,,ii #aac? ,,congress #a/ ,session ,s4 #abag ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #be1 #bjac ,mr4 ,cork] 7= himself1 ,mr4 ,w>n]1 ,mr4 ,johanns1 ,mr4 ,te/]1 ,mr4 ,hell]1 ,ms4 ,heitkamp1 ,mr4 ,moran1 & ,mrs4 ,hagan7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to provide second>y mortgage m>ket re=m1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac4 7b7 ,table ( ,cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,sec4 #b4 ,def9itions4 ,,title ,i--,f$]al ,mortgage ,insurance ,corporation ,sec4 #aja4 ,e/abli%m5t4 ,sec4 #ajb4 ,director4 ,sec4 #ajc4 ,bo>d ( ,directors4 ,sec4 #ajd4 ,(fice ( ! ,inspector ,g5]al4 ,sec4 #aje4 ,/aff1 exp]ts1 & consultants4 ,sec4 #ajf4 ,reports2 te/imony2 audits4 ,sec4 #ajg4 ,initial fund+4 ,,title ,,ii--,duties1 ,responsibilities1 & ,/ructure ( ! ,,fmic ,subtitle ,a--,duties & ,au?orities ,sec4 #bja4 ,duties & responsibilities ( ! ,,fmic4 ,sec4 #bjb4 ,/&>d =m cr$it risk-%>+ me*anisms1 products1 /ructures1 contracts1 or o!r security agreem5ts4 ,sec4 #bjc4 ,mortgage ,insurance ,fund4 ,sec4 #bjd4 ,insurance4 ,sec4 #bje4 ,au?ority to protect taxpay]s 9 unusual & exig5t m>ket conditions4 ,sec4 #bjf4 ,g5]al p[]s4 ,sec4 #bjg4 ,exemptions4 ,subtitle ,b--,ov]sight ( m>ket p>ticipants ,sec4 #baa4 ,approval ( private mortgage insur]s4 ,sec4 #bab4 ,approval ( s]vic]s4 ,sec4 #bac4 ,approval ( issu]s4 ,sec4 #bad4 ,approval ( bond gu>antors4 ,sec4 #bae4 ,au?ority to e/abli% ,,fmic ,mutual ,securitization ,company4 ,sec4 #baf4 ,additional au?ority relat+ to ov]sight ( m>ket p>ticipants4 ,sec4 #bag4 ,civil money p5alties4 ,sec4 #bah4 ,protection ( privilege & o!r matt]s relat+ to disclosures by m>ket p>ticipants4 ,subtitle ,c--,transp>5cy 9 m>ket op]ations ,sec4 #bba4 ,review ( loan docum5ts2 disclosures4 ,sec4 #bbb4 ,inve/or immunity4 ,sec4 #bbc4 ,uni=m securitization agreem5ts4 ,sec4 #bbd4 ,uni=m mortgage database4 ,sec4 #bbe4 ,electronic regi/ration ( eligible mortgages4 ,subtitle ,d--,,fmic ,/ructure ,sec4 #bca4 ,(fice ( ,und]writ+4 ,sec4 #bcb4 ,(fice ( ,securitization4 ,sec4 #bcc4 ,(fice ( ,f$]al ,home ,loan ,bank ,sup]vision4 ,,title ,,iii--,transf] ( p[]s1 p]sonnel1 & prop]ty to ,,fmic f ,,fhfa ,sec4 #cja4 ,p[]s & duties transf]r$4 ,sec4 #cjb4 ,transf] & rights ( employees ( ! ,,fhfa4 ,sec4 #cjc4 ,aboli%m5t ( ,,fhfa4 ,sec4 #cjd4 ,transf] ( prop]ty & facilities4 ,sec4 #cje4 ,te*nical & con=m+ am5dm5ts4 ,,title ,,iv--,improv+ transp>5cy1 acc\ntability1 & efficacy )9 af=dable h\s+ ,sec4 #dja4 ,af=dable h\s+ allocations4 ,sec4 #djb4 ,h\s+ ,tru/ ,fund4 ,sec4 #djc4 ,capital ,magnet ,fund4 ,sec4 #djd4 ,additional taxpay] protections4 ,,title ,v--,w9d ,d[n ( ,fannie ,mae & ,fr$die ,mac ,sec4 #eja4 ,repeal ( ,,gse *>t]s4 ,sec4 #ejb4 ,w9d d[n4 ,sec4 #ejc4 ,align+ purpose ( cons]vator%ip ) ,,fmic4 ,sec4 #ejd4 ,con=m+ loan limits4 ,sec4 #eje4 ,portfolio r$uction4 ,sec4 #ejf4 ,repeal ( m&atory h\s+ goals4 ,,title ,,vi--,improvem5ts to function+ ( h\s+ m>ket ,sec4 #fja4 ,cont9uation ( multifamily bus9ess ( ! ent]prises4 ,sec4 #fjb4 ,multiple l5d] issues4 ,sec4 #fjc4 ,,gao report on full privatization ( second>y mortgage m>ket4 ,,title ,,vii--,g5]al provisions ,sec4 #gja4 ,au?ority to issue regulations4 ,sec4 #gjb4 ,fair value acc\nt+4 ,sec4 #gjc4 ,rule ( con/ruction4 ,sec4 #gjd4 ,sev]ability4 #b4 ,def9itions ,z us$ 9 ?is ,act1 ! foll[+ def9itions %all apply3 7#a7 ,approv$ bond gu>antor ,! t]m approv$ bond gu>antor means any entity t provides cr$it enhancem5t t is approv$ by ! ,corporation pursuant to section #bad to gu>antee ! timely paym5t ( pr9cipal & int]e/ on securities collat]aliz$ by eligible mortgages & insur$ by ! ,corporation4 7#b7 ,approv$ issu] ,! t]m approv$ issu] means an issu] t is approv$ by ! ,corporation pursuant to section #bac-- 7,a7 to issue cov]$ securities2 & 7,b7 to pur*ase insurance (f]$ by ! ,corporation pursuant to title ,,ii on a cov]$ security = :i* fir/ loss cr$it enhancem5t has be5 secur$4 7#c7 ,approv$ private mortgage insur] ,! t]m approv$ private mortgage insur] means an insur] t is approv$ by ! ,corporation pursuant to section #baa to provide private mortgage insurance on eligible mortgages4 7#d7 ,approv$ s]vic] ,! t]m approv$ s]vic] means a s]vic] t is approv$ by ! ,corporation pursuant to section #bab to adm9i/] eligible mortgages4 7#e7 ,area ,! t]m area-- 7,a7 means a metropolitan /ati/ical area z e/abli%$ by ! ,(fice ( ,managem5t & ,budget2 & 7,b7 = purposes ( p>agraph 7#aa77;,a77ii71 ! m$ian #a-;family h\se price = an area %all be equal to ! m$ian #a-;family h\se price ( ! c\nty )9 ! area t has ! highe/ su* m$ian price4 7#f7 ,bo>d2 ,bo>d ( ,directors ,! t]ms ,bo>d & ,bo>d ( ,directors mean ! ,bo>d ( ,directors ( ! ,f$]al ,mortgage ,insurance ,corporation4 7#g7 ,*>t] ,! t]m *>t] 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#h7 ,corporation ,! t]m ,corporation means ! ,f$]al ,mortgage ,insurance ,corporation e/abli%$ "u title ,i4 7#i7 ,cov]$ security ,! t]m cov]$ security means a mortgage-back$ security-- 7,a7 collat]aliz$ by eligible mortgages2 7,b7 :i* is issu$ subject to a /&>d =m cr$it-risk %>+ me*anism1 product1 /ructure1 contract1 or o!r securitization agreem5t develop$ by ! ,corporation pursuant to title ,,ii2 & 7,c7 :i* is eligible = insurance by ! ,corporation pursuant to title ,,ii1 :i* insurance is pur*as$ by an approv$ issu] :o issues cov]$ securities4 7#aj7 ,director ,! t]m ,director means ! ,director ( ! ,f$]al ,mortgage ,insurance ,corporation1 unless ! context o!rwise requires4 7#aa7 ,eligible mortgage ,! t]m eligible mortgage means a mortgage-- 7,a7 t is a resid5tial real e/ate loan secur$ by a prop]ty ) #a to #d s+le family units t has be5 orig9at$ 9 compliance ) ! provisions ( section #ajbf ( title #ab ( ! ,code ( ,f$]al ,regulations1 z promulgat$ by ! ,bureau ( ,consum] ,f9ancial ,protection pursuant to section #abi;,c7b7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;c7b77 7commonly ref]r$ to z ! ,ability-to-,repay & ,qualifi$ ,mortgage ,rule72 7,b7 has a maximum orig9al pr9cipal obligation am\nt t does n exce$ ! con=m+ loan limitation det]m9$ "u section #ejd2 7,c7 ! out/&+ pr9cipal balance ( :i* at ! "t ( pur*ase ( insurance available "u title ,,ii-- 7i7 is less ?an #hj p]c5t ( ! value ( ! prop]ty secur+ ! mortgage2 7ii7 is n less ?an #hj p]c5t b n m ?an #he p]c5t ( ! value ( ! prop]ty secur+ ! mortgage1 provid$ t n less ?an #ab p]c5t ( ! unpaid pr9cipal balance ( ! mortgage1 acc\nt+ = any d[npaym5t requir$ "u subp>agraph 7,d71 is insur$ by-- 7,i7 an approv$ private mortgage insur]2 or 7,,ii7 l5d] rec\rse or o!r cr$it enhancem5t t-- 7aa7 meets /&>ds comp>able to ! /&>ds requir$ ( private mortgage insur]s "u section #baa2 & 7bb7 is approv$ by ! ,corporation2 7iii7 is n less ?an #he p]c5t b n m ?an #ij p]c5t ( ! value ( ! prop]ty secur+ ! mortgage1 provid$ t n less ?an #be p]c5t ( ! unpaid pr9cipal balance ( ! mortgage1 acc\nt+ = any d[npaym5t requir$ "u subp>agraph 7,d71 is insur$ by-- 7,i7 an approv$ private mortgage insur]2 or 7,,ii7 l5d] rec\rse or o!r cr$it enhancem5t t-- 7aa7 meets /&>ds comp>able to ! /&>ds requir$ ( private mortgage insur]s "u section #baa2 & 7bb7 is approv$ by ! ,corporation2 or 7iv7 is n less ?an #ij p]c5t b n m ?an #ie p]c5t ( ! value ( ! prop]ty secur+ ! mortgage1 provid$ t n less ?an #cj p]c5t ( ! unpaid pr9cipal balance ( ! mortgage1 acc\nt+ = any d[npaym5t requir$ "u subp>agraph 7,d71 is insur$ by-- 7,i7 an approv$ private mortgage insur]2 or 7,,ii7 l5d] rec\rse or o!r cr$it enhancem5t t-- 7aa7 meets /&>ds comp>able to ! /&>ds requir$ ( private mortgage insur]s "u section #baa2 & 7bb7 is approv$ by ! ,corporation2 7,d7 hav+ a d[npaym5t :i* %all be equal to n less ?an #e p]c5t ( pur*ase price ( ! prop]ty secur+ ! mortgage2 7,e7 t is insur$ by an approv$ ,/ate lic5s$ title insurance company2 7,f7 t conta9s su* t]ms & provisions ) respect to insurance1 prop]ty ma9t5ance1 repairs1 alt]ations1 paym5t ( taxes1 default1 res]ves1 del9qu5cy *>ges1 =eclosure proce$+s1 anticipation ( maturity1 additional & second>y li5s1 & o!r matt]s1 includ+ matt]s t set =? t]ms & provisions = e/abli%+ escr[ acc\nts1 p]=m+ f9ancial assessm5ts1 or limit+ ! am\nt ( any paym5t made available "u ! mortgage z ! ,corporation may prescribe2 & 7,g7 t conta9s su* o!r t]ms or *>act]i/ics z ! ,corporation1 9 consultation ) ! ,bureau ( ,consum] ,f9ancial ,protection1 may det]m9e necess>y or appropriate4 7#ab7 ,ent]prise ,! t]m ent]prise means-- 7,a7 ! ,f$]al ,national ,mortgage ,association & any affiliate !re(2 & 7,b7 ! ,f$]al ,home ,loan ,mortgage ,corporation & any affiliate !re(4 7#ac7 ,f$]al bank+ ag5cies ,! t]m-- 7,a7 ,f$]al bank+ ag5cy means1 individually1 ! ,bo>d ( ,gov]nors ( ! ,f$]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 ! ,commodities ,futures ,trad+ ,commission1 ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 & ! ,secret>y ( ! ,treasury2 & 7,b7 ,f$]al bank+ ag5cies means all ( ! ag5cies ref]r$ to 9 subp>agraph 7,a71 collectively4 7#ad7 ,f$]al ,home ,loan ,bank ,! t]m ,f$]al ,home ,loan ,bank means a bank e/abli%$ "u ! au?ority ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adba et seq474 7#ae7 ,f$]al ,home ,loan ,bank ,sy/em ,! t]m ,f$]al ,home ,loan ,bank ,sy/em means ! ,f$]al ,home ,loan ,banks & ! ,(fice ( ,f9ance & any au?oriz$ subsidi>y ( "o or m ,f$]al ,home ,loan ,banks4 7#af7 ,,fmic c]tification date ,! t]m ,,fmic c]tification date means ! date on :i* ! ,bo>d ( ,directors c]tifies t ! ,corporation is op]ational & able to p]=m ! insurance functions = cov]$ securities z provid$ 9 ?is ,act1 :i* date %all be n lat] ?an #e ye>s aft] ! date ( enactm5t ( ?is ,act4 7#ag7 ,insur$ depository in/itution ,! t]m insur$ depository in/itution means-- 7,a7 an insur$ depository in/itution1 z def9$ "u section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7,b7 a cr$it union t meets ! def9ition ( depository in/itution z t t]m is def9$ "u section #ai7;b7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #dfa74 7#ah7 ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t def9$ ,! t]m ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t means-- 7,a7 ! ,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 & 7,b7 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#ai7 ,transf] date ,! t]m transf] date means ! date t is #a ye> aft] ! date ( enactm5t ( ?is ,act4 ,i ,f$]al ,mortgage ,insurance ,corporation #aja4 ,e/abli%m5t 7a7 ,e/abli%m5t ,!re is h]eby e/abli%$ ! ,f$]al ,mortgage ,insurance ,corporation :i* %all h ! p[]s h]e9aft] grant$4 7b7 ,purpose ,! purpose ( ! ,corporation %all be to-- 7#a7 provide liquidity1 transp>5cy1 & access to mortgage cr$it by support+ a robu/ second>y mortgage m>ket & ! production ( resid5tial mortgage-back$ securities2 & 7#b7 protect ! taxpay] f hav+ to absorb losses incurr$ 9 ! second>y mortgage m>ket dur+ p]iods ( economic /ress4 7c7 ,f$]al ,/atus ,! ,corporation %all be an indep5d5t ag5cy ( ! ,f$]al ,gov]nm5t4 7d7 ,succession ,! ,corporation %all h succession until dissolv$ by ,act ( ,congress4 7e7 ,pr9cipal (fice ,! ,corporation %all ma9ta9 its pr9cipal (fice 9 ! ,di/rict ( ,columbia & %all be deem$1 = purposes ( v5ue 9 civil actions1 to be a resid5t !re(4 7f7 ,au?ority ,to e/abli% o!r (fices ,! ,corporation may e/abli% su* o!r (fices 9 su* o!r place or places z ! ,corporation may deem necess>y or appropriate 9 ! conduct ( its bus9ess4 7g7 ,prohibition ,! ,corporation %all n engage 9 mortgage orig9ation4 #ajb4 ,director 7a7 ,e/abli%m5t ( position ,!re is e/abli%$ ! position ( ! ,director ( ! ,corporation1 :o %all be ! head ( ! ,corporation4 7b7 ,appo9tm5t2 t]m 7#a7 ,appo9tm5t ,! ,director %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 f among individuals :o-- 7,a7 are citiz5s ( ! ,unit$ ,/ates2 & 7,b7 h a demon/rat$ te*nical1 academic1 or pr(essional und]/&+ (1 & practical1 discipl9>y1 vocational1 or regulatory exp]i5ce work+ 91 ! mortgage securities m>kets & h\s+ f9ance4 7#b7 ,t]m ,! ,director %all be appo9t$ = a t]m ( #e ye>s1 unless remov$ be=e ! end ( su* t]m = cause by ! ,presid5t4 7#c7 ,vacancy 7,a7 ,9 g5]al ,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 7,b7 ,act+ ,director 7i7 ,designation by ! ,presid5t 7,i7 ,eligible individuals ,if ! ,s5ate has n confirm$ a ,director1 ! ,presid5t may designate ei!r ! individual nom9at$1 b n yet confirm$1 = ! position ( ,director or a memb] ( ! ,bo>d ( ,directors to s]ve z ! ,act+ ,director1 & su* ,act+ ,director %all h all ! rights1 duties1 p[]s1 & responsibilities ( ! ,director1 until su* "t z a ,director is confirm$ by ! ,s5ate4 7,,ii7 ,limitation ,no individual may s]ve concurr5tly z ! ,act+ ,director ( ! ,corporation & ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy4 7#d7 ,s]vice aft] end ( t]m ,an individual may s]ve z ! ,director aft] ! expiration ( ! t]m = :i* appo9t$ until a successor has be5 appo9t$4 7#e7 ,comp5sation ,! ,director %all be comp5sat$ at ! rate prescrib$ = level ,,ii ( ! ,executive ,s*$ule "u section #ecac ( title #e1 ,unit$ ,/ates ,code4 7#f7 ,rules ( con/ruction ,no individual-- 7,a7 may s]ve concurr5tly z ! ,director ( ! ,corporation & ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy2 & 7,b7 t has1 at any "t prior to1 on1 or aft] ! date ( enactm5t ( ?is ,act1 s]v$ z ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy may s]ve z ! ,director ( ! ,corporation4 7c7 ,memb]%ip on ,,fsoc ,! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$-- 7#a7 9 section #b1 by am5d+ p>agraph 7#ab77;,e7 to read z foll[s3 7,e7 ! ,f$]al ,mortgage ,insurance ,corporation1 ) respect to-- 7i7 ! ,mortgage ,insurance ,fund e/abli%$ "u title ,,ii ( ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac2 & 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$]al ,h\s+ ,f9ance ,ag5cy & ins]t+ ,*airp]son ( ! ,f$]al ,mortgage ,insurance ,corporation4 #ajc4 ,bo>d ( ,directors 7a7 ,bo>d ( ,directors 7#a7 ,vot+ memb]s ,! managem5t ( ! ,corporation %all be ve/$ 9 a ,bo>d ( ,directors consi/+ ( #e vot+ memb]s-- 7,a7 #a ( :om %all be ! ,director1 :o %all s]ve z ,*airp]son ( ! ,bo>d2 & 7,b7 #d ( :om %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 f among individuals :o are citiz5s ( ! ,unit$ ,/ates-- 7i7 #a ( :om %all h demon/rat$ te*nical1 academic1 or pr(essional und]/&+ (1 & practical1 discipl9>y1 vocational1 or regulatory exp]i5ce work+ 91 ! field ( asset managem5t2 7ii7 #a ( :om %all h demon/rat$ te*nical1 academic1 or pr(essional und]/&+ (1 & practical1 discipl9>y1 vocational1 or regulatory exp]i5ce work+ 91 mortgage insurance m>kets2 7iii7 #a ( :om %all h a demon/rat$ te*nical1 academic1 or pr(essional und]/&+ (1 & practical1 discipl9>y1 vocational1 or regulatory exp]i5ce work+ )1 l5d]s hav+ less ?an #aj1jjj1jjj1jjj 9 total assets2 & 7iv7 #a ( :om %all h a demon/rat$ te*nical1 academic1 or pr(essional und]/&+ (1 & practical1 discipl9>y1 vocational1 or regulatory exp]i5ce work+ )1 multifamily h\s+ developm5t4 7#b7 ,non-vot+ memb] ,! ,presid5t %all appo9t ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy z an additional non-vot+ memb] ( ! ,bo>d ( ,directors4 ,! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy %all s]ve z non-vot+ memb] ( ! ,bo>d ( ,directors until su* "t z t position is aboli%$ pursuant to title ,,iii4 7#c7 ,indep5d5ce 7,a7 ,9 g5]al ,ea* vot+ memb] ( ! ,bo>d ( ,directors %all be indep5d5t & neutral & ma9ta9 a fiduci>y relation%ip to ! ,corporation 9 p]=m+ 8 or h] duties4 7,b7 ,indep5d5ce det]m9ation ,9 ord] to be consid]$ indep5d5t = purposes ( ?is p>agraph1 a vot+ memb] ( ! ,bo>d ( ,directors-- 7i7 may n1 o!r ?an 9 8 or h] capacity z a memb] ( ! ,bo>d ( ,directors or any committee !re(-- 7,i7 accept any consult+1 advisory1 or o!r comp5satory fee f ! ,corporation2 or 7,,ii7 be a p]son associat$ ) ! ,corporation or ) any affiliat$ company !re(2 & 7ii7 %all be disqualifi$ f any delib]ation involv+ any transaction ( ! ,corporation 9 :i* ! memb] has a f9ancial int]e/ 9 ! outcome ( ! transaction4 7#d7 ,rule ( con/ruction ,no individual t has1 at any "t prior to1 on1 or aft] ! date ( enactm5t ( ?is ,act1 s]v$ z ! ,director or ,act+ ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy may s]ve z a vot+ memb] ( ! ,bo>d ( ,directors4 7b7 ,adm9i/ration ,except z o!rwise may provid$ 9 ?is ,act1 ! ,bo>d ( ,directors %all adm9i/] ! affairs ( ! ,corporation fairly & imp>tially & )\t discrim9ation4 7c7 ,consultation ,! ,bo>d ( ,directors may1 9 c>ry+ out any duty1 responsibility1 requirem5t1 or action au?oriz$ "u ?is ,act1 consult ) ! ,f$]al bank+ ag5cies or any individual ,f$]al bank+ ag5cy1 z ! ,bo>d det]m9es necess>y & appropriate4 7d7 ,t]ms 7#a7 ,appo9t$ memb]s ,ea* appo9t$ vot+ memb] %all be appo9t$ = a t]m ( #e ye>s & %all s]ve on a full-"t basis4 7#b7 ,int]im appo9tm5ts ,any vot+ memb] appo9t$ to fill a vacancy occurr+ be=e ! expiration ( ! t]m = :i* su* memb]'s pr$ecessor 0 appo9t$ %all be appo9t$ only = ! rema9d] ( su* t]m4 7#c7 ,cont9uation ( s]vice ,! ,*airp]son & ea* appo9t$ vot+ memb] may cont9ue to s]ve aft] ! expiration ( ! t]m ( (fice to :i* su* memb] 0 appo9t$ until a successor has be5 appo9t$ & qualifi$4 7e7 ,vacancy ,a vacancy 9 ! vot+ memb]%ip ( ! ,bo>d ( ,directors %all n affect ! p[]s ( ! ,bo>d1 & %all be fill$ 9 ! mann] 9 :i* ! orig9al appo9tm5t 0 made4 7f7 ,vot+ ,a majority vote ( all vot+ memb]s ( ! ,bo>d ( ,directors is necess>y to resolve all vot+ issues ( ! ,corporation4 7g7 ,meet+s ,! ,bo>d ( ,directors %all meet 9 accordance ) ! bylaws ( ! ,corporation-- 7#a7 at ! call ( ! ,*airp]son2 & 7#b7 n less frequ5tly ?an once ea* mon?4 7h7 ,quorum ,?ree vot+ memb]s ( ! ,bo>d ( ,directors !n 9 (fice %all con/itute a quorum4 7i7 ,bylaws ,a majority ( ! vot+ memb]s ( ! ,bo>d ( ,directors