Circular
Agencies Issue Interim Final Rule for Mortgage Loans Modified Under Making Home Affordable Program
June 26, 2009
Circular No. 12112

The federal bank and thrift regulatory agencies have invited public comment on an interim final rule that provides that mortgage loans modified under the U.S. Department of the Treasury's Making Home Affordable Program (MHAP) will retain the risk weight applicable before modification.

On March 4, 2009, the Treasury announced guidelines under the MHAP to promote sustainable loan modifications for homeowners at risk of losing their homes to foreclosure. The interim final rule would provide a common interagency capital treatment for mortgage loans modified under MHAP.

The interim final rule, by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of Thrift Supervision, will take effect upon publication in the Federal Register, which is expected shortly.

See press release for details.

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