,i #aac? ,,congress #b;d ,session ,h4 ,r4 #ejee ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #aj1 #bjad ,mr4 ,delaney 7= himself1 ,mr4 ,c>ney1 ,mr4 ,himes1 ,mr4 ,polis1 ,mr4 ,david ,scott ( ,georgia1 ,mr4 ,murphy ( ,florida1 ,mr4 ,heck ( ,wa%+ton1 ,ms4 ,s9ema1 ,mr4 ,meeks1 ,mr4 ,fo/]1 ,mr4 ,wel*1 ,mr4 ,ow5s1 & ,mr4 ,quigley7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to re=m ! h\s+ f9ance sy/em ( ! ,unit$ ,/ates1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,p>tn]%ip to ,/r5g!n ,home[n]%ip ,act ( #bjad4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,sec4 #b4 ,def9itions4 ,title ,i--,g9nie ,mae ,sec4 #aja4 ,removal f ,,hud2 e/abli%m5t z indep5d5t entity4 ,sec4 #ajb4 ,transf] to ,g9nie ,mae ( p[]s1 p]sonnel1 & prop]ty ( ,,fhfa4 ,sec4 #ajc4 ,regulation ( m>ket p>ticipants & aggregators4 ,sec4 #ajd4 ,regulatory consultation & coord9ation4 ,title ,,ii--,securitization & insurance ,sec4 #bja4 ,issu+ ,plat=m4 ,sec4 #bjb4 ,insurance4 ,sec4 #bjc4 ,au?ority to protect taxpay]s 9 unusual & exig5t m>ket conditions4 ,sec4 #bjd4 ,s]vic+ rights2 repres5tations & w>ranties4 ,sec4 #bje4 ,f$]al ,home ,loan ,banks4 ,title ,,iii--,w9d d[n ( ,fannie ,mae & ,fr$die ,mac ,sec4 #cja4 ,limitation on bus9ess4 ,sec4 #cjb4 ,risk-%>+ pilot programs4 ,sec4 #cjc4 ,cont9u$ cons]vator%ip4 ,sec4 #cjd4 ,m&atory receiv]%ip4 ,sec4 #cje4 ,repeal ( ent]prise *>t]s4 ,sec4 #cjf4 ,g9nie ,mae au?ority reg>d+ tim+4 ,title ,,iv--,multifamily h\s+ f9ance ,sec4 #dja4 ,e/abli%m5t ( multifamily subsidi>ies4 ,sec4 #djb4 ,disposition ( multifamily bus9esses4 ,sec4 #djc4 ,approval & sup]vision ( multifamily gu>antors4 ,sec4 #djd4 ,o!r =ms ( multifamily risk-%>+4 ,sec4 #dje4 ,g9nie ,mae securitization ( ,,fha risk-%>+ loans4 ,title ,v--,af=dable ,h\s+ ,sec4 #eja4 ,af=dable h\s+ allocations4 ,sec4 #ejb4 ,h\s+ ,tru/ ,fund4 ,sec4 #ejc4 ,capital ,magnet ,fund4 ,sec4 #ejd4 ,m>ket ,access ,fund4 ,title ,,vi--,g5]al ,provisions ,sec4 #fja4 ,rule ( con/ruction reg>d+ ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5ts4 ,sec4 #fjb4 ,treatm5t ( community developm5t f9ancial in/itution4 #b4 ,def9itions ,= purposes ( ?is ,act3 7#a7 ,bank+ def9itions ,! t]m bank & sav+s association h ! mean+ giv5 ^? t]ms1 respectively1 "u section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,c]tification date ,! t]m c]tification date means ! e>li] (-- 7,a7 ! date on :i* ,g9nie ,mae makes ! c]tification describ$ "u section #bja7;h72 & 7,b7 ! date t is ! end ( ! #b-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act4 7#c7 ,*>t] ,act ,! t]m *>t] ,act means-- 7,a7 ) respect to ! ,f$]al ,national ,mortgage ,association1 ! ,f$]al ,national ,mortgage ,association ,*>t] ,act 7#ab ,u4,s4,c4 #agaf et seq472 & 7,b7 ) respect to ! ,f$]al ,home ,loan ,mortgage ,corporation1 ! ,f$]al ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #adea et seq474 7#d7 ,cr$it union ,! t]m cr$it union means any ,f$]al cr$it union or ,/ate cr$it union1 z su* t]ms are def9$ "u section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#e7 ,director ,! t]m ,director means ! ,director ( ,g9nie ,mae1 z su* position is e/abli%$ pursuant to ! am5dm5ts made by section #aja7;c77#a74 7#f7 ,eligible mortgage ,! t]m eligible mortgage-- 7,a7 has ! mean+ giv5 ! t]m qualifi$ mortgage "u section #abi;,c7b77#b77;,a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;c71 z su* mean+ may be adju/$ by ! ,director if ! ,director det]m9es su* adju/m5t is appropriate2 & 7,b7 includes su* o!r m9imum /&>ds z may be e/abli%$ by ! ,plat=m1 to ensure ! quality ( mortgages us$ to collat]alize mortgage-back$ securities issu$ by ! ,plat=m4 7#g7 ,eligible multifamily mortgage loan ,! t]m eligible multifamily mortgage loan means a comm]cial real e/ate loan-- 7,a7 secur$ by a prop]ty )-- 7i7 #e or m resid5tial units2 or 7ii7 #b or m resid5tial units1 if ! requirem5t "u clause 7i7 is waiv$ by ! ,director = purposes ( c>ry+ out a demon/ration or pilot program2 7,b7 ! prim>y s\rce ( repaym5t = :i* is expect$ to be d]iv$ f r5tal income g5]at$ by ! prop]ty2 7,c7 ! t]m ( :i* may n be less ?an #e ye>s b n m ?an #dj ye>s2 7,d7 t satisfies any additional und]writ+ crit]ia e/abli%$ by ! ,director to balance support+ access to capital ) manag+ cr$it risk to ! ,fund1 includ+-- 7i7 a maximum loan-to-value ratio2 7ii7 a m9imum debt s]vice cov]age ratio2 & 7iii7 consid]ations = re/rictive or special uses ( a prop]ty1 includ+ non-resid5tial uses1 prop]ties = s5iors1 manufactur$ h\s+1 & af=dability re/rictions1 & ! impact ( su* uses on clauses 7i7 & 7ii72 & 7,e7 t satisfies any additional und]writ+ crit]ia t may be e/abli%$ by ! ,director4 7#h7 ,ent]prise ,! t]m ent]prise means-- 7,a7 ! ,f$]al ,national ,mortgage ,association & any affiliate !re(2 & 7,b7 ! ,f$]al ,home ,loan ,mortgage ,corporation & any affiliate !re(4 7#i7 ,fund ,! t]m ,fund means ! insurance fund e/abli%$ "u section #bjb7;g74 7#aj7 ,g9nie ,mae ,! t]m ,g9nie ,mae means ! ,gov]nm5t ,national ,mortgage ,association4 7#aa7 ,m>ket p>ticipant ,! t]m m>ket p>ticipant means any insurance company1 bank1 sav+ association1 cr$it union1 or real e/ate inve/m5t tru/ insur+ or re9sur+ any "p ( a security issu$ by ! ,plat=m4 7#ab7 ,p>ticipat+ aggregator ,! t]m p>ticipat+ aggregator means an aggregator ( eligible mortgages t collat]alize mortgage-back$ securities issu$ by ! ,plat=m pursuant to title ,,ii4 7#ac7 ,plat=m ,! t]m ,plat=m means ! ,issu+ ,plat=m e/abli%$ "u section #bja7;a74 7#ad7 ,real e/ate inve/m5t tru/ ,! t]m real e/ate inve/m5t tru/ has ! mean+ giv5 su* t]m "u section #hef7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 ,i ,g9nie ,mae #aja4 ,removal f ,,hud2 e/abli%m5t z indep5d5t entity 7a7 ,9 g5]al ,p>agraph 7#b7 ( section #cjb7;a7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agag7;a77#b77 is am5d$ by /rik+ 9 ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t & ins]t+ indep5d5t ( any o!r ag5cy or (fice 9 ! ,f$]al ,gov]nm5t4 7b7 ,con=m+ am5dm5ts ,title ,,iii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agaf et seq47 is am5d$-- 7#a7 9 section #cjf7;g77#c77;,d7 7#ab ,u4,s4,c4 #agba7;g77#c77;,d771 by /rik+ ,secret>y & ins]t+ ,association2 7#b7 9 section #cjg 7#ab ,u4,s4,c4 #agbb71 by /rik+ ,secret>y ( ,h\s+ & ,urban ,developm5t & ins]t+ ,association2 & 7#c7 9 section #cag 7#ab ,u4,s4,c4 #agbc;i7-- 7,a7 9 subsection 7a77#a71 by /rik+ ,secret>y ( ,h\s+ & ,urban ,developm5t & ins]t+ ,director ( ! ,association2 7,b7 9 subsection 7c77#d71 by /rik+ ,secret>y's & ins]t+ ,director ( ! ,association's2 7,c7 9 subsection 7d77#a71 by /rik+ ,secret>y's & ins]t+ ,director ( ! ,association's2 7,d7 9 ! head+ = subsection 7f71 by /rik+ by ,secret>y2 & 7,e7 by /rik+ ,secret>y ea* place su* t]m appe>s & ins]t+ ,director ( ! ,association4 7c7 ,managem5t2 ,director 7#a7 ,indep5d5ce & t]m ,subsection 7a7 ( section #cjh ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agbc7;a77 is am5d$-- 7,a7 9 ! fir/ s5t5ce-- 7i7 by /rik+ ,secret>y ( ,h\s+ & ,urban ,developm5t & ins]t+ ,director ( ! ,association appo9t$ pursuant to ?is subsection2 & 7ii7 by /rik+ ( ! ,secret>y & ins]t+ ( ! ,director2 7,b7 9 ! second s5t5ce1 by /rik+ ,secret>y & ins]t+ ,director2 7,c7 9 ! ?ird s5t5ce-- 7i7 by /rik+ 9 ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t2 & 7ii7 by ins]t+ be=e ! p]iod at ! end ! foll[+3 1 & %all be appo9t$ = a t]m ( #e ye>s1 unless remov$ be=e ! end ( su* t]m = cause by ! ,presid5t2 7,d7 9 ! la/ s5t5ce1 by /rik+ ,secret>y & ins]t+ ,director2 & 7,e7 by add+ at ! end ! foll[+ undesignat$ p>agraph3 ,a vacancy 9 ! position ( ,director t occurs be=e ! expiration ( ! t]m = :i* a ,director 0 appo9t$ %all be fill$ 9 ! mann] e/abli%$ "u p>agraph 7#a71 & ! ,director appo9t$ to fill su* vacancy %all be appo9t$ only = ! rema9d] ( su* t]m4 ,if ! ,s5ate has n confirm$ a ,director1 ! ,presid5t may designate ei!r ! individual nom9at$ b n yet confirm$ = ! position ( ,director or ano!r individual1 to s]ve z ! ,act+ ,director1 & su* ,act+ ,director %all h all ! rights1 duties1 p[]s1 & responsibilities ( ! ,director1 until su* "t z a ,director is confirm$ by ! ,s5ate4 ,an individual may s]ve z ! ,director aft] ! expiration ( ! t]m = :i* appo9t$ until a successor has be5 appo9t$ or confirm$4 4 7#b7 ,con=m+ am5dm5t ,section #ecae ( title #e1 ,unit$ ,/ates ,code1 is am5d$1 9 ! item relat+ to ! ,presid5t ( ! ,gov]nm5t ,national ,mortgage ,association1 by /rik+ 4 ,dep>tm5t ( ,h\s+ & ,urban ,developm5t4 7d7 ,memb]%ip on ,,fsoc ,! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$-- 7#a7 9 section #b1 by am5d+ p>agraph 7#ab77;,e7 to read z foll[s3 7,e7 ! ,gov]nm5t ,national ,mortgage ,association1 ) respect to-- 7i7 ! ,mortgage ,insurance ,fund e/abli%$ "u section #bjb7;g7 ( ! ,p>tn]%ip to ,/r5g!n ,home[n]%ip ,act ( #bjad2 & 7ii7 ! ,f$]al ,home ,loan ,banks or ! ,f$]al ,home ,loan ,bank ,sy/em4 2 & 7#b7 9 section #aaa7;b77#a77;,h71 by /rik+ ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy & ins]t+ ,director ( ! ,gov]nm5t ,national ,mortgage ,association4 7e7 ,p]sonnel ,subsection 7d7 ( section #cji ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agbc;a7d77 is am5d$ by /rik+ 7d77#a7 & all t foll[s ?r\gh ! end ( p>agraph 7#a7 & ins]t+ ! foll[+3 7d7 ,p]sonnel 7#a7 ,g9nie ,mae 7,a7 ,9 g5]al ,! ,director ( ! ,association may appo9t & fix ! comp5sation ( su* (fic]s & employees ( ! ,association z ! ,director consid]s necess>y to c>ry out ! functions ( ! ,association4 ,(fic]s & employees may be paid )\t reg>d to ! provisions ( *apt] #ea & sub*apt] ,,iii ( *apt] #ec ( title #e1 ,unit$ ,/ates ,code1 relat+ to classification & ,g5]al ,s*$ule pay rates4 7,b7 ,developm5t ( human res\rces ,9 c>ry+ out ?is subsection1 ,g9nie ,mae %all appo9t & develop human capital 7:i* %all h su* mean+ z det]m9$ by ,g9nie ,mae1 9 consultation ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve1 tak+ into consid]ation diff]5ces betwe5 ! bank+ & insurance indu/ries7 necess>y to ensure t x possesses suffici5t exp]tise reg>d+ ! insurance indu/ry & insurance issues4 7,c7 ,comp>ability ( comp5sation ) f$]al bank+ ag5cies ,9 fix+ & direct+ comp5sation "u subp>agraph 7,a71 ! ,director ( ! ,association %all consult )1 & ma9ta9 comp>ability )1 comp5sation ( (fic]s & employees ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,f$]al ,deposit ,insurance ,corporation4 7,d7 ,p]sonnel ( o!r f$]al ag5cies ,9 c>ry+ out ! duties ( ! ,association1 ! ,director ( ! ,association may use in=mation1 s]vices1 /aff1 & facilities ( any executive ag5cy1 indep5d5t ag5cy1 or dep>tm5t on a reimbursable basis1 ) ! cons5t ( su* ag5cy or dep>tm5t4 7,e7 ,outside exp]ts & consultants ,not)/&+ any provision ( law limit+ pay or comp5sation1 ! ,director ( ! ,association may appo9t & comp5sate su* outside exp]ts & consultants z su* ,director det]m9es necess>y to assi/ ! "w ( ! ,association4 4 7f7 ,transitional provision ,not)/&+ ?is section & ! am5dm5ts made by ?is section1 dur+ ! p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 & end+ on ! date on :i* ! ,director ( ! ,gov]nm5t ,national ,mortgage ,association is appo9t$ & confirm$ pursuant to section #cjh ( ! ,national ,h\s+ ,act1 z am5d$ by ?is section1 ! p]son s]v+ z ! ,presid5t ( ! ,gov]nm5t ,national ,mortgage ,association on t effective date %all act = all purposes z1 & ) ! full p[]s (1 ! ,director ( ! ,association4 7g7 ,ref]5ces ,on & aft] ! date ( ! enactm5t ( ?is ,act1 any ref]5ce 9 ,f$]al law to ! ,presid5t ( ! ,gov]nm5t ,national ,mortgage ,association or to su* ,association %all be deem$ to be a ref]5ce to su* ,director ( su* ,association or to su* ,association1 z appropriate1 z organiz$ pursuant to ?is subsection & ! am5dm5ts made by ?is section4 #ajb4 ,transf] to ,g9nie ,mae ( p[]s1 p]sonnel1 & prop]ty ( ,,fhfa 7a7 ,p[]s & duties transf]r$ 7#a7 ,f$]al ,home ,loan ,bank functions transf]r$ 7,a7 ,transf] ( functions ,!re are transf]r$ to ,g9nie ,mae & ! ,director ( ,g9nie ,mae all functions ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy & ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 respectively4 7,b7 ,p[]s1 au?orities1 rights1 & duties ,g9nie ,mae & ! ,director ( ,g9nie ,mae %all succe$ to all p[]s1 au?orities1 rights1 & duties t 7 ve/$ 9 ! ,f$]al ,h\s+ ,f9ance ,ag5cy & ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 respectively1 includ+ all cons]vator%ip or receiv]%ip au?orities1 on ! day be=e ! transf] date 9 connection ) ! functions & au?orities transf]r$ "u subp>agraph 7,a74 7,c7 ,transf] date ,! transf] ( functions "u ?is p>agraph %all take effect ^u ! expiration ( ! #f-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act4 7#b7 ,cont9uation & coord9ation ( c]ta9 actions 7,a7 ,9 g5]al ,all regulations1 ord]s1 det]m9ations1 & resolutions describ$ "u subp>agraph 7,b7 %all rema9 9 effect accord+ to ! t]ms ( su* regulations1 ord]s1 det]m9ations1 & resolutions1 & %all be en=ceable by or aga9/ ,g9nie ,mae until modifi$1 t]m9at$1 set aside1 or sup]s$$ 9 accordance ) applicable law by ,g9nie ,mae1 any c\rt ( compet5t jurisdiction1 or op]ation ( law4 7,b7 ,applicability ,a regulation1 ord]1 det]m9ation1 or resolution is describ$ "u ?is subp>agraph if x-- 7i7 0 issu$1 made1 prescrib$1 or all[$ to become effective by-- 7,i7 ! ,f$]al ,h\s+ ,f9ance ,ag5cy2 or 7,,ii7 a c\rt ( compet5t jurisdiction1 & relates to functions transf]r$ by ?is subsection2 7ii7 relates to ! p]=mance ( functions t are transf]r$ by ?is subsection2 & 7iii7 is 9 effect on ! transf] date "u p>agraph 7#a77;,c74 7#c7 ,disposition ( affairs ,dur+ ! p]iod prec$+ ! transf] date "u p>agraph 7#a77;,c71 ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 = ! purpose ( w9d+ up ! affairs ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy 9 connection ) ! p]=mance ( functions t are transf]r$ by ?is section-- 7,a7 %all manage ! employees ( su* ,ag5cy & provide = ! paym5t ( ! comp5sation & b5efits ( any su* employees :i* accrue be=e su* transf] date2 & 7,b7 may take any o!r action necess>y = ! purpose ( w9d+ up ! affairs ( ! ,(fice4 7#d7 ,use ( prop]ty & s]vices 7,a7 ,prop]ty ,g9nie ,mae may use ! prop]ty & s]vices ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy to p]=m functions :i* h be5 transf]r$ to ,g9nie ,mae until su* "t z ! ,ag5cy is aboli%$ "u subsection 7c7 to facilitate ! ord]ly transf] ( functions transf]r$ "u ?is subsection1 any o!r provision ( ?is ,act1 or any am5dm5t made by ?is ,act to any o!r provision ( law4 7,b7 ,ag5cy s]vices ,any ag5cy1 dep>tm5t1 or o!r in/rum5tality ( ! ,unit$ ,/ates1 & any successor to any su* ag5cy1 dep>tm5t1 or in/rum5tality1 t 0 provid+ support+ s]vices to ! ,ag5cy be=e ! transf] date 9 connection ) functions t are transf]r$ to ,g9nie ,mae %all-- 7i7 cont9ue to provide su* s]vices1 on a reimbursable basis1 until ! transf] ( su* functions is complete2 & 7ii7 consult ) any su* ag5cy to coord9ate & facilitate a prompt & reasonable transition4 7#e7 ,cont9uation ( s]vices ,g9nie ,mae may use ! s]vices ( employees & o!r p]sonnel ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 on a reimbursable basis1 to p]=m functions :i* h be5 transf]r$ to ,g9nie ,mae = su* "t z is reasonable to facilitate ! ord]ly transf] ( functions pursuant to ?is subsection1 any o!r provision ( ?is ,act1 or any am5dm5t made by ?is ,act to any o!r provision ( law4 7#f7 ,sav+s provisions 7,a7 ,exi/+ rights1 duties1 & obligations n affect$ ,p>agraph 7#a7 & subsection 7c7 %all n affect ! validity ( any "r1 duty1 or obligation ( ! ,unit$ ,/ates1 ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 or any o!r p]son1 t exi/$ on ! day be=e ! transf] date "u p>agraph 7#a77;,c74 7,b7 ,cont9uation ( suits ,no action or o!r proce$+ comm5c$ by or aga9/ ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy 9 connection ) ! functions t are transf]r$ to ,g9nie ,mae "u ?is subsection %all abate by reason ( ! enactm5t ( ?is ,act1 except t ,g9nie ,mae %all be sub/itut$ = ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy z a p>ty to any su* action or proce$+4 7b7 ,transf] & rights ( employees ( ,,fhfa 7#a7 ,transf] ,ea* employee ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy t is employ$ 9 connection ) functions t are transf]r$ to ,g9nie ,mae "u subsection 7a7 %all be transf]r$ to ,g9nie ,mae = employm5t1 n lat] ?an ! transf] date "u subsection 7a77#a77;,c71 & su* transf] %all be deem$ a transf] ( function = purposes ( section #cejc ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,/atus ( employees ,! transf] ( functions "u ?is section1 & ! aboli%m5t ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy "u subsection 7c71 may n be con/ru$ to affect ! /atus ( any transf]r$ employee z an employee ( an ag5cy ( ! ,unit$ ,/ates = purposes ( any o!r provision ( law4 7#c7 ,gu>ante$ positions ,ea* employee transf]r$ "u p>agraph 7#a7 %all be gu>ante$ a position ) ! same /atus1 t5ure1 grade1 & pay z t held on ! day imm$iately prec$+ ! transf]4 7#d7 ,appo9tm5t au?ority = except$ employees 7,a7 ,9 g5]al ,9 ! case ( an employee occupy+ a position 9 ! except$ s]vice1 any appo9tm5t au?ority e/abli%$ "u law or by regulations ( ! ,(fice ( ,p]sonnel ,managem5t = fill+ su* position %all be transf]r$1 subject to subp>agraph 7,b74 7,b7 ,decl9e ( transf] ,g9nie ,mae may decl9e a transf] ( au?ority "u subp>agraph 7,a71 to ! ext5t t su* au?ority relates to a position except$ f ! competitive s]vice because ( its confid5tial1 policymak+1 policy-det]m9+1 or policy-advocat+ "*4 7#e7 ,reorganization ,if ,g9nie ,mae det]m9es1 aft] ! end ( ! #a-ye> p]iod beg9n+ on ! transf] date "u subsection 7a77#a77;,c71 t a reorganization ( ! comb9$ work=ce is requir$1 t reorganization %all be deem$ a major reorganization = purposes ( af=d+ affect$ employee retirem5t "u section #hccf7;d77#b7 or #hdad7;b77#a77;,b7 ( title #e1 ,unit$ ,/ates ,code4 7#f7 ,employee b5efit programs 7,a7 ,9 g5]al ,any employee ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy accept+ employm5t ) ,g9nie ,mae z a result ( a transf] "u p>agraph 7#a7 may reta91 = #ab mon?s aft] ! date on :i* su* transf] occurs1 memb]%ip 9 any employee b5efit program ( ! ,ag5cy or ,g9nie ,mae1 z applicable1 includ+ insurance1 to :i* su* employee belongs on ! transf] date "u subsection 7a77#a77;,c7 if-- 7i7 ! employee does n elect to give up ! b5efit or memb]%ip 9 ! program2 & 7ii7 ! b5efit or program is cont9u$ by ,g9nie ,mae4 7,b7 ,co/ diff]5tial 7i7 ,9 g5]al ,! diff]5ce 9 ! co/s betwe5 ! b5efits :i* w\ld h be5 provid$ by ! ,f$]al ,h\s+ ,f9ance ,ag5cy & ^? provid$ by ?is subsection %all be paid by ,g9nie ,mae4 7ii7 ,heal? ,insurance ,if any employee elects to give up memb]%ip 9 a heal? insurance program or ! heal? insurance program is n cont9u$ by ,g9nie ,mae1 ! employee %all be p]mitt$ to select an alt]nate ,f$]al heal? insurance program n lat] ?an #cj days aft] ! date ( su* election or notice1 )\t reg>d to any o!r regul>ly s*$ul$ op5 season4 7c7 ,aboli%m5t ( ,,fhfa ,effective ^u ! transf] date "u subsection 7a77#a77;,c71 ! ,f$]al ,h\s+ ,f9ance ,ag5cy & ! position ( ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy are aboli%$4 7d7 ,transf] ( prop]ty & facilities ,effective ^u ! transf] date "u subsection 7a77#a77;,c71 all prop]ty ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy %all transf] to ,g9nie ,mae4 7e7 ,ref]5ces 9 ,f$]al law ,on & aft] ! transf] date "u subsection 7a77#a77;,c71 any ref]5ce 9 ,f$]al law to ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy or ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 9 connection ) any function ( ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy or ! ,f$]al ,h\s+ ,f9ance ,ag5cy transf]r$ "u subsection 7a71 %all be deem$ a ref]5ce to ! ,director ( ! ,gov]nm5t ,national ,mortgage ,association or ! ,gov]nm5t ,national ,mortgage ,association1 z appropriate & consi/5t ) ! am5dm5ts made by ?is ,act4 #ajc4 ,regulation ( m>ket p>ticipants & aggregators 7a7 ,approval au?ority ,! ,plat=m %all be available = use only by orig9ators & aggregators ( mortgages :o meet /&>ds = eligibility = su* use1 z %all be e/abli%$ by ! ,director ( ,g9nie ,mae 79 ?is section ref]r$ to z ! ,director74 7b7 ,g5]al sup]visory & regulatory au?ority ,pursuant to ! au?ority "u subsection 7a73 7#a7 ,9 g5]al ,all m>ket p>ticipants & p>ticipat+ aggregators %all1 to ! ext5t provid$ 9 ?is section1 be subject to ! sup]vision & regulation ( ! ,director4 7#b7 ,au?ority ov] m>ket p>ticipants & p>ticipat+ aggregators ,g9nie ,mae %all h g5]al regulatory au?ority ov] ea* m>ket p>ticipant & p>ticipat+ aggregator & %all ex]cise su* g5]al regulatory au?ority to ensure t ! purposes ( ?is section are c>ri$ out4 7c7 ,pr9cipal duties ,among ! pr9cipal duties ( ! ,director pursuant to subsection 7b7 %all be-- 7#a7 to ov]see ! prud5tial op]ations ( ea* m>ket p>ticipant & p>ticipat+ aggregator2 & 7#b7 to ensure t-- 7,a7 ea* m>ket p>ticipant & p>ticipat+ aggregator op]ates 9 a safe & s\nd mann]1 includ+ ma9t5ance ( adequate capital & int]nal controls2 & 7,b7 ea* m>ket p>ticipant & p>ticipat+ aggregator complies ) ?is section & ! rules1 regulations1 guidel9es1 & ord]s issu$ "u ?is section4 7d7 ,prud5tial managem5t & op]ations /&>ds 7#a7 ,e/abli%m5t ,! ,director %all e/abli% prud5tial /&>ds1 by regulation or guidel9e1 = m>ket p>ticipants & p>ticipat+ aggregators to-- 7,a7 ensure-- 7i7 ! safety & s\ndness ( m>ket p>ticipants & p>ticipat+ aggregators2 & 7ii7 ! ma9t5ance ( approval /&>ds by m>ket p>ticipants & p>ticipat+ aggregators2 & 7,b7 m9imize ! risk pres5t$ to ! ,fund4 7#b7 ,recognition ( di/9ctions ,9 c>ry+ out ! requirem5t "u p>agraph 7#a71 ! ,director %all di/+ui% betwe5 prud5tial /&>ds = m>ket p>ticipants & su* /&>ds = p>ticipat+ aggregators4 7e7 ,au?ority ,to require reports 7#a7 ,regul> reports ,! ,director may require1 by g5]al or specific ord]s1 a m>ket p>ticipant or p>ticipat+ aggregator to submit regul> reports1 includ+ f9ancial /atem5ts det]m9$ on a fair value basis1 on ! condition 7includ+ f9ancial condition71 managem5t1 activities1 or op]ations ( ! m>ket p>ticipant or p>ticipat+ aggregator1 z ! ,director consid]s appropriate4 7#b7 ,special reports ,! ,director may require1 by g5]al or specific ord]s1 a m>ket p>ticipant or p>ticipat+ aggregator to submit special reports on any ( ! topics specifi$ 9 p>agraph 7#a7 or any o!r relevant topics1 if1 9 ! judgm5t ( ! ,director1 su* reports are necess>y to c>ry out ! purposes ( ?is ,act4 7f7 ,exam9ations & audits ,! ,director may conduct su* exam9ations & audits1 includ+ on-site exam9ations & audits1 ( m>ket p>ticipants & p>ticipat+ aggregators z ! ,director consid]s appropriate to ensure compliance ) ?is ,act1 to det]m9e ! condition ( m>ket p>ticipants & p>ticipat+ aggregators = ! purpose ( det]m9+ & ensur+ _! f9ancial safety & s\ndness1 & o!rwise 9 any case t ! ,director det]m9es an exam9ation is necess>y or appropriate4 7g7 ,conflict ( int]e/ /&>ds ,! ,director %all e/abli% /&>ds1 by regulation or guidel9e1 = m>ket p>ticipants & p>ticipat+ aggregators z ! ,director consid]s appropriate to avoid any conflicts ( int]e/ among m>ket p>ticipants4 7h7 ,/ress te/s = suffici5t capital ,! ,director1 9 consultation ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve1 %all-- 7#a7 e/abli% & c>ry out su* risk-bas$ capital te/s z appropriate to evaluate :e!r ea* m>ket p>ticipant & p>ticipat+ aggregator is ma9ta9+ a level ( capital suffici5t to absorb losses & support op]ations dur+ adv]se economic conditions s t !y d n pose undue risks to _! communities1 o!r in/itutions1 or ! broad] economy2 & 7#b7 e/abli% capital /&>ds = m>ket p>ticipants & p>ticipat+ aggregators bas$ on su* te/s1 :i* %all include ! foll[+ classifications3 well capitaliz$1 adequately capitaliz$1 und]capitaliz$1 significantly und]capitaliz$1 & critically und]capitaliz$4 7i7 ,en=cem5t ,! ,corporation %all h ! au?ority to en=ce ! provisions ( ?is ,act ) respect to m>ket p>ticipants & p>ticipat+ aggregators1 9 ! same mann] & to ! same ext5t z ! ,f$]al ,deposit ,insurance ,corporation has ) respect to insur$ depository in/itutions "u ! provisions ( subsections 7b7 ?r\gh 7n7 ( section #h ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahah74 7j7 ,requirem5t ,to ma9ta9 approv$ /atus 7#a7 ,au?ority to issue ord] ,if ! ,director det]m9es t a m>ket p>ticipant or a p>ticipat+ aggregator "u ?is section no long] meets ! /&>ds = su* approval or violates ! requirem5ts "u ?is ,act1 includ+ any /&>ds1 regulations1 or ord]s promulgat$ 9 accordance ) ?is ,act1 ! ,director may-- 7,a7 susp5d or revoke ! /atus ( ! m>ket p>ticipant or p>ticipat+ aggregator z approv$ to utilize ! ,plat=m2 or 7,b7 take any o!r action ) respect to su* m>ket p>ticipant or a p>ticipat+ aggregator z may be au?oriz$ "u ?is ,act4 7#b7 ,rule ( con/ruction ,! susp5sion or revocation ( ! approv$ /atus ( a m>ket p>ticipant or a p>ticipat+ aggregator "u ?is section %all h no effect on ! /atus z an insur$ security ( any security collat]aliz$ by eligible mortgages & insur$ prior to ! susp5sion or revocation4 7#c7 ,publication ,! ,director %all-- 7,a7 promptly publi% a notice 9 ! ,f$]al ,regi/] ^u susp5sion or revocation ( ! approval ( any m>ket p>ticipant or a p>ticipat+ aggregator2 & 7,b7 ma9ta9 an updat$ li/ ( su* approv$ m>ket p>ticipants & p>ticipat+ aggregators on ! website ( ,g9nie ,mae4 7#d7 ,def9ition ,9 ?is subsection1 ! t]m violate includes any action1 tak5 alone or ) o!rs1 = or t[>d caus+1 br++ ab\t1 p>ticipat+ 91 c\nsel+1 or aid+ or abett+1 a violation ( ! requirem5ts "u ?is ,act4 7k7 ,resolution au?ority 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( ,f$]al law1 ! law ( any ,/ate1 or ! con/itution ( any ,/ate1 ! ,director %all-- 7,a7 h ! au?ority to act1 9 ! same mann] & to ! same ext5t1 ) respect to a m>ket p>ticipant or p>ticipat+ aggregator t ! ,director det]m9es pursuant to is classifi$ z critically und]capitaliz$ pursuant to subsection 7h77#b71 z ! ,f$]al ,deposit ,insurance ,corporation has ) respect to insur$ depository in/itutions "u subsections 7c7 ?r\gh 7s7 ( section #aa ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba71 section #ab ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbb71 & section #ac ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc71 :ile tailor+ su* actions to ! specific bus9ess model ( ! m>ket p>ticipant or p>ticipat+ aggregator1 z ! case may be1 z may be necess>y to prop]ly ex]cise su* au?ority "u ?is subsection2 7,b7 9 c>ry+ out any au?ority provid$ "u subp>agraph 7,a71 act1 9 ! same mann] & to ! same ext5t1 ) respect to ! ,fund z ! ,f$]al ,deposit ,insurance ,corporation may act ) respect to ! ,deposit ,insurance ,fund "u ! provisions ( ! ,f$]al ,deposit ,insurance ,act set =? 