may am5d ! bylaws ( ! ,corporation4 7j7 ,att5dance ,memb]s ( ! ,bo>d ( ,directors may att5d meet+s ( ! ,corporation & vote 9 p]son1 via telephone conf]5ce1 or via video conf]5ce4 7k7 ,ineligibility = o!r (fices dur+ s]vice 7#a7 ,9 g5]al ,no vot+ memb] ( ! ,bo>d ( ,directors may dur+ ! "t su* memb] is 9 (fice-- 7,a7 be an (fic] or director ( any insur$ depository in/itution1 depository in/itution hold+ company1 ,f$]al ,res]ve bank1 ,f$]al home loan bank1 approv$ s]vic]1 approv$ private mortgage insur]1 in/itution t orig9ates eligible mortgages1 or in/itution t issues a cov]$ security2 or 7,b7 hold /ock or a controll+ int]e/ 9 any insur$ depository in/itution or depository in/itution hold+ company1 approv$ s]vic]1 approv$ private mortgage insur]1 in/itution t orig9ates eligible mortgages1 or in/itution t issues a cov]$ security4 7#b7 ,c]tification ,^u tak+ (fice1 ea* vot+ memb] ( ! ,bo>d ( ,directors %all c]tify "u oa? t su* memb] has compli$ ) ?is subsection & su* c]tification %all be fil$ ) ! secret>y ( ! ,bo>d ( ,directors4 7l7 ,/atus ( employees 7#a7 ,9 g5]al ,a director1 memb]1 (fic]1 or employee ( ! ,corporation has no liability "u ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;a et seq47 ) respect to any claim aris+ out ( or result+ f any act or omission by su* p]son )9 ! scope ( su* p]son's employm5t 9 connection ) any transaction involv+ ! ,corporation4 ,?is subsection %all n be con/ru$ to limit p]sonal liability = crim9al acts or omissions1 willful or malici\s misconduct1 acts or omissions = private ga91 or any o!r acts or omissions outside ! scope ( su* p]son's employm5t4 7#b7 ,effect on o!r law 7,a7 ,9 g5]al ,?is subsection does n affect-- 7i7 any o!r immunities & protections t may be available to su* p]son "u applicable law ) respect to su* transactions2 or 7ii7 any o!r "r or rem$y aga9/ ! ,corporation1 aga9/ ! ,unit$ ,/ates "u applicable law1 or aga9/ any p]son o!r ?an a p]son describ$ 9 p>agraph 7#a7 p>ticipat+ 9 su* transactions4 7,b7 ,rule ( con/ruction ,?is subsection %all n be con/ru$ to limit or alt] 9 any way ! immunities t are available "u applicable law = ,f$]al (ficials & employees n describ$ 9 ?is subsection4 #ajd4 ,(fice ( ! ,inspector ,g5]al 7a7 ,(fice ( ,inspector ,g5]al 7#a7 ,9 g5]al ,!re is e/abli%$ ! ,(fice ( ! ,inspector ,g5]al ( ! ,f$]al ,mortgage ,insurance ,corporation4 ,! head ( ! ,(fice ( ! ,inspector ,g5]al ( ! ,f$]al ,mortgage ,insurance ,corporation is ! ,inspector ,g5]al ( ! ,f$]al ,mortgage ,insurance ,corporation 79 ?is section ref]r$ to z ! ,inspector ,g5]al71 :o %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate4 7#b7 ,additional responsibilities ,9 addition to c>ry+ out ! requirem5ts e/abli%$ "u ! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app471 ! ,inspector ,g5]al %all-- 7,a7 conduct1 sup]vise1 & coord9ate audits & inve/igations relat+ to ! programs & op]ations ( ! ,corporation-- 7i7 to ensure t ! fir/ loss position t ! ,corporation requires ( private m>ket hold]s ( cov]$ securities insur$ "u ?is ,act is adequate to cov] losses t might be incurr$ z a result ( adv]se economic conditions1 :]e9 su* conditions are g5]ally consi/5t ) ! economic conditions1 includ+ national home price decl9es1 obs]v$ 9 ! ,unit$ ,/ates dur+ mod]ate to sev]e recessions exp]i5c$ dur+ ! la/ #ajj ye>s2 & 7ii7 ) respect to !-- 7,i7 ov]sight & sup]vision ( ! ,f$]al ,home ,loan ,banks & ! ,f$]al ,home ,loan ,bank ,sy/em2 & 7,,ii7 ! contract+ practices & proc$ures ( ! ,corporation2 & 7,b7 recomm5d policies = ! purpose ( address+ any defici5cies1 ineffici5cies1 gaps1 or failures 9 ! adm9i/ration ( su* programs & op]ations4 7#c7 ,inspector ,g5]al report2 report ( indep5d5t actu>y ,beg9n+ #a ye> aft] ! ,,fmic c]tification date1 & annually !reaft]1 ! ,inspector ,g5]al & an indep5d5t actu>y contract$ = by ! ,director %all ea* conduct an exam9ation & issue a sep>ate report reg>d+-- 7,a7 ! adequacy ( insurance fees *>g$ by ! ,bo>d ( ,directors "u title ,,ii2 & 7,b7 ! adequacy ( ! ,mortgage ,insurance ,fund e/abli%$ "u title ,,ii4 7b7 ,am5dm5ts to ,inspector ,g5]al ,act ( #aigh ,section #aa ( ! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app47 is am5d$-- 7#a7 9 p>agraph 7#a71 by ins]t+ ,*airp]son ( ! ,f$]al ,mortgage ,insurance ,corporation2 aft] ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy22 & 7#b7 9 p>agraph 7#b71 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ! ,f$]al ,h\s+ ,f9ance ,ag5cy14 7c7 ,comp5sation ,! annual rate ( basic pay ( ! ,inspector ,g5]al %all be ! annual rate ( basic pay provid$ = positions at level ,,iii ( ! ,executive ,s*$ule "u section #ecad ( title #e1 ,unit$ ,/ates ,code4 #aje4 ,/aff1 exp]ts1 & consultants 7a7 ,comp5sation 7#a7 ,9 g5]al ,! ,bo>d ( ,directors may appo9t & fix ! comp5sation ( su* (fic]s1 attorneys1 economi/s1 exam9]s1 & o!r employees z may be necess>y = c>ry+ out ! functions ( ! ,corporation4 7#b7 ,rates ( pay ,rates ( basic pay & ! total am\nt ( comp5sation & b5efits = all employees ( ! ,corporation may be-- 7,a7 set & adju/$ by ! ,bo>d ( ,directors )\t reg>d to ! provisions ( *apt] #ea or sub*apt] ,,iii ( *apt] #ec ( title #e1 ,unit$ ,/ates ,code2 & 7,b7 reasonably increas$1 not)/&+ any limitation set =? 9 p>agraph 7#c71 if ! ,bo>d ( ,directors det]m9es su* increases are necess>y to attract & hire qualifi$ employees4 7#c7 ,p>ity ,! ,bo>d ( ,directors may provide additional comp5sation & b5efits to employees ( ! ,corporation1 ( ! same type ( comp5sation or b5efits t are !n be+ provid$ by any ag5cy ref]r$ to "u section #abjf ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ahcc;b7 or1 if n !n be+ provid$1 c\ld be provid$ by su* an ag5cy "u applicable provisions ( law1 rule1 or regulation4 ,9 sett+ & adju/+ ! total am\nt ( comp5sation & b5efits = employees1 ! ,bo>d ( ,directors %all consult ) & seek to ma9ta9 comp>ability ) ! ag5cies ref]r$ to "u section #abjf ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ahcc;b74 7b7 ,detail ( gov]nm5t employees ,^u ! reque/ ( ! ,bo>d ( ,directors1 any ,f$]al ,gov]nm5t employee may be detail$ to ! ,corporation )\t reimbursem5t1 & su* detail %all be )\t int]ruption or loss ( civil s]vice /atus or privilege4 7c7 ,exp]ts & consultants ,! ,bo>d ( ,directors may procure ! s]vices ( exp]ts & consultants z ! ,bo>d consid]s necess>y or appropriate4 7d7 ,te*nical & pr(essional advisory committees ,! ,bo>d ( ,directors may appo9t su* special advisory1 te*nical1 or pr(essional committees z may be useful 9 c>ry+ out ! functions ( ! ,corporation4 #ajf4 ,reports2 te/imony2 audits 7a7 ,reports 7#a7 ,9 g5]al ,! ,corporation %all submit1 on an annual basis1 to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a writt5 report ( its op]ations1 activities1 budget1 receipts1 & exp5ditures = ! prec$+ #ab-mon? p]iod4 7#b7 ,cont5ts ( report ,! report requir$ "u subsection 7a7 %all include an analysis (-- 7,a7 ) respect to ! ,mortgage ,insurance ,fund e/abli%$ "u section #bjc-- 7i7 ! curr5t f9ancial condition ( ! ,mortgage ,insurance ,fund2 7ii7 ! exposure ( ! ,mortgage ,insurance ,fund to *anges 9 ^? economic factors mo/ likely to affect ! condition ( t fund2 7iii7 a curr5t e/imate ( ! res\rces ne$$ = ! ,mortgage ,insurance ,fund to a*ieve ! purposes ( ?is ,act2 & 7iv7 any f9d+s1 conclusions1 & recomm5dations = legislative & adm9i/rative actions consid]$ appropriate to ! future activities ( ! ,corporation2 7,b7 ! second>y mortgage m>ket1 ! h\s+ m>ket1 & ! economy1 includ+ ?r\gh use ( /ress te/s1 & h[ su* analysis 0 us$ to det]m9e & set ! res]ve ratio = ! ,mortgage ,insurance ,fund = ! prec$+ #ab-mon? p]iod2 7,c7 :e!r or n ! actual res]ve ratio ( ! ,mortgage ,insurance ,fund met-- 7i7 ! res]ve ratio set = ! prec$+ #ab-mon? p]iod2 or 7ii7 ! res]ve ratio goals e/abli%$ 9 section #bjc7;e72 7,d7 h[ ! ,corporation int5ds to ensure t ! goals set = ! res]ve ratio = ! ,mortgage ,insurance ,fund are to be met & ma9ta9$ = ! next #ab-mon? p]iod1 & su* analysis %all include a detail$ & descriptive plan ( ! actions t ! ,corporation int5ds to take pursuant to its au?orities "u ?is ,act2 7,e7 h[ ! ,corporation has provid$ liquidity1 transp>5cy1 & access to mortgage cr$it 9 its support ( a robu/ second>y mortgage m>ket & ! production ( resid5tial mortgage-back$ securities2 7,f7 ! /ate ( ! private label mortgage-back$ securities m>ket1 & su* analysis %all include ! submission ( a reasonable set ( adm9i/rative1 regulatory1 & legislative proposals on h[ to limit ! ,f$]al ,gov]nm5t's footpr9t 9 ! second>y mortgage m>ket2 7,g7 ! effect t fur!r decreases 9 loan limits w\ld h on ! second>y mortgage m>ket1 ! h\s+ m>ket1 & ! economy2 & 7,h7 ! /ate ( ! global cov]$ bond m>ket4 7b7 ,te/imony ,! ,*airp]son ( ! ,corporation1 on a biannual basis1 %all provide te/imony to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives4 7c7 ,audit ( ,corporation 7#a7 ,annual audit ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all annually audit ! f9ancial transactions ( ! ,corporation 9 accordance ) ! ,unit$ ,/ates g5]ally accept$ gov]nm5t audit+ /&>ds z may be prescrib$ by ! ,comptroll] ,g5]al4 7#b7 ,place ( audit ,! audit requir$ "u ?is subsection %all be conduct$ at ! place or places :]e acc\nts ( ! ,corporation are normally kept4 7#c7 ,access ,! repres5tatives ( ! ,comptroll] ,g5]al %all h access to ! p]sonnel & to all books1 acc\nts1 docum5ts1 pap]s1 records 7includ+ electronic records71 reports1 files1 & all o!r pap]s1 automat$ data1 or prop]ty belong+ to or "u ! control ( or us$ or employ$ by ! ,corporation p]ta9+ to its f9ancial transactions & necess>y to facilitate ! audit requir$ "u ?is subsection1 & su* repres5tatives %all be af=d$ full facilities = v]ify+ transactions ) ! balances or securities held by depositories1 fiscal ag5ts1 & cu/odians4 7#d7 ,possession & cu/ody ,all su* books1 acc\nts1 docum5ts1 records1 reports1 files1 pap]s1 & prop]ty ( ! ,corporation us$ to c>ry out ! audit requir$ "u ?is subsection %all rema9 9 ! possession & cu/ody ( ! ,corporation4 7#e7 ,p]missible duplication ,! ,comptroll] ,g5]al may obta9 & duplicate any su* books1 acc\nts1 docum5ts1 records1 work+ pap]s1 automat$ data & files1 or o!r in=mation relevant to su* audit )\t co/ to ! ,comptroll] ,g5]al & ! ,comptroll] ,g5]al's "r ( access to su* in=mation %all be en=ceable pursuant to section #gaf7;c7 ( title #ca1 ,unit$ ,/ates ,code4 7#f7 ,report 7,a7 ,submission to ,congress ,! ,comptroll] ,g5]al %all submit to ,congress a report ( ea* annual audit conduct$ "u ?is subsection4 7,b7 ,requir$ cont5t ,! report to ,congress requir$ "u subp>agraph 7,a7 %all-- 7i7 set =? ! scope ( ! audit2 & 7ii7 include-- 7,i7 ! /atem5t ( assets & liabilities & surplus or deficit2 7,,ii7 ! /atem5t ( income & exp5ses2 7,,iii7 ! /atem5t ( s\rces & application ( funds2 & 7,,iv7 su* comm5ts & in=mation z ! ,comptroll] ,g5]al may deem necess>y to in=m ,congress ( ! f9ancial op]ations & condition ( ! ,corporation1 toge!r ) su* recomm5dations ) respect !reto z ! ,comptroll] ,g5]al may deem advisable4 7,c7 ,copies ,a copy ( ea* report requir$ "u subp>agraph 7,a7 %all be furni%$ to ! ,presid5t & to ! ,*airp]son ( ! ,corporation at ! "t su* report is submitt$ to ! ,congress4 7#g7 ,assi/ance & co/s 7,a7 ,p]mitt$ use ( outside assi/ance ,= ! purpose ( conduct+ an audit "u ?is subsection1 ! ,comptroll] ,g5]al may employ by contract1 )\t reg>d to section #cgji ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#da ,u4,s4,c4 #e71 pr(essional s]vices ( firms & organizations ( c]tifi$ public acc\ntants = tempor>y p]iods or = special purposes4 7,b7 ,co/ ( audit cov]$ by ,corporation 7i7 ,9 g5]al ,^u ! reque/ ( ! ,comptroll] ,g5]al1 ! ,*airp]son ( ! ,corporation %all transf] to ! ,comptroll] ,g5]al f funds available1 ! am\nt reque/$ by ! ,comptroll] ,g5]al to cov] ! reasonable co/s ( any audit & report conduct$ by ! ,comptroll] ,g5]al pursuant to ?is subsection4 7ii7 ,cr$it ( funds ,! ,comptroll] ,g5]al %all cr$it funds transf]r$ "u clause 7i7 to ! acc\nt at ! ,treasury e/abli%$ = sal>ies & exp5ses ( ! ,gov]nm5t ,acc\ntability ,(fice1 & su* am\nts %all be available ^u receipt & )\t fiscal ye> limitation to cov] ! full co/s ( ! audit & report4 #ajg4 ,initial fund+ 7a7 ,9 g5]al ,section #acaf ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deaf7 is am5d$ by add+ at ! end ! foll[+3 7i7 ,annual assessm5ts relat+ to initial fund+ ( ! ,,fmic ,not)/&+ title ,v ( ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac or any o!r provision ( law1 = ! p]iod beg9n+ on ! date ( enactm5t ( ?is subsection & end+ on ! ,,fmic c]tification date 7z t date is set =? "u section #b7af7 ( ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac1 ! ,director1 9 consultation ) ! ,*airp]son ( ! ,f$]al ,mortgage ,insurance ,corporation1 %all e/abli% & collect f ! ent]prises annual assessm5ts 9 addition to ^? requir$ "u subsection 7a7 9 an am\nt n exce$+ ! am\nt suffici5t to provide = ! reasonable co/s 7includ+ adm9i/rative co/s7 & exp5ses ( ! ,corporation4 ,all am\nts collect$ "u ?is subsection %all be transf]r$ to ! ,f$]al ,mortgage ,insurance ,corporation4 ,! annual assessm5t %all be payable semiannually = ea* fiscal ye>1 on ,octob] #a & ,april #a4 4 7b7 ,treatm5t ( assessm5ts 7#a7 ,deposit ,am\nts receiv$ by ! ,corporation