S.Amdt. 5697
What it does: Adds SEC. __. MANDATORY LOAN GUARANTEES AND CREDIT ENHANCEMENT EFFORTS wherever appropriate
Sen. Christopher J. Dodd (D-CT)What it changes
1 change to H.R. 6867
Adds SEC. __. MANDATORY LOAN GUARANTEES AND CREDIT ENHANCEMENT EFFORTS wherever appropriate
Adds a sectionInserted: SEC. __. MANDATORY LOAN GUARANTEES AND CREDIT ENHANCEMENT EFFORTS.
Inserted: Section 109(a) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110-343) is amended--
Inserted: (1) by striking the last sentence;
Inserted: (2) by striking "To the extent" and inserting the following:
Inserted: "(1) In general.--To the extent"; and
Inserted: (3) by adding at the end the following:
Inserted: "(2) Loan guarantees and credit enhancements required.--
Inserted: "(A) In general.--In addition to actions required under paragraph (1), the Secretary shall, not later than 15 days after the date of enactment of this paragraph, designate the Corporation, on a reimbursable basis, to design and carry out a plan to use loan guarantees or credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.
Inserted: "(B) Aggregate amounts.--The Secretary shall make and fund guarantees and credit enhancements developed under this paragraph in amounts of--
Inserted: "(i) $10,000,000,000 in aggregate estimated subsidy costs, and amounts specified under paragraph (2) of section 115(a) shall be reduced by the subsidy cost of any guarantees or credit enhancements funded by the Secretary under this clause; and
Inserted: "(ii) an additional $15,000,000,000, in aggregate estimated subsidy costs, and amounts specified under paragraph (3) of section 115(a) shall be reduced by the subsidy cost of any guarantees or credit enhancements funded by the Secretary under this clause.
Inserted: "(C) Contracting authority.--In carrying out this paragraph, the Corporation may use its contracting authority under section 9 of the Federal Deposit Insurance Act.".
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Original wording
At the appropriate place, insert the following:
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As printed
SA 5697. Mr. DODD (for himself and Mr. Martinez) submitted an amendment intended to be proposed by him to the bill H.R. 6867, to provide for additional emergency unemployment compensation; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. MANDATORY LOAN GUARANTEES AND CREDIT ENHANCEMENT EFFORTS.
Section 109(a) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110-343) is amended--
(1) by striking the last sentence;
(2) by striking “To the extent” and inserting the following:
“(1) In general.--To the extent”; and
(3) by adding at the end the following:
“(2) Loan guarantees and credit enhancements required.--
“(A) In general.--In addition to actions required under paragraph (1), the Secretary shall, not later than 15 days after the date of enactment of this paragraph, designate the Corporation, on a reimbursable basis, to design and carry out a plan to use loan guarantees or credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.
“(B) Aggregate amounts.--The Secretary shall make and fund guarantees and credit enhancements developed under this paragraph in amounts of--
“(i) $10,000,000,000 in aggregate estimated subsidy costs, and amounts specified under paragraph (2) of section 115(a) shall be reduced by the subsidy cost of any guarantees or credit enhancements funded by the Secretary under this clause; and
“(ii) an additional $15,000,000,000, in aggregate estimated subsidy costs, and amounts specified under paragraph (3) of section 115(a) shall be reduced by the subsidy cost of any guarantees or credit enhancements funded by the Secretary under this clause.
“(C) Contracting authority.--In carrying out this paragraph, the Corporation may use its contracting authority under section 9 of the Federal Deposit Insurance Act.”.
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Senate amendment submitted
November 20, 2008