An amendment numbered 5 printed in Part B of House Report 112-34 to amend the effective date of H.R. 861 to the sooner of: (1) 5 years from the date of enactment; or (2) the date when the national average of underwater mortgages on 1- to 4-family residential properties is 10 percent or less and the percentage of underwater mortgages relating to such properties in the state with the highest percentage of underwater residential properties is 15 percent or less.

1. Adds SEC. 4. EFFECTIVE DATE at the end of the bill

   Adds a section

   Inserted: SEC. 4. EFFECTIVE DATE.

   Inserted: Notwithstanding any other provision of this Act, this Act shall take effect on, and any reference in this Act to the date of the enactment of this Act shall be construed to refer to, the earlier of the following dates:

   Inserted: (1) The date of the expiration of the 5-year period beginning on the date of the enactment of this Act.

   Inserted: (2) The first date occurring after the date of the enactment of this Act on which both of the following conditions exist:

   Inserted: (A) The percentage of existing mortgages on 1- to 4-family residential properties located in the United States and under which the outstanding principal balance exceeds the value of the property subject to the mortgage is 10 percent or less.

   Inserted: (B) In the case of the State that, on such date, has the highest percentage, among all States, of existing mortgages on 1- to 4-family residential properties located in the State and under which the outstanding principal balance exceeds the value of the property subject to the mortgage, such percentage for such State is 15 percent or less.

   Original wording

   At the end of the bill, add the following new section:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed