPO

I

112th CONGRESS

1st Session

H. R. 836

IN THE HOUSE OF REPRESENTATIVES

February 28, 2011

(for himself, Mr. Bachus, and Mrs. Biggert) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To rescind the unobligated funding for the Emergency Mortgage Relief Program and to terminate the program.

1.

Short title

This Act may be cited as the Emergency Mortgage Relief Program Termination Act.

2.

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Effective on the date of the enactment of this Act, there are rescinded and permanently canceled all unobligated balances remaining available as of such date of enactment of the amounts made available by section 1496(a) of the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).

3.

Termination of Emergency Mortgage Relief Program

(a)

Repeal

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et seq.), as amended by section 1496(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is hereby repealed.

(b)

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.

(c)

Termination

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).