Common use of Single Family Shared-Loss Loans Clause in Contracts

Single Family Shared-Loss Loans. For each Single Family Shared-Loss Loan in default or for which a default is reasonably foreseeable, the Assuming Institution shall undertake loss mitigation efforts in accordance with one of the following programs, as amended from time to time, selected by the Assuming Institution in its discretion: (i) FDIC Mortgage Loan Modification Program as set forth in Exhibit 5; (ii) the United States Treasury’s Home Affordable Modification Program Guidelines; or (iii) any other modification program approved by the United States Treasury Department, the Corporation, the Board of Governors of the Federal Reserve System or any other Federal governmental agency.