9 subp>agraph 7,a72 & 7,c7 consi/5t ) ! au?orities provid$ 9 subp>agraph 7,a71 imm$iately place an insolv5t m>ket p>ticipant or p>ticipat+ aggregator into receiv]%ip4 7#b7 ,rule ( con/ruction ,not)/&+ p>agraph 7#a71 if an insolv5t p>ticipat+ aggregator is an insur$ depository in/itution or an affiliate ( an insur$ depository in/itution1 ! ,director %all recomm5d1 9 writ+1 to su* p>ticipat+ aggregator's appropriate ,f$]al bank+ ag5cy or ,/ate bank+ regulator to resolve su* p>ticipat+ aggregator pursuant to section #aa7;c7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;c77 & o!r appropriate sections ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 or appropriate ,f$]al or ,/ate law1 z applicable4 7#c7 ,lea/-co/ resolution requir$ ,! ,director may n ex]cise any au?ority "u p>agraph 7#a7 ) respect to any m>ket p>ticipant or any p>ticipat+ aggregator t is n an insur$ depository in/itution or an affiliate ( an insur$ depository in/itution1 unless-- 7,a7 ! ,director det]m9es t ! ex]cise ( su* au?ority is necess>y to ensure prop] & cont9u$ function+ ( ! second>y mortgage m>ket2 & 7,b7 ! total am\nt ( ! exp5ditures by ! ,director & obligations incurr$ by ! ,director 9 connection ) ! ex]cise ( any su* au?ority ) respect to su* m>ket p>ticipant or p>ticipat+ aggregator is ! lea/ co/ly to ! ,fund1 consi/5t ) ! lea/ co/ approa* specifi$ 9 ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq471 ( all possible me?ods = meet+ ,g9nie ,mae's obligations "u ?is ,act & exp$iti\sly conclud+ its resolution activities4 7#d7 ,taxpay] protection ,! ,director1 9 c>ry+ out any au?ority provid$ 9 ?is subsection1 %all ensure t any am\nts ow$ to ! ,unit$ ,/ates1 unless ! ,unit$ ,/ates agrees or cons5ts o!rwise1 %all h priority foll[+ adm9i/rative exp5ses ( ! receiv] :5 satisfy+ unsecur$ claims aga9/ a m>ket p>ticipant or p>ticipat+ aggregator1 or ! receiv] !re=1 t are prov5 to ! satisfaction ( ! receiv]4 #ajd4 ,regulatory consultation & coord9ation 7a7 ,consultation p]mitt$ ,! ,director may1 9 c>ry+ out any duty1 responsibility1 requirem5t1 or action au?oriz$ "u ?is ,act1 consult ) ! ,f$]al regulatory ag5cies1 any individual ,f$]al regulatory ag5cy1 ! ,secret>y ( ! ,treasury1 any ,/ate bank+ regulator1 any ,/ate insurance regulator1 & any o!r ,/ate ag5cy1 z ! ,director necess>y & appropriate4 7b7 ,coord9ation requir$ ,! ,director %all1 z appropriate1 9 c>ry+ out any duty1 responsibility1 requirem5t1 or action au?oriz$ "u ?is ,act1 coord9ate ) ! ,f$]al regulatory ag5cies1 any individual ,f$]al regulatory ag5cy1 ! ,secret>y ( ! ,treasury1 any ,/ate bank+ regulator1 any ,/ate insurance regulator1 any o!r ,/ate ag5cy4 7c7 ,avoidance ( duplication ,to ! fulle/ ext5t possible1 ! ,director %all-- 7#a7 avoid duplication ( exam9ation activities1 report+ requirem5ts1 & reque/s = in=mation2 7#b7 rely on exam9ation reports made by o!r ,f$]al or ,/ate regulatory ag5cies relat+ to an approv$ entity & its subsidi>ies1 if any2 & 7#c7 ensure t m>ket p>ticipants & p>ticipat+ aggregators are n subject to conflict+ sup]visory dem&s by ,g9nie ,mae & o!r ,f$]al regulatory ag5cies4 7d7 ,protection ( privileges 7#a7 ,9 g5]al ,pursuant to ! au?orities provid$ "u subsections 7a7 & 7b71 to facilitate ! consultative process & coord9ation1 ! ,director may %>e in=mation ) ! ,f$]al regulatory ag5cies1 any individual ,f$]al regulatory ag5cy1 ! ,secret>y ( ! ,treasury1 any ,/ate bank sup]visor1 any ,/ate insurance regulator1 any o!r ,/ate ag5cy1 or any =eign bank+ au?ority1 on a "o-"t1 regul>1 or p]iodic basis1 z det]m9$ by ! ,director1 reg>d+ ! capital assets & liabilities1 f9ancial condition1 risk managem5t practices1 or any o!r practice ( any m>ket p>ticipant or p>ticipat+ aggregator4 7#b7 ,privilege pres]v$ ,in=mation %>$ by ! ,director pursuant to p>agraph 7#a7 %all n be con/ru$ z waiv+1 de/roy+1 or o!rwise affect+ any privilege or confid5tial /atus t any m>ket p>ticipant1 p>ticipat+ aggregator1 or any o!r p]son may claim ) respect to su* in=mation "u ,f$]al or ,/ate law z to any p]son or entity o!r ?an su* ag5cies1 ag5cy1 sup]visor1 or au?ority4 7#c7 ,rule ( con/ruction ,no provision ( ?is subsection may be con/ru$ z imply+ or e/abli%+ t-- 7,a7 any p]son waives any privilege applicable to in=mation t is %>$ or transf]r$ "u any circum/ance to :i* ?is subsection does n apply2 or 7,b7 any p]son w\ld waive any privilege applicable to any in=mation by submitt+ ! in=mation directly to ! ,f$]al regulatory ag5cies1 any individual ,f$]al regulatory ag5cy1 any ,/ate bank sup]visor1 any ,/ate insurance regulator1 any o!r ,/ate ag5cy1 or any =eign bank+ au?ority1 b = ?is subsection4 7e7 ,f$]al ag5cy au?ority pres]v$ ,unless o!rwise expressly provid$ by ?is section1 no provision ( ?is section %all limit or be con/ru$ to limit1 9 any way1 ! exi/+ au?ority ( any ,f$]al ag5cy4 7f7 ,f$]al regulatory ag5cy ,= purposes ( ?is section1 ! t]m ,f$]al regulatory ag5cy means1 individually1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,bureau ( ,consum] ,f9ancial ,protection1 ! ,national ,cr$it ,union ,adm9i/ration1 ! ,securities & ,ex*ange ,commission1 ! ,commodity ,futures ,trad+ ,commission1 & ! ,f$]al ,h\s+ ,f9ance ,ag5cy4 ,,ii ,securitization & insurance #bja4 ,issu+ ,plat=m 7a7 ,e/abli%m5t 7#a7 ,9 g5]al ,!re is e/abli%$ )9 ,g9nie ,mae an entity to be kn[n z ! ,issu+ ,plat=m 7! ,plat=m71 :i* %all issue /&>diz$ mortgage-back$ securities to increase homog5eity 9 ! eligible securities m>ket4 7#b7 ,au?orities ,! ,plat=m may-- 7,a7 make contracts1 incur liabilities1 & borr[ money2 7,b7 pur*ase1 sell1 receive1 hold1 & use real & p]sonal prop]ty2 7,c7 create1 execute1 & adm9i/] tru/s2 & 7,d7 take su* actions z ! ,plat=m det]m9es are necess>y or incid5tal to c>ry out ! ,plat=m's duties "u ?is ,act4 7b7 ,deliv]y ( pool to ! ,plat=m ,a mortgage orig9ator or aggregator t wi%es to make use ( ! ,plat=m & h ,g9nie ,mae insure ! securities issu$ by ! ,plat=m %all deliv] to ! ,plat=m a pool ( eligible mortgage loans4 7c7 ,securitization ,! ,plat=m %all1 ^u receiv+ a pool ( eligible mortgages-- 7#a7 create /&>diz$ mortgage-back$ securities collat]aliz$ by su* mortgages2 & 7#b7 transf] ! /&>diz$ mortgage-back$ securities to ! mortgage orig9ator or aggregator f :i* ! ,plat=m receiv$ ! pool ( eligible mortgages t are collat]aliz+ ! securities or ! designee ( su* orig9ator or aggregator4 7d7 ,/&>diz$ crit]ia = securities ,9 issu+ securities "u ?is section1 ! ,plat=m %all e/abli% /&>diz$ crit]ia = su* securities1 includ+-- 7#a7 uni=m loan deliv]y1 s]vic+1 & pool+ requirem5ts2 7#b7 remittance requirem5ts2 7#c7 und]writ+ guidel9es & ref9ance programs2 7#d7 ! cr$it quality ( ! gu>antee provid$ to ea* security2 7#e7 s]vic+ /&>ds & loan repur*ase policies2 7#f7 disclosure policies2 7#g7 security t]ms & features2 & 7#h7 /&>ds = ! appropriate m9imum level ( div]sification = ! mortgage loans t collat]alize su* securities1 9 ord] to r$uce ! cr$it risk su* securities c\ld pose to ! ,fund4 7e7 ,securitization fee ,! ,plat=m %all *>ge a fee = securitization s]vices provid$ "u ?is section4 ,su* fee %all be set by ! ,director & %all be 9 an am\nt suffici5t to (fset ! co/s to ! ,plat=m ( c>ry+ out ?is section4 7f7 ,loan limits2 ,h\s+ ,price ,index 7#a7 ,e/abli%m5t ,g9nie ,mae %all e/abli% limitations gov]n+ ! maximum orig9al pr9cipal obligation ( eligible mortgage loans t may collat]alize a security issu$ "u ?is ,act4 7#b7 ,calculation ( am\nt ,! limitation set =? "u p>agraph 7#a7 %all be calculat$ ) respect to ! total orig9al pr9cipal obligation ( ! eligible mortgage loan & n m]ely ) respect to ! am\nt insur$ by ,g9nie ,mae4 7#c7 ,maximum limits 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! maximum limitation am\nt "u ?is p>agraph %all n exce$ #dag1jjj = a mortgage loan secur$ by a #a-;family resid5ce1 = a mortgage loan secur$ by a #b-;family resid5ce ! limit %all equal #abh p]c5t ( ! limit = a mortgage loan secur$ by a #a-;family resid5ce1 = a mortgage loan secur$ by a #c-;family resid5ce ! limit %all equal #aee p]c5t ( ! limit = a mortgage loan secur$ by a #a-;family resid5ce1 & = a mortgage loan secur$ by a #d-;family resid5ce ! limit %all equal #aib p]c5t ( ! limit = a mortgage loan secur$ by a #a-;family resid5ce1 except t su* maximum limitations %all be adju/$ effective ,janu>y #a ( ea* ye> beg9n+ aft] ! effective date ( ?is ,act1 subject to ! limitations 9 ?is subsection4 ,ea* adju/m5t %all be made by add+ to ea* su* am\nt 7z x may h be5 previ\sly adju/$7 a p]c5tage !re( equal to ! p]c5tage increase1 dur+ ! mo/ rec5t #ab-mon? or #d-qu>t] p]iod end+ be=e ! "t ( det]m9+ su* annual adju/m5t1 9 ! h\s+ price index ma9ta9$ by ,g9nie ,mae pursuant to p>agraph 7#d74 ,if ! *ange 9 su* h\se price index dur+ ! mo/ rec5t #ab-mon? or #d-qu>t] p]iod end+ be=e ! "t ( det]m9+ su* annual adju/m5t is a decrease1 !n no adju/m5t %all be made = ! next ye>1 & ! next upw>d adju/m5t %all take into acc\nt prior decl9es 9 ! h\se price index1 s t any adju/m5t %all reflect ! net *ange 9 ! h\se price index s9ce ! la/ adju/m5t4 ,decl9es 9 ! h\se price index %all be accumulat$ & !n r$uce increases until subsequ5t increases exce$ prior decl9es4 7,b7 ,high-co/ area limits ,! limitations set =? 