Family Foreclosure Rescue Corporation Act of 2009

[AI summary unavailable — showing source text] Family Foreclosure Rescue Corporation Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to establish: (1) a Family Foreclosure Rescue Corporation (FFRC) to purchase home mortgage loans from any financial institution; and (2) a program to guarantee home mortgages. Establishes a Home Mortgage Insurance Financing Fund within the FFRC and a FFRC Oversight Board. Requires the Secretary, to the extent home mortgages (including those securing loans for multifamily housing) are acquired, to implement a plan that seeks to maximize loan restructuring on a sustainable basis and to minimize foreclosures. Authorizes the use of loan guarantees and other credit enhancements to: (1) facilitate loan modifications; (2) prevent avoidable foreclosures; and (3) provide necessary liquidity to home mortgage markets. Requires the federal property manager (the Federal Housing Finance Agency (FHFA), the Federal Deposit Insurance Corporation (FDIC), or the Federal Reserve Board), to the extent that it holds, owns, or controls mortgages, mortgage backed securities, and other assets secured by residential real estate, to: (1) implement a sys…