HOPE Bonds

(1) Issuance and repayment of bonds Notwithstanding section 504(b) of the Federal Credit Reform Act of 1990 [ 2 U.S.C. 661c(b) ], the Secretary of the Treasury shall— (A) subject to such terms and conditions as the Secretary of the Treasury deems necessary, issue Federal credit instruments, to be known as “HOPE Bonds”, that are callable at the discretion of the Secretary of the Treasury and do not, in the aggregate, exceed the amount specified in subsection (m); (B) provide the subsidy amounts necessary for loan guarantees under the HOPE for Homeowners Program, not to exceed the amount specified in subsection (m), in accordance with the provisions of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq.), except as provided in this paragraph; and (C) use the proceeds from HOPE Bonds only to pay for the net costs to the Federal Government of the HOPE for Homeowners Program, including administrative costs and payments pursuant to subsection (e)(4)(A).

Source

12 USC § 1715z-23(w)(1)


Scoping language

in this paragraph
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