9 subp>agraph 7,a7 may be increas$ by n m ?an #ej p]c5t ) respect to prop]ties locat$ 9 ,alaska1 ,guam1 ,hawaii1 & ! ,virg9 ,isl&s4 ,su* =ego+ limitations %all also be increas$1 ) respect to prop]ties ( a p>ticul> size locat$ 9 any area = :i* #aae p]c5t ( ! m$ian h\se price = su* size resid5ce exce$s ! limitation = su* size resid5ce set =? "u subp>agraph 7,a71 to ! less] ( #aej p]c5t ( su* limitation = su* size resid5ce or ! am\nt t is equal to #aae p]c5t ( ! m$ian h\se price 9 su* area = su* size resid5ce4 7#d7 ,h\s+ ,price ,index 7,a7 ,national ,index ,g9nie ,mae %all e/abli% & ma9ta9 a me?od ( assess+ a national av]age s+le-family h\se price = use 9 calculat+ ! loan limits = s+le-family mortgage loans "u p>agraph 7#c71 & o!r av]ages z ,g9nie ,mae consid]s appropriate1 includ+-- 7i7 av]ages bas$ on diff]5t geographic regions2 & 7ii7 an av]age = h\ses ^: mortgage collat]aliz$ s+le-family cov]$ securities4 7,b7 ,consid]ations ,9 e/abli%+ ! me?od describ$ "u subp>agraph 7,a71 ,g9nie ,mae may take into consid]ation su* data1 includ+ exi/+ h\se price indexes1 & o!r measures z ,g9nie ,mae consid]s appropriate4 7g7 ,au?ority = loan-,level enhancem5t ,) respect to an eligible mortgage loan t is or w be conta9$ 9 a pool ( mortgages deliv]$ to ! ,plat=m1 ! mortgage orig9ator ( su* mortgage loan may ent] into agreem5ts ) m>ket p>ticipants to provide loan-level enhancem5t ( su* mortgage loan4 7h7 ,c]tification ,g9nie ,mae %all1 ^u a det]m9ation t ! ,plat=m is able to effici5tly c>ry out ! issuance ( /&>diz$ mortgage-back$ securities & t !re exi/s a suffici5t numb] ( m>ket p>ticipants to s]ve z insur]s & re9sur]s "u section #bjb1 c]tify to ! ,congress t su* det]m9ation has be5 made4 7i7 ,duty ,to s]ve all m>kets 7#a7 ,9 g5]al ,9 c>ry+ out its responsibilities "u ?is title1 ,g9nie ,mae %all facilitate ! broad availability ( mortgage cr$it & second>y mortgage m>ket f9anc+ ?r\gh fluctuations 9 ! bus9ess cycle = s+le-family & multifamily l5d+ across all-- 7,a7 regions2 7,b7 localities2 7,c7 in/itutions2 7,d7 prop]ty types1 includ+ h\s+ s]v+ r5t]s2 & 7,e7 borr[]s4 7#b7 ,report to ,congress ,g9nie ,mae %all issue a semiannual report to ! ,congress on-- 7,a7 h[ ,g9nie ,mae is c>ry+ out ! duties requir$ "u p>agraph 7#a72 & 7,b7 ! ext5t to :i* ! provisions ( ?is title & ! programs c>ri$ out pursuant to ?is title are b5efitt+ und]s]v$ communities4 7j7 ,exemption f ,,sec laws & regulations ,/&>diz$ mortgage-back$ securities issu$ by ! ,plat=m %all be exempt f ! ,f$]al securities laws 7z def9$ "u section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd7 & all regulations issu$ pursuant to su* laws4 #bjb4 ,insurance 7a7 ,9 g5]al ,g9nie ,mae %all insure #ajj p]c5t ( ea* security issu$ by ! ,plat=m1 z provid$ 9 ?is section4 7b7 ,private re9surance ,g9nie ,mae %all e/abli% "o ( ! two programs describ$ "u p>agraphs 7#a7 & 7#b74 ,9 select+ :i* program to e/abli%1 ,g9nie ,mae %all det]m9e :i* program is ! mo/ effici5t way to op]ate ! insurance requirem5ts "u ?is ,act by incorporat+ private sector pric+4 7#a7 ,re9surance ,bid ,program ,a ,re9surance ,bid ,program1 :i* %all include ! foll[+3 7,a7 ,=w>d contract = fir/ #e p]c5t loss ,prior to any p>ticul> qu>t] 7or su* o!r "t p]iod det]m9$ by ,g9nie ,mae71 ,g9nie ,mae %all ent] into contracts ) m>ket p>ticipants to re9sure ! fir/ #e p]c5t ( loss on all securities issu$ by ! ,plat=m 9 su* qu>t] 7or o!r "t p]iod74 7,b7 ,=w>d contract = la/ #ie p]c5t loss ,prior to any p>ticul> qu>t] 7or su* o!r "t p]iod det]m9$ by ,g9nie ,mae71 ,g9nie ,mae %all sign-- 7i7 contracts ) m>ket p>ticipants to re9sure ! la/ #ie p]c5t ( loss on all securities issu$ by ! ,plat=m 9 su* qu>t] 7or o!r "t p]iod72 & 7ii7 a retrocession contract ) ea* su* m>ket p>ticipant "u :i* ,g9nie ,mae w agree to (f] retrocessional re9surance to re9sure up to #ij p]c5t ( ! #ie p]c5t describ$ "u clause 7i7 on a p>i passu basis4 7#b7 ,gu>antor ,program ,a ,gu>antor ,program1 :i* %all include ! foll[+3 7,a7 ,fir/ loss requirem5t ,! mortgage orig9ator or aggregator t wi%es to deliv] a pool ( eligible mortgage loans to ! ,plat=m = securitization %all1 prior to deliv]+ su* pool1 contract directly ) a m>ket p>ticipant to insure ! fir/ #e p]c5t ( loss on all securities issu$ by ! ,plat=m t are securitiz$ by su* pool ( eligible mortgage loans4 7,b7 ,cov]age = la/ #ie p]c5t loss ,= ea* security describ$ "u subp>agraph 7,a7 ,g9nie ,mae %all sign-- 7i7 contracts ) m>ket p>ticipants to re9sure ! la/ #ie p]c5t ( loss on ! security2 & 7ii7 a retrocession contract ) ea* su* m>ket p>ticipant "u :i* ,g9nie ,mae w agree to (f] retrocessional re9surance to re9sure up to #ij p]c5t ( ! #ie p]c5t describ$ "u clause 7i7 on a p>i passu basis4 7,c7 ,ability to select m>ket p>ticipants 7i7 ,9 g5]al ,if ,g9nie ,mae det]m9es t x w\ld be an effici5t way to op]ate ! insurance requirem5ts "u ?is ,act & w\ld enc\rage ! incorporation ( private sector pric+1 ,g9nie ,mae may all[ mortgage orig9ators & aggregators describ$ "u subp>agraph 7,a7 to select ! m>ket p>ticipant describ$ "u subp>agraph 7,b74 7ii7 ,h&l+ ( pre-select$ m>ket p>ticipants ,if a m>ket p>ticipant is select$ by a mortgage orig9ator or aggregator1 z describ$ "u clause 7i7-- 7,i7 su* m>ket p>ticipants %all be requir$ to meet ! same /&>ds z a m>ket p>ticipant select$ by ,g9nie ,mae2 & 7,,ii7 = purposes ( det]m9+ ! insurance fee describ$ "u subsection 7d71 ,g9nie ,mae %all contract ) a private sector insur] to e/imate ! risk t ! m>ket p>ticipant may default4 7c7 ,additional program requirem5ts 7#a7 ,competitive bidd+ process ,g9nie ,mae %all use a competitive bidd+ process to det]m9e :i* m>ket p>ticipants %\ld be grant$ contracts "u subsection 7b77#a7 &1 except z provid$ "u subsection 7b77#b77;,c71 "u subsection 7b77#b77;,b74 7#b7 ,use ( insurance brok] ,) respect to any m>ket p>ticipant t ,g9nie ,mae selects "u a risk %>+ program1 ,g9nie ,mae %all select an insurance brok]1 ?r\gh a competitive bidd+ process1 t w solicit bids1 on behalf ( ,g9nie ,mae1 = ! re9surance contracts "u su* program4 7#c7 ,c$+ commission ,z "p ( a retrocession contract "u subsection 7b77#a77;,b77ii7 or subsection 7b77#b77;,b77ii71 ! m>ket p>ticipants %all be paid a competitively det]m9$ c$+ commission = ! und]writ+ & adm9i/rative co/s ( provid+ su* re9surance4 7#d7 ,phase-9 ,g9nie ,mae may1 if x det]m9es x appropriate-- 7,a7 phase-9 ! #e p]c5t requirem5ts "u subsections 7b77#a77;,a7 & 7b77#b77;,a71 by orig9ally requir+ a l[] p]c5tage2 & 7,b7 phase-9 ! #ij p]c5t requirem5t "u subsections 7b77#a77;,b77ii7 & 7b77#b77;,b77ii71 by orig9ally requir+ a high] p]c5tage4 7d7 ,insurance fee & t]ms 7#a7 ,pre-pric+ ( insurance fee ,g9nie ,mae %all set ! insurance fee applicable to securities issu$ by ! ,plat=m 9 advance on a qu>t]-by-qu>t] basis1 ?r\gh =w>d contracts e/abli%$ ) m>ket p>ticipants bas$ on ! volume & type ( securities ,g9nie ,mae anticipates ! ,plat=m issu+ dur+ su* qu>t]4 7#b7 ,compon5ts ( insurance fee 7,a7 ,9 g5]al ,! insurance fee %all reflect ! anticipat$ co/ to ,g9nie ,mae ( provid+ insurance1 includ+ ! co/ ( obta9+ re9surance "u subsection 7b74 7,b7 ,adju/m5t = p]=mance ,g9nie ,mae may adju/ ! fee comput$ "u subp>agraph 7,a7 to reflect ! hi/oric quality ( deliv]ies & rat+ ( mortgage loans made by ! mortgage orig9ators or aggregators t orig9at$ or aggregat$ ! mortgage loans includ$ 9 ! pool ( eligible mortgage loans back+ ! security be+ insur$1 b 9 mak+ su* adju/m5ts1 ,g9nie ,mae %all ensure t ! weight$ av]age ( ! entire book ( bus9ess mat*es ! ultimate price det]m9ation4 7#c7 ,rate adju/m5t p]iod ,! rate *>g$ by a private m>ket p>ticipant t contracts ) ,g9nie ,mae pursuant to subsection 7b7-- 7,a7 may n *ange dur+ ! fir/ #ajj-;day p]iod = :i* su* re9surance is effective2 & 7,b7 %all be adju/$ bas$ on m>ket conditions1 on a p]iod to be det]m9$ by ! ,director4 7e7 ,/&>ds = m>ket p>ticipants 7#a7 ,9 g5]al ,g9nie ,mae %all issue su* g5]al /&>ds = m>ket p>ticipants describ$ "u subsection 7b7 z ,g9nie ,mae det]m9es appropriate4 7#b7 ,cr$it rat+ requirem5ts 7,a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 ,g9nie ,mae %all require a m>ket p>ticipant describ$ "u subsection 7b7 to ma9ta9 at lea/ an ,a cr$it rat+ & %all consult ) cr$it rat+ ag5cies & ,/ate insurance commissions1 :]e applicable1 to v]ify su* rat+4 7,b7 ,flexibility = new companies ,g9nie ,mae may waive or modify ! requirem5t "u subp>agraph 7,a7 ) respect to a new m>ket p>ticipant4 7#c7 ,capital /&>ds = m>ket p>ticipants 7,a7 ,9 g5]al ,= m>ket p>ticipants describ$ "u subsection 7b71 ,g9nie ,mae %all e/abli%1 by regulation1 capital /&>ds & relat$ solv5cy /&>ds necess>y to implem5t ! provisions ( ?is ,act4 7,b7 ,def9itions 7i7 ,9 g5]al ,! regulations requir$ "u ?is p>agraph %all def9e all su* t]ms z are necess>y to c>ry out ! purposes ( ?is p>agraph4 7ii7 ,consid]ations 9 def9+ in/rum5ts & contracts t qualify z capital ,9 def9+ in/rum5ts & contracts t qualify z capital pursuant to subp>agraph 7,a71 ,g9nie ,mae-- 7,i7 %all include su* in/rum5ts & contracts t w absorb losses be=e ! ,fund2 & 7,,ii7 may assign significance to ^? in/rum5ts & contracts bas$ on ! nature & risks ( su* in/rum5ts & contracts4 7iii7 ,consid]ations 9 def9+ capital ratios ,solely = ! purposes ( calculat+ a capital ratio appropriate to ! bus9ess model ( a m>ket p>ticipant pursuant to subp>agraph 7,a71 ,g9nie ,mae %all consid] = ! d5om9ator-- 7,i7 total assets2 7,,ii7 total liabilities2 7,,iii7 risk 9 =ce2 or 7,,iv7 unpaid pr9cipal balance4 7,c7 ,design$ to ensure safety & s\ndness ,! capital & relat$ solv5cy /&>ds e/abli%$ "u ?is p>agraph %all be design$ to-- 7i7 ensure ! safety & s\ndness ( a m>ket p>ticipant2 7ii7 m9imize ! risk ( loss to ! ,fund2 7iii7 9 consultation & coord9ation ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 r$uce ! pot5tial = regulatory arbitrage betwe5 capital /&>ds = m>ket p>ticipants & capital /&>ds promulgat$ by ,f$]al regulatory ag5cies = insur$ depository in/itutions & _! affiliates2 & 7iv7 be specifically tailor$ to accommodate a div]se range ( bus9ess models t may be employ$ by m>ket p>ticipants4 7,d7 ,supplem5tal capital requirem5ts 7i7 ,9 g5]al ,9 ord] to prev5t or mitigate risks to ! second>y mortgage m>ket ( ! ,unit$ ,/ates t c\ld arise f ! mat]ial f9ancial di/ress or failure1 or ongo+ activities1 ( l>ge m>ket p>ticipants t insure securities "u ?is ,act1 ,g9nie ,mae1 by regulation-- 7,i7 %all e/abli% supplem5tal capital requirem5ts = su* l>ge m>ket p>ticipants2 & 7,,ii7 may e/abli% su* o!r /&>ds t ,g9nie ,mae det]m9es necess>y or appropriate4 7ii7 ,l>ge m>ket p>ticipant def9$ ,= purposes ( ?is subp>agraph1 ,g9nie ,mae %all def9e ! t]m l>ge m>ket p>ticipant4 7f7 ,conflict ( int]e/s ,g9nie ,mae %all issue regulations to prev5t conflicts ( int]e/ by m>ket p>ticipants contract+ ) ,g9nie ,mae "u ?is section4 7g7 ,insurance ,fund 7#a7 ,e/abli%m5t ,!re is e/abli%$ an insurance fund 7! ,fund71 :i* ,g9nie ,mae %all-- 7,a7 ma9ta9 & adm9i/]2 & 7,b7 use to cov] losses incurr$ "u ?is section ) respect to mortgage-back$ securities4 7#b7 ,fund goal 7,a7 ,9 g5]al ,g9nie ,mae %all endeavor to ensure t ! ,fund atta9s a res]ve balance-- 7i7 ( #a4be p]c5t ( ! sum ( ! out/&+ pr9cipal balance ( ! securities = :i* insurance is be+ provid$ "u ?is ,act )9 #e ye>s ( ! date on :i* ! ,director det]m9es t ! ,plat=m is fully function+1 & to /rive to ma9ta9 su* ratio !reaft]1 subject to clause 7ii72 & 7ii7 ( #b4ej p]c5t ( ! sum ( ! out/&+ pr9cipal balance ( ! securities = :i* insurance is be+ provid$ "u ?is ,act )9 #aj ye>s ( ! date on :i* ! ,director det]m9es t ! ,plat=m is fully function+1 & to /rive to ma9ta9 su* ratio at all times !reaft]4 7,b7 ,adju/m5t ( fees ,not)/&+ subsection 7d71 ,g9nie ,mae may raise or l[] ! fee *>g$ = insurance "u ?is section 9 ord] to ma9ta9 ! res]ve balance describ$ "u subp>agraph 7,a74 7#c7 ,deposits ,! ,fund %all be cr$it$ ) any fees receiv$ by ,g9nie ,mae 9 ex*ange = insurance made available "u ?is section4 7#d7 ,prohibit$ inve/m5ts ,am\nts 9 ! ,fund may n be inve/$ 9 any-- 7,a7 /&>diz$ mortgage-back$ security insur$ "u ?is ,act2 or 7,b7 mortgage-back$ security issu$ by ! ent]prises4 7#e7 ,full fai? & cr$it ,! full fai? & cr$it ( ! ,unit$ ,/ates is pl$g$ to ! paym5t ( all am\nts :i* may be requir$ to be paid "u any insurance provid$ "u ?is section4 #bjc4 ,au?ority to protect taxpay]s 9 unusual & exig5t m>ket conditions 7a7 ,9 g5]al ,if ,g9nie ,mae1 ^u ! writt5 agreem5t ( ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,secret>y ( ! ,treasury1 & 9 consultation ) ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 det]m9es t unusual & exig5t circum/ances h creat$ or ?reat5 to create an anomal\s lack ( mortgage cr$it availability )9 ! s+le-family h\s+ m>ket1 multifamily h\s+ m>ket1 or entire ,unit$ ,/ates h\s+ m>ket t c\ld mat]ially & sev]ely disrupt ! function+ ( ! h\s+ f9ance sy/em ( ! ,unit$ ,/ates1 ,g9nie ,mae may1 = a p]iod ( #f mon?s-- 7#a7 modify or waive ! re9surance requirem5ts "u section #bjb7;b72 & 7#b7 e/abli% provisional /&>ds = approv$ entities4 7b7 ,consid]ations ,9 ex]cis+ ! au?ority grant$ "u subsection 7a71 ,g9nie ,mae %all consid] ! sev]ity ( ! conditions pres5t 9 ! h\s+ m>kets & ! risks pres5t$ to ! ,fund 9 ex]cis+ su* au?ority4 7c7 ,t]ms & conditions ,insurance provid$ "u subsection 7a7 %all be subject to su* additional or diff]5t limitations1 re/rictions1 & regulations z ,g9nie ,mae may prescribe4 7d7 ,bail\t /rictly prohibit$ ,9 ex]cis+ ! au?ority grant$ "u subsection 7a71 ,g9nie ,mae may n-- 7#a7 provide aid to an approv$ entity or an affiliate ( ! approv$ entity1 if su* approv$ entity is 9 bankruptcy or any o!r ,f$]al or ,/ate insolv5cy proce$+2 or 7#b7 provide aid = ! purpose ( assi/+ a s+le & specific company avoid bankruptcy or any o!r ,f$]al or ,/ate insolv5cy proce$+4 7e7 ,notice ,n lat] ?an #g days aft] au?oriz+ insurance or e/abli%+ provisional /&>ds "u subsection 7a71 ,g9nie ,mae %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report t includes-- 7#a7 ! ju/ification = ! ex]cise ( au?ority to provide su* insurance or e/abli% su* provisional /&>ds2 7#b7 evid5ce t unusual & exig5t circum/ances h creat$ or ?reat5$ to create an anomal\s lack ( mortgage cr$it availability )9 ! s+le-family h\s+ m>ket1 multifamily h\s+ m>ket1 or entire ,unit$ ,/ates h\s+ m>ket t c\ld mat]ially & sev]ely disrupt ! function+ ( ! h\s+ f9ance sy/em ( ! ,unit$ ,/ates2 & 7#c7 evid5ce t failure to ex]cise su* au?ority w\ld h und]m9$ ! safety & s\ndness ( ! h\s+ f9ance sy/em4 7f7 ,additional ex]cise ( au?ority 7#a7 ,9 g5]al ,subject to ! limitation "u subsection 7g71 ! au?ority grant$ to ,g9nie ,mae "u subsection 7a7 may be ex]cis$ = #b additional #i-mon? p]iods )9 any giv5 #c-ye> p]iod1 provid$ t ,g9nie ,mae1 ^u ! writt5 agreem5t ( ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,secret>y ( ! ,treasury1 & 9 consultation ) ! ,secret>y ( ,h\s+ & ,urban ,developm5t-- 7,a7 det]m9es-- 7i7 = a second ex]cise ( au?ority "u subsection 7a71 t a second ex]cise ( au?ority "u subsection 7a7 is necess>y2 or 7ii7 = a ?ird ex]cise ( au?ority "u subsection 7a71 by an affirmative vote ( ! ,director ( ,g9nie ,mae & an affirmative vote ( #b_/c or m ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em !n s]v+1 t a ?ird ex]cise ( au?ority "u ?is section is necess>y2 & 7,b7 provides notice to ,congress1 z provid$ "u subsection 7e74 7#b7 ,ord] ( ex]cise ( au?ority ,any additional ex]cise ( au?ority "u ?is subsection may occur consecutively or non-consecutively4 7g7 ,limitation ,! au?ority grant$ to ,g9nie ,mae "u ?is section may n be ex]cis$ m ?an #c times 9 any giv5 #c-ye> p]iod1 :i* #c-ye> p]iod %all comm5ce ^u ! initial ex]cise ( au?ority "u subsection 7a74 7h7 ,normalization & r$uction ( risk ,foll[+ any ex]cise ( au?ority "u ?is section1 ,g9nie ,mae %all-- 7#a7 e/abli% a timel9e = approv$ entities to meet ! approval /&>ds set =? 9 ?is ,act2 & 7#b7 9 a mann] & pursuant to a timel9e t w m9imize losses to ! ,fund1 e/abli% a program to ei!r-- 7,a7 sell1 9 :ole or 9 "p1 ! fir/ loss position on securities describ$ 9 ?is section to private m>ket hold]s2 or 7,b7 transf] = value to approv$ entities1 or "w ) approv$ entities to sell1 9 :ole or 9 "p1 ! fir/ lo/ position on securities describ$ 9 ?is section4 7i7 ,au?ority ,to respond to su/a9$ national home price decl9e 7#a7 ,au?ority ,9 ! ev5t ( a significant decl9e ( national home prices1 9 at lea/ #b consecutive cal5d> qu>t]s1 ,g9nie ,mae may = a p]iod ( #f mon?s p]mit ! transf] ( gu>antees ( eligible mortgage loans t secure securities issu$ "u ?is ,act if su* eligible mortgage loans are ref9anc$1 reg>dless ( ! value ( ! und]ly+ collat]al secur+ su* eligible mortgage loans4 7#b7 ,additional ex]cise ( au?ority ,! au?ority grant$ to ,g9nie ,mae "u p>agraph 7#a7 may be ex]cis$ = additional #f-mon? p]iods4 7#c7 ,limitation ,g9nie ,mae %all n provide insurance "u ?is ,act to any security issu$ "u ?is ,act t includes mortgage loans t d n meet ! def9ition ( an eligible mortgage loan1 except = mortgage loans ref9anc$ f eligible mortgage loans 9 securities issu$ "u ?is ,act4 7#d7 ,rule ( con/ruction ,no provision 9 ?is section %all be con/ru$ z p]mitt+ ,g9nie ,mae to l[] any o!r requirem5t relat$ to ! requirem5ts set =? "u ! def9ition ( an eligible mortgage loan4 #bjd4 ,s]vic+ rights2 repres5tations & w>ranties 7a7 ,s]vic+ rights ,! s]vic+ rights = mortgage-back$ securities issu$ by ! ,issu+ ,plat=m %all be controll$ by-- 7#a7 ! re9surance company re9sur+ ! fir/ #e p]c5t loss position on su* securities2 or 7#b7 9 ! case ( securities t d n h a re9surance company re9sur+ ! fir/ #e p]c5t loss position or ) respect to :i* ! su* re9surance company is insolv5t1 ,g9nie ,mae4 7b7 ,advanc+ ( paym5ts ,! p>ty controll+ ! s]vic+ rights describ$ "u subsection 7a7 %all also control ! advanc+ ( paym5ts4 7c7 ,repres5tations & w>ranties 7#a7 ,collat]al manag] ,) respect to ea* pool securitiz$ by ! ,issu+ ,plat=m1 !re %all be a collat]al manag] :o %all-- 7,a7 ov]see repres5tations & w>ranties2 7,b7 act = ! b5efit ( inve/ors2 & 7,c7 9 ! case ( a mortgage loan t is 9 brea* ( ! repres5tations & w>ranties1 facilitate ! repur*ase or replacem5t ( su* mortgage loan ) a mortgage loan t is 9 compliance ) repres5tations & w>ranties4 7#b7 ,fiduci>y duties ) respect to private label securities 7,a7 ,9 g5]al ,all contracts = private label securities issu$ aft] ! date ( ! enactm5t ( ?is ,act %all include ! foll[+ provisions3 7i7 ,! qualification1 responsibilities1 & duties ( tru/ees1 includ+ requirem5ts set =? 9 ! ind5ture or pool+ & s]vic+ agreem5t1 or any applicable provisions ( ! ,tru/ ,ind5ture ,act ( #aici 7#ae ,u4,s4,c4 #gg;aaa et seq474 7ii7 ,tru/ees ( private label securities %all h a fiduci>y duty to protect ! f9ancial int]e/s ( inve/ors ( su* securities4 7,b7 ,tru/ee's fiduci>y duty def9$ ,= purposes ( ?is p>agraph1 a tru/ee's fiduci>y duty means t a tru/ee %all at all times ov]see1 monitor1 & manage ! tru/ t owns ! mortgage loans secur+ ! private label securities 9 ! f9ancial int]e/s ( ! tru/ & its inve/ors1 ) ! same degree ( c>e & skill t a prud5t p]son w\ld ex]cise or use "u ! circum/ances 9 ! conduct ( su* p]son's own affairs4 ln det]m9+ f9ancial int]e/s1 ! tru/ee's fiduci>y duty %all consid] all inve/ors 9 a securitization1 r ?an ! int]e/s ( any p>ticul> class ( inve/ors4 ,a tru/ee t is deem$ to be act+ 9 accordance ) its fiduci>y duty to ! tru/ %all n be liable to any inve/or1 & %all n be subject to any injunction1 /ay1 or o!r equitable relief s\ght by su* inve/or1 bas$ solely ^u su* actions4 7,c7 ,inclusion ( fiduci>y duty ,! gov]n+ docum5ts ( any private label securities issu$ aft] ! date ( ! enactm5t ( ?is ,act %all automatically be deem$ to include a tru/ee's fiduci>y duty4 ,! tru/ee's fiduci>y duty may n be abrogat$ or alt]$ by ! p>ties to su* docum5ts & may n be am5d$ by p>ties to contracts = private label securities4 7,d7 ,rule ( con/ruction ,no?+ 9 ?is p>agraph %all be con/ru$ to relieve any p>ty ( its duties to p>ticipants & b5efici>ies ( any employee b5efit plan "u ! ,employee ,retirem5t ,income ,security ,act 7#bi ,u4,s4,c4 #aaja et seq474 7,e7 ,conflicts ) ! ,tru/ ,ind5ture ,act ( #aici ,to ! ext5t t ! provisions ( ?is p>agraph conflict ) any provision ( ! ,tru/ ,ind5ture ,act ( #aici1 ! provisions ( ! ,tru/ ,ind5ture ,act ( #aici %all apply1 b only to ! ext5t ( ! conflict4 7,f7 ,/udy ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act1 ,g9nie ,mae %all-- 7i7 conduct a /udy to evaluate-- 7,i7 ! /ructure ( comp5sation = tru/ees ( private label securities2 7,,ii7 any *anges to su* comp5sation attributable io ! imposition ( ! fiduci>y duty requir$ "u ?is p>agraph2 & 7,,iii7 any effects ( ! imposition ( su* fiduci>y duty on liquidity 9 ! m>ket = private label securities2 7ii7 n lat] ?an #a ye> aft] ! comm5cem5t ( ! /udy requir$ "u clause 7i71 submit a report to ,congress describ+ any f9d+s & conclusions ( su* /udy2 7iii7 conduct a /udy to evaluate any effects ( ! imposition ( ! fiduci>y duty requir$ "u ?is p>agraph ^u borr[]s1 includ+ if ! imposition (' su* fiduci>y duty results 9 additional co/s & exp5ses to borr[]s2 & 7iv7 n lat] ?an #a ye> aft] ! comm5cem5t ( ! /udy requir$ "u clause 7iii71 submit a report to ,congress describ+ any f9d+s & conclusions ( su* /udy4 7,g7 ,private label security def9$ ,= purposes ( ?is p>agraph1 ! t]m private label security means a mortgage-back$ security t is n issu$ by ! ,plat=m4 7d7 ,m&atory arbitration ,disputes betwe5 p>ties to a security issu$ by ! ,issu+ ,plat=m %all be subject to m&atory arbitration4 #bje4 ,f$]al ,home ,loan ,banks 7a7 ,memb]%ip ( l5d]s ,section #d ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adbd7 is am5d$ by add+ at ! end ! foll[+3 7d7 ,l5d]s 7#a7 ,9 g5]al ,any l5d] t satisfies ! requirem5ts ( subp>agraphs 7,a7 & 7,c7 ( subsection 7a77#a7 %all be eligible to become a memb] ( a ,f$]al ,home ,loan ,bank4 7#b7 ,/ock requirem5t ,g9nie ,mae %all issue regulations specify+ t a sep>ate class ( /ock %all be issu$ by ,f$]al ,home ,loan ,banks to l5d]s :o become a memb] ( a ,f$]al ,home ,loan ,bank pursuant to ?is subsection1 & ,g9nie ,mae %all det]m9e ! applicable re/rictions & requirem5ts = su* /ock4 4 7b7 ,pool+ s]vices = eligible mortgages ,section #aa ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adca7 is am5d$ by add+ at ! end ! foll[+3 7m7 ,pool+ s]vices = eligible mortgages 7#a7 ,pool+ s]vices ,ea* ,f$]al ,home ,loan ,bank %all provide pool+ s]vices to bo? memb]s & non-memb]s :o wi% to pool eligible mortgages = purposes ( securitiz+ su* mortgages ?r\gh ! ,issu+ ,plat=m e/abli%$ by title ,,ii ( ! ,p>tn]%ip to ,/r5g!n ,home[n]%ip ,act ( #bjad4 7#b7 ,eligible mortgages def9$ ,= purposes ( ?is subsection1 ! t]m eligible mortgage has ! mean+ giv5 t t]m "u section #b ( ! ,p>tn]%ip to ,/r5g!n ,home[n]%ip ,act ( #bjad4 4 ,,iii ,w9d d[n ( ,fannie ,mae & ,fr$die ,mac #cja4 ,limitation on bus9ess ,! ,director ( ! ,gov]nm5t ,national ,mortgage ,association %all provide t1 aft] ! c]tification date-- 7#a7 ! ent]prises may n issue1 gu>antee1 or pur*ase any security back$ by mortgages on #a- to #d-;family resid5ces except z specifically au?oriz$ by ?is ,act2 7#b7 an ent]prise may act z a p>ticipat+ aggregator ( eligible mortgages = securitization pursuant to section #bja if su* eligible mortgages are orig9at$ by orig9ators ^: volume ( su* bus9ess is insuffici5t to all[ = su* orig9ators to aggregate & securitize su* mortgages1 until ! e>li] (-- 7,a7 su* "t z ! ,director det]m9es t any o!r qualifi$ entity or entities provide suffici5t m>ket access to su* orig9ators "u competitive rates & t]ms & requires ! ent]prises to cease su* bus9ess2 or 7,b7 ! comm5cem5t ( ! receiv]%ip "u section #cjd7;a72 & 7#c7 an ent]prise may act z a re9sur] = a mortgage-back$ security 9 accordance ) ! requirem5ts "u section #bjb7;b7 until ! comm5cem5t ( ! receiv]%ip "u section #cjd7;a74 #cjb4 ,risk-%>+ pilot programs ,n lat] ?an ! expiration ( ! #ab-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ea* ent]prise %all e/abli% a risk-%>+ pilot program to develop private sector fir/-loss positions on mortgage-back$ securities4 ,su* fir/-loss positions %all be a p]c5tage ( ! pr9cipal or face value ( a mortgage-back$ security1 z det]m9$ f "t-to-"t by ! ,director1 tak+ into consid]ation m>ket conditions & ! capability ( ! private sector to assume cr$it risk4 #cjc4 ,cont9u$ cons]vator%ip 7a7 ,tim+ ,! cons]vator%ips ( ! ent]prises 9 effect ^u ! enactm5t ( ?is ,act %all cont9ue 9 effect until ! comm5cem5t ( ! receiv]%ip ( ! ent]prises pursuant to subsection 7d71 subject to ! transf] "u section #ajb7;a77#a77;,b74 7b7 ,align+ purposes ( cons]vator%ip ,not)/&+ section #acfg7;b77#b77;,d7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dfag7;b77#b77;,d771 aft] ! date ( ! enactm5t ( ?is ,act1 ! ,director %all1 z cons]vator ( ea* ent]prise1 take su* actions z are necess>y to manage ! affairs1 assets1 & obligations ( ea* ent]prise1 & to op]ate ea* ent]prise1 9 compliance ) ?is section4 7c7 ,return ( ent]prises to private m>ket ,dur+ ! t]m ( ! cons]vator%ips ( ! ent]prises1 ! ,director %all-- 7#a7 c>ry out ! cons]vator%ip 9 a mann] t fur!rs a*ievem5t ( ! goals & t]ms ( ! m&atory receiv]%ips "u subsection 7d77#b72 7#b7 id5tify any assets ( ! ent]prises necess>y = ,g9nie ,mae to c>ry out its functions & responsibilities "u sections #bja1 #bjb1 & #dja ( ?is ,act2 & 7#c7 prep>e = ! transf] ( ! multifamily h\s+ f9ance bus9ess ( ! ent]prises 9 accordance ) section #dja ( ?is ,act4 #cjd4 ,m&atory receiv]%ip 7a7 ,comm5cem5t ,! ,director %all1 ) respect to ea* ent]prise1 imm$iately appo9t ! ,g9nie ,mae z receiv] "u section #acfg ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dfag7 ^u ! lat] ( ! foll[+3 7#a7 #e-ye> p]iod ,! expiration ( ! #fj-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 z ! duration ( su* p]iod may be adju/$ pursuant to subsection 7c74 7#b7 ,plat=m c]tifi$ z functional2 competitive access = small l5d]s2 ,,fhlb capacity ,! c]tification date has occurr$ & ! ,director has det]m9$ t-- 7,a7 a competitive private h\s+ f9ance m>ket has be5 e/abli%$2 7,b7 competitive & equitable access to ! ,plat=m = small] mortgage l5d]s is available2 7,c7 ! pool+ s]vices (f]$ by ,f$]al ,home ,loan ,banks pursuant to section #aa7m7 ( ! ,f$]al ,home ,loan ,bank ,act are competitive ) s]vices made available by ! ent]prises be=e ! c]tification date2 7,d7 ! ,f$]al ,home ,loan ,banks are capable ( meet+ ! ca% w9d[ ne$s ( cr$it unions1 community & mid-siz$ depository in/itutions1 & non-depository mortgage orig9ators ) competitive rates & t]ms2 & 7,e7 ! ,f$]al ,home ,loan ,banks h creat$ a to be ann\nc$ m>ket t is viable 9 all economic cycles4 7b7 ,goals & t]ms ,g9nie ,mae %all c>ry out ! receiv]%ip ref]r$ to 9 subsection 7a7 = ! ent]prise "u ! au?ority ( su* section #acfg1 subject to ! foll[+ requirem5ts3 7#a7 ,goals ,9 c>ry+ out ! receiv]%ip ( ea* ent]prise1 ,g9nie ,mae %all /rive to a*ieve bo? ( ! foll[+ goals3 7,a7 ,return to taxpay]s ,obta9+ an adequate return ( taxpay] inve/m5t 9 ! ent]prise1 tak+ into consid]ation ! total co/ to ! taxpay]s1 ! value provid$ to ! ent]prise1 & ! risk & exposure to ! ,f$]al ,gov]nm5t involv$1 toge!r ) int]e/ on su* inve/m5t at a rate det]m9$ by ! ,director1 9 consultation ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,secret>y ( ! ,treasury4 7,b7 ,competitive private h\s+ f9ance m>ket ,remov+ b>ri]s to private sector competition 9 ! h\s+ f9ance m>ket by provid+ = ! transf] ( ! assets ( ! ent]prise into ! private sector to compete 9 a function+ h\s+ f9ance m>ket4 7#b7 ,full privatization ,any entities em]g+ f su* receiv]%ip %all be fully private & any obligations & securities ( su* entities %all n con/itute a debt or obligation ( ! ,unit$ ,/ates nor or any ag5cy or in/rum5tality !re(4 7#c7 ,multifamily h\s+ bus9ess ,! receiv]%ip %all provide1 not)/&+ any o!r provision ( ?is ,act1 = ! transf] ( ! multifamily h\s+ mortgage gu>antee bus9ess ( ! ent]prises 9 accordance ) section #dja ( ?is ,act4 7#d7 ,availability ( assets ,! receiv]%ip %all provide =-- 7,a7 ! id5tification ( any assets ( ! ent]prise t are n necess>y = ! op]ation ( ! limit$-life entities e/abli%$ pursuant to p>agraph 7#f72 & 7,b7 mak+ su* assets available at auction = acquisition by any private entities1 :i* %all include ! private entities e/abli%$ pursuant to p>agraph 7#f77;,c74 7#e7 ,re/ructur+ ( ,,spspa ,! receiv]%ip %all provide = ! re/ructur+ ( ! ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5ts ent]$ into betwe5 ! ,dep>tm5t ( ! ,treasury & ! ent]prise on ,septemb] #bf1 #bjjh1 z am5d$ & re/at$ !reaft]1 to-- 7,a7 p]mit ! r$emption ( s5ior pref]r$ %>es ( ! ,dep>tm5t ( ! ,treasury2 7,b7 provide = ! cancellation ( ! w>rants = ! pur*ase ( common /ock ( ! ent]prises issu$ to ! ,dep>tm5t ( ! ,treasury2 & 7,c7 provide = ! appropriate level ( comp5sation to ! ,f$]al ,gov]nm5t = ! f9ancial support & commitm5t provid$ to ! ent]prise4 7#f7 ,w9d-d[n2 limit$-life ent]prises2 re/ructur+ ,"u ! receiv]%ip-- 7,a7 ! receiv] %all organize a limit$-life regulat$ entity = ! ent]prise 9 accordance ) section #acfg7;i7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dfag7;i771 except t-- 7i7 any assets & liabilities ( ! ent]prise t ! receiv] det]m9es are necess>y to all[ ! limit$-life regulat$ entity to op]ate indep5d5t f ! resolution ( ! ent]prise %all be transf]r$ to ! limit$-life regulat$ entity2 & 7ii7 9 w9d+ up ! affairs ( ! limit$-life regulat$ entity1 ! rema9+ assets ( ! limit$-life regulat$ entity %all be made available to ! successor entities e/abli%$ pursuant to subp>agraph 7,c7 ( ?is p>agraph & to o!r private gu>antors engag$ 9 provid+ insurance = eligible mortgage-back$ securities 9 accordance ) section #bjb2 7,b7 ! *>t] ( ! ent]prise %all be repeal$ pursuant to section #acfg7k7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dfag7k771 z am5d$ by section #cje2 & 7,c7 ! receiv] %all provide = reorganization & *>t]+ ( ! successor entity to ! limit$ life regulat$ entity = ! ent]prise z an entity e/abli%$ to op]ate z an insur] "u section #bjb7;b77#b77;,a7 ( ?is ,act or a p>ticipat+ aggregator ( eligible mortgages = securitization pursuant to section #bja if su* eligible mortgages are orig9at$ by orig9ators ^: volume ( su* bus9ess is insuffici5t to all[ = su* orig9ators to aggregate & securitize su* mortgages4 7c7 ,adju/m5t ( tim+ ,g9nie ,mae may adju/ ! duration ( ! p]iod ref]r$ to 9 subsection 7a77#a7 by e/abli%+ requirem5ts to be met by m>ket p>ticipants be=e su* p]iod may be consid]$ to be conclud$4 ,su* requirem5ts may include requirem5ts reg>d+-- 7#a7 ensur+ t !re is an adequate level ( private capital available = effici5t f9anc+ ( s+le-family & multifamily h\s+ mortgages ?r\gh-- 7,a7 ! m>ket = initial public (f]+s2 & 7,b7 reta9$ e>n+s ( m>ket p>ticipants2 & 7#b7 ensur+ t any anticompetitive liquidity advantages 9 mortgage-back$ securities are adequately protect$ aga9/4 #cje4 ,repeal ( ent]prise *>t]s ,section #acfg ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dfag7 is am5d$ by /rik+ subsection 7k7 & ins]t+ ! foll[+ new subsection3 7k7 ,repeal ( ent]prise *>t]s 7#a7 ,fannie ,mae ,effective ^u ! c]tification date 7z su* t]m is def9$ 9 section #b ( ! ,p>tn]%ip to ,/r5g!n ,home[n]%ip ,act ( #bjad71 ! *>t] ( ! ,f$]al ,national ,mortgage ,association is repeal$ & ! ,f$]al ,national ,mortgage ,association %all h no au?ority to conduct new bus9ess "u su* *>t]1 except t ! provisions ( su* *>t] 9 effect imm$iately be=e su* repeal %all cont9ue to apply ) respect to ! rights & obligations ( any hold]s (-- 7,a7 out/&+ debt obligations ( ! ,f$]al ,national ,mortgage ,association1 includ+ any-- 7i7 bonds1 deb5tures1 notes1 or o!r simil> in/rum5ts2 7ii7 capital lease obligations2 or 7iii7 obligations 9 respect ( lett]s ( cr$it1 bank]s' acceptances1 or o!r simil> in/rum5ts2 or 7,b7 mortgage-back$ securities gu>ante$ by ! ,f$]al ,national ,mortgage ,association t are n eligible mortgage-back$ securities insur$ by ,g9nie ,mae pursuant to section #bjb ( ! ,p>tn]%ip to ,/r5g!n ,home[n]%ip ,act ( #bjad4 7#b7 ,fr$die ,mac ,effective ^u ! c]tification date1 ! *>t] ( ! ,f$]al ,home ,loan ,mortgage ,corporation is repeal$ & ! ,f$]al ,home ,loan ,mortgage ,corporation %all h no au?ority to conduct new bus9ess "u su* *>t]1 except t ! provisions ( su* *>t] 9 effect imm$iately be=e su* repeal %all cont9ue to apply ) respect to ! rights & obligations ( any hold]s (-- 7,a7 out/&+ debt obligations ( ! ,f$]al ,home ,loan ,mortgage ,corporation1 includ+ any-- 7i7 bonds1 deb5tures1 notes1 or o!r simil> in/rum5ts2 7ii7 capital lease obligations2 or 7iii7 obligations 9 respect ( lett]s ( cr$it1 bank]s' acceptances1 or o!r simil> in/rum5ts2 or 7,b7 mortgage-back$ securities gu>ante$ by ! ,f$]al ,home ,loan ,mortgage ,corporation t are n eligible mortgage-back$ securities insur$ by ,g9nie ,mae pursuant to section #bjb ( ! ,p>tn]%ip to ,/r5g!n ,home[n]%ip ,act ( #bjad4 7#c7 ,exi/+ gu>antee obligations 7,a7 ,explicit gu>antee ,! full fai? & cr$it ( ! ,unit$ ,/ates is pl$g$ to ! paym5t ( all am\nts :i* may be requir$ to be paid "u any obligation describ$ 9 p>agraph 7#a7 or 7#b74 7,b7 ,cont9u$ divid5d paym5ts ,not)/&+ any o!r provision ( law1 provision #b7;a7 7relat+ to ,divid5d ,paym5t ,dates & ,divid5d ,p]iods7 & provision #b7;c7 7relat+ to ,divid5d ,rates & ,divid5d ,am\nt7 ( ! ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t1 or any provision ( any c]tificate 9 connection ) su* ,agreem5t creat+ or designat+ ! t]ms1 p[]s1 pref]5ces1 privileges1 limitations1 or any o!r conditions ( ! ,v>iable ,liquidation ,pref]5ce ,s5ior ,pref]r$ ,/ock ( an ent]prise issu$ pursuant to su* ,agreem5t-- 7i7 %all n be am5d$1 re/at$1 or o!rwise *ang$ to r$uce ! rate or am\nt ( divid5ds 9 effect pursuant to su* ,agreem5t z ( ! ,?ird ,am5dm5t to su* ,agreem5t dat$ ,augu/ #ag1 #bjab1 except t any am5dm5t to su* ,agreem5t to facilitate ! sale ( assets ( ! ent]prises %all be p]mitt$2 & 7ii7 %all rema9 9 effect until ! gu>antee obligations describ$ "u p>agraphs 7#a77;,b7 & 7#b77;,b7 ( ?is subsection are fully ext+ui%$4 7,c7 ,applicability ,all gu>antee fee am\nts d]iv$ f ! s+le-family mortgage gu>antee bus9ess ( ! ent]prises 9 exi/5ce z ( ! c]tification date %all be subject to ! ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t4 7,d7 ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t ,= purposes ( ?is p>agraph1 ! t]m ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t means-- 7i7 ! ,am5d$ & ,re/at$ ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t1 dat$ ,septemb] #bf1 #bjjh1 z su* ,agreem5t has be5 am5d$ on ,may #f1 #bjji1 ,decemb] #bd1 #bjji1 & ,augu/ #ag1 #bjab1 respectively1 & z su* ,agreem5t may be fur!r am5d$ & re/at$1 ent]$ into betwe5 ! ,dep>tm5t ( ! ,treasury & ea* ent]prise1 z applicable2 & 7ii7 any provision ( any c]tificate 9 connection ) su* ,agreem5t creat+ or designat+ ! t]ms1 p[]s1 pref]5ces1 privileges1 limitations1 or any o!r conditions ( ! ,v>iable ,liquidation ,pref]5ce ,s5ior ,pref]r$ ,/ock ( an ent]prise issu$ or sold pursuant to su* ,agreem5t4 7#d7 ,swap option = new securities ,not)/&+ any o!r provision ( ?is subsection1 ,g9nie ,mae %all provide t dur+ ! #cj-ye> p]iod beg9n+ ^u ! c]tification date1 any securities describ$ 9 p>agraph 7#a77;,b7 or 7#b77;,b7 may be ex*ang$1 at ! reque/ ( ! hold] ( su* security1 = securities insur$ "u section #bjb ( ! ,p>tn]%ip to ,/r5g!n ,home[n]%ip ,act ( #bjad1 & ,g9nie ,mae %all ensure fungibility betwe5 su* securities ex*ang$4 ,g9nie ,mae may e/abli% su* t]ms & conditions = su* ex*anges z ,g9nie ,mae consid]s appropriate1 except t ,g9nie ,mae %all provide t 9 su* ex*anges su* securities describ$ 9 p>agraph 7#a77;,b7 or 7#b77;,b7 %all receive a risk weight ( z]o4 4 #cjf4 ,g9nie ,mae au?ority reg>d+ tim+ 7a7 ,au?ority ,! ,director may ext5d any deadl9e ref]r$ to 9 section #cja1 #cjc7;a71 #cjd7;a71 or ! provisions am5d$ by section #cje1 z provid$ 9 su* subsection 7b7 ( ?is section1 b only if ! ,director-- 7#a7 makes a det]m9ation1 aft] consultation ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 t su* deadl9e is pos+ significant risk to ! h\s+ m>ket2 & 7#b7 causes notice ( su* det]m9ation to be publi%$ 9 ! ,f$]al ,regi/]4 7b7 ,ext5sions 7#a7 ,fir/ ext5sion ,! fir/ ext5sion ( any deadl9e pursuant to subsection 7a7 %all be = a p]iod ( an additional #b ye>s4 7#b7 ,second ext5sion ,if1 aft] ! expiration ( a fir/ ext5sion ( a deadl9e ( #b ye>s1 ! ,director makes a det]m9ation z provid$ 9 subsection 7a77#a71 ! ,director may ext5d ! deadl9e an additional #b ye>s4 7#c7 ,additional ext5sions ,if1 aft] ! expiration ( ! second ext5sion ( a deadl9e ( #b ye>s1 ! ,director makes a det]m9ation z provid$ 9 subsection 7a77#a71 ! ,director may1 ^u ! writt5 agreem5t ( ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,secret>y ( ! ,treasury1 & 9 consultation ) ! ,secret>y ( ! ,h\s+ & ,urban ,developm5t1 ext5d ! deadl9e an additional ye>1 & annually !reaft] utiliz+ ! same process describ$ 9 ?is p>agraph until su* "t z ! ,director makes a det]m9ation t su* deadl9e does n pose a significant risk to ! h\s+ m>ket4 7c7 ,reports ,if ! ,director ext5ds any deadl9e p]iod pursuant to ! au?ority "u subsection 7a71 ! ,director %all !reaft]1 until ! expiration ( ! p]iods ref]r$ to 9 p>agraphs 7#a7 & 7#b7 ( section #acfg7k7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7z su* p]iod may be ext5d$ pursuant to ?is section71 submit a report to ! ,congress on a mon?ly basis reg>d+ ! transition ( ! ent]prises pursuant to ?is section1 ! /atus ( ! bus9ess ( ! ent]prises1 & ! m>ket %>e ( ! ent]prises4 ,,iv ,multifamily h\s+ f9ance #dja4 ,e/abli%m5t ( multifamily subsidi>ies 7a7 ,=mation & gov]nance ( multifamily subsidi>ies 7#a7 ,f$]al ,national ,mortgage ,association 7,a7 ,multifamily subsidi>y plan ,! ,director ( ,g9nie ,mae1 9 consultation ) ! ,secret>y ( ! ,treasury1 %all direct ! ,f$]al ,national ,mortgage ,association to develop a plan1 n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 to e/abli% a multifamily subsidi>y = purposes ( exp$iti\sly-- 7i7 provid+ suffici5t multifamily f9anc+ 9 ! prim>y1 second>y1 & t]ti>y geographical m>kets1 includ+ 9 rural m>kets & ?r\gh a div]sity ( exp]i5c$ multifamily l5d]s2 & 7ii7 e/abli%+ a competitive multifamily m>ket = multifamily h\s+ gu>antors engag+ 9 multifamily cov]$ securities4 7,b7 ,e/abli%m5t ( multifamily subsidi>y ,! ,director %all direct ! ,f$]al ,national ,mortgage ,association to e/abli% a multifamily subsidi>y n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act4 7#b7 ,f$]al ,home ,loan ,mortgage ,corporation 7,a7 ,multifamily subsidi>y plan ,! ,director1 9 consultation ) ! ,secret>y ( ! ,treasury1 %all direct ! ,f$]al ,home ,loan ,mortgage ,corporation to develop a plan1 n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 to e/abli% a multifamily subsidi>y = purposes ( exp$iti\sly-- 7i7 provid+ suffici5t multifamily f9anc+ 9 ! prim>y1 second>y1 & t]ti>y geographical m>kets1 includ+ 9 rural m>kets & ?r\gh a div]sity ( exp]i5c$ multifamily l5d]s2 & 7ii7 e/abli%+ a competitive multifamily m>ket = multifamily h\s+ gu>antors engag+ 9 multifamily cov]$ securities4 7,b7 ,e/abli%m5t ( multifamily subsidi>y ,! ,director %all direct ! ,f$]al ,home ,loan ,mortgage ,corporation to e/abli% a multifamily subsidi>y n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act4 7b7 ,transf] ( functions 7#a7 ,fannie ,mae multifamily subsidi>y 7,a7 ,9 g5]al ,not)/&+ ! provisions "u title ,,iii or any o!r provision ( law1 effective on ! date on :i* ! multifamily subsidi>y is e/abli%$ "u subsection 7a77#a77;,b71 all employees1 functions1 activities1 infra/ructure1 prop]ty1 includ+ ! ,delegat$ ,und]writ+ & ,s]vic+ ,l5d] ,program & o!r intellectual prop]ty1 plat=ms1 te*nology1 or any o!r object or s]vice ( ! ,f$]al ,national ,mortgage ,association necess>y to ! support1 ma9t5ance1 & op]ation ( ! multifamily bus9ess ( ! ,f$]al ,national ,mortgage ,association %all be transf]r$ & contribut$1 )\t co/1 to ! multifamily subsidi>y4 7,b7 ,capital contribution ,9 connection ) ! transf] requir$ "u subp>agraph 7,a71 ! ,f$]al ,national ,mortgage ,association %all contribute1 9 any =m or mann] ! ,director may det]m9e1 subject to ! approval "r ( ! ,secret>y ( ! ,treasury 9 ! ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t1 any capital necess>y to ensure t ! multifamily subsidi>y e/abli%$ "u subsection 7a77#a77;,b7 has1 9 ! det]m9ation ( ! ,director1 suffici5t capital to c>ry out its multifamily bus9ess1 includ+ ! ability to obta9 w>eh\se l9es ( cr$it4 7,c7 ,ensur+ cont9uation ( ongo+ op]ation ( multifamily bus9ess 7i7 ,9 g5]al ,9 c>ry+ out ! multifamily bus9ess transf]r$ pursuant to subp>agraph 7,a71 ! multifamily subsidi>y e/abli%$ "u subsection 7a77#a77;,b7 %all ensure t any su* bus9ess cont9ues to op]ate1 z applicable1 consi/5t )-- 7,i7 ! ,delegat$ ,und]writ+ & ,s]vic+ ,l5d] ,program e/abli%$ by ! ,f$]al ,national ,mortgage ,association2 7,,ii7 any o!r programs1 activities1 & contractual agreem5ts ( ! ent]prises t support ! ent]prises' provision ( liquidity to ! multifamily h\s+ m>ket2 & 7,,iii7 ! provisions ( ?is title4 7#b7 ,fr$die ,mac multifamily subsidi>y 7,a7 ,9 g5]al ,not)/&+ ! provisions "u title ,,vi or any o!r provision ( law1 effective on ! date on :i* ! multifamily subsidi>y is e/abli%$ "u subsection 7a77#b77;,b71 all employees1 functions1 activities1 infra/ructure1 prop]ty1 includ+ ! ,capital ,m>ket ,execution ,program ,s]ies ,k ,/ructur$ #b,pass-,?r\gh ,c]tificates orig9at$ & (f]$ "u ! ,program ,plus ,l5d] ,program & o!r intellectual prop]ty1 plat=ms1 te*nology1 or any o!r object or s]vice ( ! ,f$]al ,home ,loan ,mortgage ,corporation necess>y to ! support1 ma9t5ance1 & op]ation ( ! multifamily bus9ess ( ! ,f$]al ,home ,loan ,mortgage ,corporation %all be transf]r$ & contribut$1 )\t co/1 to ! multifamily subsidi>y4 7,b7 ,capital contribution ,9 connection ) ! transf] requir$ "u subp>agraph 7,a71 ! ,f$]al ,home ,loan ,mortgage ,corporation %all contribute1 9 any =m or mann] ! ,director may det]m9e1 subject to ! approval "r ( ! ,secret>y ( ! ,treasury 9 ! ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t1 any capital necess>y to ensure t ! multifamily subsidi>y e/abli%$ "u subsection 7a77#b77;,b7 has1 9 ! det]m9ation ( ! ,director1 suffici5t capital to c>ry out its multifamily bus9ess1 includ+ ! ability to obta9 w>eh\se l9es ( cr$it4 7,c7 ,ensur+ cont9uation ( ongo+ op]ation ( multifamily bus9ess 7i7 ,9 g5]al ,9 c>ry+ out ! multifamily bus9ess transf]r$ pursuant to subp>agraph 7,a71 ! multifamily subsidi>y e/abli%$ "u subsection 7a77#b77;,b7 %all ensure t any su* bus9ess cont9ues to op]ate1 z applicable1 consi/5t )-- 7,i7 ! ,capital ,m>ket ,execution ,program ,s]ies ,k ,/ructur$ #b,pass-,?r\gh ,c]tificates orig9at$ & (f]$ "u ! ,program ,plus ,l5d] ,program e/abli%$ by ! ,f$]al ,home ,loan ,mortgage ,corporation2 7,,ii7 any o!r programs1 activities1 & contractual agreem5ts ( ! ent]prises t support ! ent]prises' provision ( liquidity to ! multifamily h\s+ m>ket2 & 7,,iii7 ! provisions ( ?is title4 7c7 ,multifamily subsidi>ies 7#a7 ,9 g5]al ,! multifamily subsidi>ies e/abli%$ by ! ,f$]al ,national ,mortgage ,association & ! ,f$]al ,home ,loan ,mortgage ,corporation "u subsection 7a7 may reta9 a limit$ multifamily mortgage loan portfolio to-- 7,a7 aggregate mortgage loans = pool$ securities executions2 7,b7 implem5t pilot mortgage loan programs & o!r risk-%>+ transactions & product modification te/+2 7,c7 engage 9 ! f9anc+ ( prop]ties ) r5t-regulatory re/rictions1 (f-campus /ud5t h\s+1 & s5ior & assi/$ liv+ developm5ts2 & 7,d7 p]=m additional activities z may be e/abli%$ by ! ,director = ! purpose ( facilitat+ ! cont9uation ( exi/+ multifamily activities4 7#b7 ,portfolio r$uction applicability ,= purposes ( exp$iti\sly meet+ ! crit]ia "u clauses 7i7 & 7ii7 ( p>agraphs 7#a77;,a7 & 7#b77;,a7 ( subsection 7a71 ! multifamily subsidi>ies e/abli%$ "u subsection 7a7 %all n be subject to any portfolio r$uction requir$ "u title ,,iii4 #djb4 ,disposition ( multifamily bus9esses 7a7 ,au?ority ,to manage disposition ( multifamily bus9esses ,not)/&+ any provision ( title ,,iii or any o!r provision ( law1 ! ,director may1 on or be=e ! c]tification date1 manage ! sale1 transf]1 or disposition = value ( prop]ty1 includ+ intellectual prop]ty1 te*nology1 plat=ms1 & legacy sy/ems1 infra/ructure & processes ( an ent]prise relat+ to ! op]ation & ma9t5ance ( ! multifamily bus9ess ( an ent]prise4 7b7 ,requir$ e/abli%m5t ( well-,function+ multifamily cov]$ security m>ket ,9 ex]cis+ ! au?ority 9 subsection 7a71 ! ,director %all manage any disposition ( ! multifamily bus9ess ( an ent]prise 9 a mann] consi/5t )-- 7#a7 ! e/abli%m5t ( a well-function+ multifamily cov]$ security m>ket2 7#b7 ! provision ( broad access to multifamily f9anc+2 & 7#c7 facilitat+ competition 9 ! multifamily cov]$ security m>ket by-- 7,a7 provid+ op5 access to p]=mance in=mation on ! legacy multifamily bus9ess ( an ent]prise2 7,b7 provid+ = reasonable lic5s+ ( ! multifamily propriet>y sy/ems ( an ent]prise2 & 7,c7 sett+ m>ket %>e limitations1 fees1 or additional capital /&>ds on multifamily bus9ess assets t 7 sold1 transf]r$1 or dispos$4 #djc4 ,approval & sup]vision ( multifamily gu>antors 7a7 ,9 g5]al ,! ,director %all develop1 adopt1 publi%1 & en=ce /&>ds = ! approval by ! ,director ( multifamily gu>antors to-- 7#a7 issue securities collat]aliz$ by eligible multifamily mortgage loans2 & 7#b7 gu>antee ! timely paym5t ( pr9cipal & int]e/ on su* securities collat]aliz$ by eligible multifamily mortgage loans & insur$ by ,g9nie ,mae4 7b7 ,requir$ /&>ds ,! /&>ds requir$ "u p>agraph 7#a7 %all include /&>ds suffici5t to ensure t-- 7#a7 ea* multifamily gu>antor is well-capitaliz$2 & 7#b7 cr$it risk-%>+ levels "u any su* gu>antees are comm5surate ) su* levels "u ! ,delegat$ ,und]writ+ & ,s]vic+ ,l5d] ,program ( ! ,f$]al ,national ,mortgage ,association & ! ,capital ,m>ket ,execution ,program ,s]ies ,k ,/ructur$ #b,pass-,?r\gh ,c]tificates orig9at$ & (f]$ "u ! ,program ,plus ,l5d] ,program ( ! ,f$]al ,home ,loan ,mortgage ,corporation4 7c7 ,pric+ ,g9nie ,mae %all *>ge a gu>antee fee = gu>antees provid$ pursuant to ?is section & su* fee %all be det]m9$ by ,g9nie ,mae-- 7#a7 9 ! same mann] & us+ ! same proc$ures us$ pursuant to title ,,ii to det]m9e gu>antee fees = securities back$ by s+le-family h\s+ mortgages1 ) su* *anges z ,g9nie ,mae det]m9es to be necess>y to acc\nt = ! diff]5ces betwe5 ! s+le-family gu>antee bus9ess & ! multifamily gu>antee bus9ess2 & 7#b7 tak+ into acc\nt ! diff]5ces betwe5 ! gu>antee fees /ructures ( ! ,f$]al ,national ,mortgage ,association & ! ,f$]al ,home ,loan ,mortgage ,corporation4 7d7 ,di/9ctions ,! ,director %all take into acc\nt1 9 c>ry+ out ?is section1 9 provid+ any issu+ plat=m1 & 9 e/abli%+ any requirem5ts relat+ to ! gu>antee ( securities collat]aliz$ by eligible multifamily mortgage loans1 ! p>ticul> nature & *>act]i/ics ( su* securities & loans1 z di/+ui%$ f eligible mortgages & securities gu>ante$ pursuant to title ,,ii1 & z may be necess>y to accommodate ! multifamily h\s+ f9anc+ m>ket4 #djd4 ,o!r =ms ( multifamily risk-%>+ ,! ,director may e/abli% su* o!r me?ods & mann] ( risk-%>+ & risk transf] relat+ eligible multifamily mortgage loans1 9 addition to ! me?ods & mann]s au?oriz$ "u ?is title1 z may be appropriate tak+ into consid]ation ! p>ticul> nature & *>act]i/ics ( ! multifamily h\s+ f9ance m>ket1 :i* may include any risk-%>+ activities ( ! ,f$]al ,national ,mortgage ,association & ! ,f$]al ,home ,loan ,mortgage ,corporation relat+ to ! multifamily h\s+ bus9ess4 #dje4 ,g9nie ,mae securitization ( ,,fha risk-%>+ loans 7a7 ,qualifi$ p>ticipat+ entities risk-,%>+ program ,p>agraph 7#h7 ( section #edb7;b7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 #agaez-#bb7;b77#h77 is am5d$ to read z foll[s3 7#h7 ,g9nie mae securitization 7,a7 ,prohibition ,! ,gov]nm5t ,national ,mortgage ,association %all n securitize any multifamily loans insur$ or re9sur$ "u ?is subsection1 except z provid$ 9 subp>agraph 7,b74 7,b7 ,au?ority ,! ,gov]nm5t ,national ,mortgage ,association may1 at ! discretion ( ! ,director ( ,g9nie ,mae1 securitize any multifamily loan1 provid$ t-- 7i7 ! ,f$]al ,h\s+ ,adm9i/ration provides mortgage insurance bas$ on ! unpaid pr9cipal balance ( ! loan1 z %all be describ$ 9 ! risk-%>+ agreem5t2 7ii7 ! ,f$]al ,h\s+ ,adm9i/ration %all n require an assignm5t fee = mortgage insurance claims relat$ to ! securitiz$ mortgages2 & 7iii7 any successors & assigns ( ! risk-%>+ p>tn] 7includ+ ! hold]s ( cr$it in/rum5ts issu$ "u a tru/ mortgage or de$ ( tru/ pursuant to :i* su* hold]s act by & ?r\gh a tru/ee !re9 nam$7 %all n assume any obligation "u ! risk-%>+ agreem5t & may assign any default$ loan to ! ,f$]al ,h\s+ ,adm9i/ration 9 ex*ange = paym5t ( ! mortgage insurance claim4 ,! risk-%>+ agreem5t %all provide = reimbursem5t to ,g9nie ,mae by ! risk-%>+ p>tn] or p>tn]s = ei!r all or a portion ( ! losses incurr$ on ! loans insur$4 4 7b7 ,au?ority ,p>agraph 7#f7 ( section #edb7;c7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 #agaez-#bb7;c77 is am5d$ to read z foll[s3 7#f7 ,g9nie ,mae securitization ,! ,gov]nm5t ,national ,mortgage ,association may1 at ! discretion ( ! ,director ( ,g9nie ,mae1 securitize any multifamily loan insur$ "u ?is subsection1 provid$ t-- 7,a7 ! ,f$]al ,h\s+ ,adm9i/ration provides mortgage insurance bas$ on ! unpaid pr9cipal balance ( ! loan1 z %all be describ$ by regulation2 7,b7 ! ,f$]al ,h\s+ ,adm9i/ration %all n require an assignm5t fee = mortgage insurance claims relat$ to ! securitiz$ mortgages2 & 7,c7 any successors & assigns ( ! risk-%>+ p>tn] 7includ+ ! hold]s ( cr$it in/rum5ts issu$ "u a tru/ mortgage or de$ ( tru/ pursuant to :i* su* hold]s act by & ?r\gh a tru/ee !re9 nam$7 %all n assume any obligation "u ! risk-%>+ agreem5t & may assign any default$ loan to ! ,f$]al ,h\s+ ,adm9i/ration 9 ex*ange = paym5t ( ! mortgage insurance claim4 ,! risk-%>+ agreem5t %all provide = reimbursem5t to ,g9nie ,mae by ! risk-%>+ p>tn] or p>tn]s = ei!r all or a portion ( ! losses incurr$ on ! loans insur$4 4 7c7 ,am5dm5t to ,g9nie ,mae *>t] act ,clause 7ii7 ( ! fir/ s5t5ce ( section #cjf7;g77#a7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agba7;g77#a77 is am5d$-- 7#a7 by /rik+ ! semicolon & ins]t+ a comma2 & 7#b7 by ins]t+ be=e ! p]iod at ! end ! foll[+3 1 or :i* are insur$ "u subsection 7b7 or 7c7 ( section #edb ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 #agaez-#bb71 subject to ! t]ms ( p>agraph 7#h7 or 7#f71 respectively1 ( su* subsection4 ,v ,af=dable ,h\s+ #eja4 ,af=dable h\s+ allocations 7a7 ,fee & allocation ( am\nts ,9 addition to any fees = ! provision ( insurance e/abli%$ 9 accordance ) title ,,ii1 9 ea* fiscal ye> ! ,plat=m %all-- 7#a7 *>ge & collect a fee 9 an am\nt equal to #aj basis po9ts = ea* doll> ( ! out/&+ pr9cipal balance (-- 7,a7 all eligible mortgage loans t collat]alize securities insur$ "u ?is ,act2 & 7,b7 all o!r mortgage loans t collat]alize securities on :i* ,g9nie ,mae gu>antees ! timely paym5t ( pr9cipal & int]e/ pursuant to title ,,iii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agaf et seq472 & 7#b7 allocate or o!rwise transf]1 on an annual basis-- 7,a7 #ge p]c5t ( su* fee am\nts to ! ,secret>y ( ,h\s+ & ,urban ,developm5t to fund ! ,h\s+ ,tru/ ,fund e/abli%$ "u section #acch ( ! ,safety & ,s\ndness ,act 7#ab ,u4,s4,c4 #defh72 7,b7 #ae p]c5t ( su* fee am\nts to ! ,secret>y ( ! ,treasury to fund ! ,capital ,magnet ,fund e/abli%$ "u section #acci ( ! ,safety & ,s\ndness ,act 7#ab ,u4,s4,c4 #defi72 & 7,c7 #aj p]c5t ( su* fee am\nts to ! ,g9nie ,mae to fund ! ,m>ket ,access ,fund e/abli%$ "u section #ejd ( ?is ,act4 7b7 ,cont9u+ obligation ,! fee requir$ to be *>g$ "u subsection 7a7 %all be collect$ = ! life ( ! security4 7c7 ,susp5sion ( contributions ,! ,director may tempor>ily susp5d1 = an initial p]iod ( "o ye>1 allocations "u subsection 7a77#b7 ^u ! submission by ! ,director to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives ( a writt5 det]m9ation by ! ,director t su* allocations are contribut+1 or w\ld contribute1 to ! f9ancial in/ability ( ! insurance ,fund e/abli%$ "u section #bjb7;g74 ,! ,director may cont9ue su* susp5sion = additional p]iods1 ea* up to "o ye> 9 l5g?1 pursuant to ! same submission & det]m9ation requirem5ts4 7d7 ,rule ( con/ruction ,! co/ ( ! fee requir$ to be *>g$ "u subsection 7a7 %all n be borne by eligible borr[]s4 #ejb4 ,h\s+ ,tru/ ,fund ,section #acch ( ! ,safety & ,s\ndness ,act 7#ab ,u4,s4,c4 #defh7 is am5d$-- 7#a7 9 subsection 7a77#a7-- 7,a7 9 ! fir/ s5t5ce1 by ins]t+ or pursuant to section #eja ( ! ,p>tn]%ip to ,/r5g!n ,home[n]%ip ,act ( #bjad aft] section #accg2 & 7,b7 9 ! second s5t5ce1 by ins]t+ f$]ally-recogniz$ tribes & aft] grants to2 7#b7 by /rik+ subsection 7b7 & ins]t+ ! foll[+3 7b7 ,res]v$4 2 7#c7 9 subsection 7c7-- 7,a7 9 p>agraph 7#a71 by /rik+ ,except z provid$ 9 subsection 7b71 ! & ins]t+ ,!2 7,b7 9 p>agraph 7#b7-- 7i7 by /rik+ 7z su* t]m is def9$ 9 section #d ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiig 7#be ,u4,s4,c4 #dajc772 & 7ii7 by add+ at ! end ! foll[+3 ,an ,indian tribe receiv+ grant am\nts "u ?is subsection may designate a f$]ally recogniz$ tribe or a tribally designat$ h\s+ entity to receive su* grant am\nts4 ,no?+ 9 ?is subsection %all limit or be con/ru$ to limit ! ability ( an ,indian tribe or a tribally designat$ h\s+ entity f be+ a p]missible designat$ recipi5t ( grant am\nts provid$ by a ,/ate "u ?is section42 7,c7 9 p>agraph 7#c7-- 7i7 9 ! head+1 by ins]t+ ,indian tribes & be=e ,/ates2 7ii7 9 subp>agraph 7,a71 by /rik+ ,! ,secret>y %all & ins]t ! foll[+3 7i7 ,m9imum tribal di/ributions 7,i7 ,9 g5]al ,! ,secret>y1 act+ ?r\gh ! ,(fice ( ,native ,am]ican ,programs1 %all di/ribute via competitive grants ! am\nts det]m9$ "u subclause 7,,ii7 & made available "u ?is subsection to f$]ally recogniz$ tribes & tribally designat$ h\s+ entities4 7,,ii7 ,am\nts ,! total am\nt requir$ to be di/ribut$ "u ?is subclause = a fiscal ye> %all be ! great] ( #bj1jjj1jjj1 or #b p]c5t ( ! total am\nt ( am\nts allocat$ = ! ,h\s+ ,tru/ ,fund "u ?is section4 7,,iii7 ,use ( am\nts ,competitive grant am\nts receiv$ by a f$]ally recogniz$ tribe or a tribally designat$ h\s+ entity "u ?is clause may be us$1 or committ$ to use1 only = ^? activities t are id5tifi$ z eligible af=dable h\s+ activities "u section #bjb ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dacb74 7,,iv7 ,evaluation ( applications 7aa7 ,9 g5]al ,9 evaluat+ any application = ! receipt ( competitive grant am\nts au?oriz$ "u ?is clause1 ! ,secret>y1 act+ ?r\gh ! ,(fice ( ,native ,am]ican ,programs1 %all consid] ) respect to ! f$]ally recogniz$ tribe applicant or tribally designat$ h\s+ entity applicant & to ,indian res]vations & o!r ,indian areas associat$ ) ! f$]ally recogniz$ tribe applicant or s]v$ by ! tribally designat$ h\s+ entity applicant evaluation crit]ia1 includ+ ! foll[+3 7,,aa7 ,level ( pov]ty on ! ,indian res]vation or 9 ! ,indian area4 7,,bb7 ,level ( unemploym5t on ! ,indian res]vation or 9 ! ,indian area4 7,,cc7 ,condition ( h\s+ /ock on ! ,indian res]vation or 9 ! ,indian area4 7,,dd7 ,level ( ov]cr[d$ h\s+ on ! ,indian res]vation or 9 ! ,indian area1 z measur$ by ! numb] ( h\seholds 9 :i* ! numb] ( p]sons p] room is great] ?an "o4 7,,ee7 ,pres5ce & preval5ce ( black mold on ! ,indian res]vation or 9 ! ,indian area4 7,,ff7 ,demon/rat$ exp]i5ce1 capacity1 & ability ( ! applicant to manage af=dable h\s+ programs1 includ+ multifamily r5tal h\s+ programs1 home[n]%ip programs1 & programs to assi/ pur*as]s ) d[n paym5ts1 clos+ co/s1 or int]e/ rate buy-d[ns4 7,,gg7 ,demon/rat$ ability ( ! applicant to meet ! requirem5ts "u ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #daja et seq471 includ+ ! timely & effici5t exp5diture ( funds4 7,,hh7 ,su* o!r crit]ia z may be specifi$ by ! ,secret>y 9 ord] to evaluate ! ov]all quality ( ! propos$ project1 ! feasibility ( ! propos$ project1 & :e!r ! propos$ project w address ! h\s+ ne$s on ! ,indian res]vation or 9 ! ,indian area4 7bb7 ,review ( data ,9 evaluat+ any application = ! receipt ( competitive grant am\nts au?oriz$ "u ?is clause1 ! ,secret>y1 act+ ?r\gh ! ,(fice ( ,native ,am]ican ,programs1 %all p]mit a f$]ally recogniz$ tribe applicant or a tribally designat$ h\s+ entity applicant to supplem5t or replace1 9 :ole or 9 "p1 any data compil$ & produc$ by ! ,bureau ( ! ,c5sus & ^u :i* ! ,secret>y1 act+ ?r\gh ! ,(fice ( ,native ,am]ican ,program1 relies1 provid$ su* tribally-collect$ data meets ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t's /&>ds = accuracy4 7,v7 ,treatm5t ( funds ,not)/&+ any o!r provision ( law1 competitive grant am\nts receiv$ "u ?is clause %all n be consid]$ ,f$]al funds = purposes ( mat*+ o!r ,f$]al s\rces ( funds4 7,,vi7 ,rule ( con/ruction ,! requirem5ts "u clause 7ii71 subp>agraphs 7,b7 & 7,c7 ( ?is p>agraph1 & p>agraphs 7#d7 ?r\gh 7#h7 & p>agraph 7#aj77;,a7 ( ?is subsection %all n apply to any am\nts di/ribut$ "u ?is clause to a f$]ally recogniz$ tribe or a tribally designat$ h\s+ entity4 7ii7 ,/ate di/ributions ,f any am\nts rema9+ 9 ! ,h\s+ ,tru/ ,fund aft] ! di/ribution ( ! am\nts requir$ "u clause 7i71 ! ,secret>y %all 2 7iii7 9 subp>agraph 7,b71 by /rik+ subp>agraph 7,a7 & ins]t+ subp>agraph 7,a77ii72 & 7iv7 9 subp>agraph 7,c71 by /rik+ subp>agraph 7,a7 & ins]t+ subp>agraph 7,a77ii72 7,d7 9 p>agraph 7#d7-- 7i7 9 subp>agraph 7,b71 by /rik+ o!r ?an fiscal ye> #bjji2 & 7ii7 by /rik+ subp>agraph 7,c71 & ins]t+ ! foll[+3 7,c7 ,m9imum ,/ate allocations 7i7 ,9 g5]al ,except z provid$ 9 clause 7ii71 if ! =mula am\nt det]m9$ "u p>agraph 7#c7 = a fiscal ye> w\ld allocate less ?an #aj1jjj1jjj to any ( ! #ej ,/ates ( ! ,unit$ ,/ates or ! ,di/rict ( ,columbia1 ! allocation = su* ,/ate ( ! ,unit$ ,/ates or ! ,di/rict ( ,columbia %all be ! great] ( #aj1jjj1jjj1 or #a p]c5t ( ! total am\nt ( am\nts allocat$ = ! ,h\s+ ,tru/ ,fund "u ?is section & ! increase 9 any su* allocation %all be d$uct$ pro rata f ! allocations made to all o!r ( ! ,/ates 7z su* t]m is def9$ 9 section #acjc74 7ii7 ,exception ,if ! allocation to ! ,h\s+ ,tru/ ,fund "u section #eja7;a77#b77;,a7 ( ! ,p>tn]%ip to ,/r5g!n ,home[n]%ip ,act ( #bjad = a fiscal ye> is less ?an #a1jjj1jjj1jjj1 ! m9imum allocation to any ( ! #ej ,/ates ( ! ,unit$ ,/ates or ! ,di/rict ( ,columbia %all be ! great] ( #e1jjj1jjj or #a p]c5t ( ! total am\nt ( am\nts allocat$ = ! ,h\s+ ,tru/ ,fund "u ?is section & ! increase 9 any su* allocation %all be d$uct$ pro rata f ! allocations made to all o!r ( ! ,/ates 7z su* t]m is def9$ 9 section #acjc74 2 7,e7 9 p>agraph 7#g77;,b77iv71 by /rik+ section #acb & ins]t+ section #aacb2 & 7,f7 by add+ at ! end ! foll[+3 7#aa7 ,rule ( con/ruction ,no?+ 9 ?is subsection %all be con/ru$ to limit ! ability ( a f$]ally recogniz$ tribe or a tribally designat$ h\s+ entity f receiv+ grant am\nts provid$ by a ,/ate "u ?is section4 2 & 7#d7 9 subsection 7f71 by add+ at ! end ! foll[+3 7#g7 ,tribal t]ms 7,a7 ,9 g5]al ,! t]ms f$]ally recogniz$ tribe1 ,indian area1 ,indian tribe1 & tribally designat$ h\s+ entity h ! same mean+ z 9 section #d ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dajc74 7,b7 ,indian res]vation ,! t]m ,indian res]vation means l& subject to ! jurisdiction ( an ,indian tribe4 4 #ejc4 ,capital ,magnet ,fund ,section #acci ( ! ,safety & ,s\ndness ,act 7#ab ,u4,s4,c4 #defi7 is am5d$-- 7#a7 9 subsection 7b77#a71 by ins]t+ or section #eja ( ! ,p>tn]%ip to ,/r5g!n ,home[n]%ip ,act ( #bjad aft] section #accg2 7#b7 9 subsection 7c77#b71 by ins]t+ & tribal aft] rural2 & 7#c7 9 subsection 7h77#b77;,a71 by ins]t+ & tribal aft] rural4 7#g7 ,tribal t]ms 7,a7 ,9 g5]al ,! t]ms f$]ally recogniz$ tribe1 ,indian area1 ,indian tribe1 & tribally designat$ h\s+ entity h ! same mean+ z 9 section #d ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dajc74 7,b7 ,indian res]vation ,! t]m ,indian res]vation means l& subject to ! jurisdiction ( an ,indian tribe4 4 #ejd4 ,m>ket ,access ,fund 7a7 ,e/abli%m5t ,g9nie ,mae %all e/abli% a fund1 to be kn[n z ! ,m>ket ,access ,fund4 7b7 ,deposits ,! ,m>ket ,access ,fund %all be cr$it$ )-- 7#a7 ! %>e ( ! fee *>g$ & collect$ by ! ,plat=m "u section #eja7;a77#a77;,b77iii72 & 7#b7 su* o!r am\nts z may be appropriat$ or transf]r$ to ! ,m>ket ,access ,fund4 7c7 ,purpose ,am\nts 9 ! ,m>ket ,access ,fund %all be eligible = use by grantees to address ! home[n]%ip & r5tal h\s+ ne$s ( extremely l[-1 v l[-1 l[-1 & mod]ate-income & und]s]v$ or h>d-to-s]ve populations by-- 7#a7 provid+ grants & loans = rese>*1 developm5t1 & pilot te/+ ( innovations 9 consum] education1 product design1 und]writ+1 & s]vic+2 7#b7 (f]+ additional cr$it support = c]ta9 eligible mortgage loans or pools ( eligible mortgage loans1 su* z by cov]+ a portion ( any capital requir$ to obta9 insurance f ! ,g9nie ,mae "u ?is ,act1 provid$ t am\nts = su* additional cr$it support d n replace borr[] funds requir$ ( an eligible mortgage loan2 7#c7 provid+ grants & loans1 includ+ ?r\gh ! use ( pilot programs ( suffici5t scale1 to support ! rese>* & developm5t ( su/a9able home[n]%ip & af=dable r5tal programs1 :i* programs %all include manufactur$ homes pur*as$ ?r\gh real e/ate & p]sonal prop]ty loans & manufactur$ homes us$ z r5tal h\s+1 provid$ t su* grant or loan am\nts are us$ only = ! b5efit ( families ^: income does n exce$ #abj p]c5t ( ! m$ian income = ! area z det]m9$ by ,g9nie ,mae1 ) adju/m5ts = family size2 7#d7 provid+ limit$ cr$it enhancem5t1 & o!r =ms ( cr$it support1 = product & s]vices t-- 7,a7 w increase ! rate ( su/a9able home[n]%ip & af=dable r5tal h\s+1 includ+ manufactur$ homes pur*as$ ?r\gh real e/ate & p]sonal prop]ty loans & manufactur$ homes us$ z r5tal h\s+1 by individuals or families ^: income does n exce$ #abj p]c5t ( ! area m$ian income z det]m9$ by ,g9nie ,mae1 ) adju/m5ts = family size2 & 7,b7 might n o!rwise be (f]$ or support$ by a pilot program ( suffici5t scale to det]m9e ! viability ( su* products & s]vices 9 ! private m>ket2 7#e7 provid+ h\s+ c\nsel+ by a ,,hud-approv$ h\s+ c\nsel+ ag5cy2 & 7#f7 provid+ inc5tives to a*ieve broad] access to cr$it4 7d7 ,annual report ,! ,director ( ,g9nie ,mae %all1 on an annual basis1 report to ,congress on ! p]=mance & outcome ( grants1 loans1 or cr$it support programs fund$ by ! ,m>ket ,access ,fund 9 accordance ) subsection 7c71 includ+ an evaluation ( h[ ea* grant1 loan1 or cr$it support program-- 7#a7 succe$$ 9 meet+ or fail$ to meet ! ne$s ( c]ta9 populations1 especially extremely l[-1 v l[-1 l[-1 & mod]ate-income & und]s]v$ or h>d-to-s]ve populations2 & 7#b7 succe$$ 9 maximiz+ or fail$ to maximize ! lev]age ( public inve/m5t made = ea* su* grant1 loan1 or cr$it support program4 ,,vi ,g5]al ,provisions #fja4 ,rule ( con/ruction reg>d+ ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5ts ,no?+ 9 ?is ,act %all be con/ru$ to alt]1 sup]s$e1 or int]f]e ) ! f9al rul+ ( a c\rt ( compet5t jurisdiction ) respect to any provision ( ! ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t or am5dm5ts !re( ( an ent]prise4 #fjb4 ,treatm5t ( community developm5t f9ancial in/itution 7a7 ,am5dm5t ,section #aj7;a7 ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adcj7;a77 is am5d$-- 7#a7 9 p>agraph 7#b77;,b71 by ins]t+ or community developm5t f9ancial in/itution 7z def9$ 9 section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb77 aft] community f9ancial in/itution2 & 7#b7 9 p>agraph 7#c77;,e71 by ins]t+ or community developm5t f9ancial in/itution 7z def9$ 9 section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb77 aft] community f9ancial in/itution4 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all take effect on ! c]tification date4