f assessm5ts impos$ "u section #acaf7;i7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib %all be deposit$ by ! ,corporation 9 ! mann] provid$ 9 section #ebcd ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #aib7 = monies deposit$ by ! ,comptroll] ( ! ,curr5cy4 7#b7 ,n gov]nm5t funds ,! am\nts receiv$ by ! ,corporation f any assessm5t impos$ "u section #acaf7;i7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib %all n be con/ru$ to be ,gov]nm5t or public funds or appropriat$ money4 7#c7 ,no apportionm5t ( funds ,not)/&+ any o!r provision ( law1 ! am\nts receiv$ by ! ,corporation f any assessm5t impos$ "u section #acaf7;i7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib %all n be subject to apportionm5t = ! purpose ( *apt] #ae ( title #ca1 ,unit$ ,/ates ,code1 or "u any o!r au?ority4 7#d7 ,use ( funds 7,a7 ,9 g5]al ,! ,corporation may use any am\nts receiv$ f assessm5ts impos$ "u section #acaf7;i7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib-- 7i7 = comp5sation ( ! employees ( ! ,corporation2 & 7ii7 = all o!r exp5ses ( ! ,corporation4 7,b7 ,treasury inve/m5ts ,! ,corporation may reque/ ! ,secret>y ( ! ,treasury to inve/ su* portions ( am\nts receiv$ f assessm5ts impos$ "u section #acaf7;i7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib t1 9 ! discretion ( ! ,corporation1 are n requir$ to meet ! curr5t work+ ne$s ( ! ,corporation4 7,c7 ,gov]nm5t obligations ,pursuant to a reque/ "u subp>agraph 7,b71 ! ,secret>y ( ! ,treasury %all inve/ su* am\nts 9 ,gov]nm5t obligations-- 7i7 gu>ante$ z to pr9cipal & int]e/ by ! ,unit$ ,/ates ) maturities suitable to ! ne$s ( ! ,corporation2 & 7ii7 be>+ int]e/ at a rate det]m9$ by ! ,secret>y ( ! ,treasury tak+ into consid]ation curr5t m>ket yields on out/&+ m>ketable obligations ( ! ,unit$ ,/ates ( comp>able maturity4 ,,ii ,duties1 ,responsibilities1 & ,/ructure ( ! ,,fmic ,a ,duties & ,au?orities #bja4 ,duties & responsibilities ( ! ,,fmic 7a7 ,duties ,! pr9cipal duties ( ! ,corporation %all be to-- 7#a7 c>ry out ?is ,act 9 a mann] t-- 7,a7 m9imizes any pot5tial long-t]m negative co/ on ! taxpay]2 & 7,b7 ensures1 to ! maximum ext5t possible-- 7i7 a liquid & resili5t h\s+ f9ance m>ket2 & 7ii7 ! availability ( mortgage cr$it2 7#b7 develop /&>d =m cr$it risk-%>+ me*anisms1 products1 /ructures1 contracts1 or o!r security agreem5ts t require private m>ket hold]s ( a cov]$ security insur$ "u ?is ,act to assume ! fir/ loss position ) respect to losses incurr$ on su* securities2 7#c7 provide insurance on any cov]$ security = :i* private m>ket hold]s ( su* security h assum$ ! fir/ loss position ) respect to losses t may be incurr$ on su* security 9 ord] to provide a liquid & resili5t h\s+ f9ance m>ket2 7#d7 provide lead]%ip to ! h\s+ f9ance m>ket to help ensure t all geographic locations h access to mortgage cr$it2 7#e7 *>ge & collect fees 9 ex*ange = provid+ su* insurance1 :]eby su* fees %all be suffici5t to protect ! taxpay] f ! risk ( provid+ su* insurance & to fund ! activities & op]ations ( ! ,corporation2 7#f7 e/abli% & ma9ta9 a ,mortgage ,insurance ,fund2 7#g7 facilitate securitization ( eligible mortgages orig9at$ by cr$it unions & community & mid-size banks )\t securitization capabilities2 7#h7 ensure discipl9e & integrity 9 ! m>ket = cov]$ securities by sett+ /&>ds = ! approval ( private mortgage insur]s1 s]vic]s1 issu]s1 & bond gu>antors2 7#i7 e/abli%1 op]ate1 & ma9ta9 a database = ! collection1 public use1 & dissem9ation ( uni=m loan level in=mation on eligible mortgages2 7#aj7 develop1 adopt1 & publi% /&>d uni=m securitization agreem5ts = cov]$ securities2 7#aa7 e/abli%1 op]ate1 & ma9ta9 an electronic regi/ry sy/em = eligible mortgages t collat]alize cov]$ securities insur$ "u ?is ,act2 7#ab7 ov]see & sup]vise ! common securitization plat=m develop$ by ! bus9ess entity ann\nc$ by ! ,f$]al ,h\s+ ,f9ance ,ag5cy & e/abli%$ by ! ent]prises2 & 7#ac7 ensure t cr$it unions & community & mid-size banks-- 7,a7 h equal access to any su* common securitization plat=m & any o!r securitization plat=ms2 & 7,b7 are n1 9 _! access or use ( su* plat=ms1 discrim9at$ aga9/ ?r\gh disc\nts = volume pric+ or o!r me*anisms4 7b7 ,scope ( au?ority ,! au?ority ( ! ,corporation %all include ! au?ority to ex]cise su* incid5tal p[]s z may be necess>y or appropriate to fulfill ! duties & responsibilities ( ! ,corporation set =? "u subsection 7a74 7c7 ,delegation ( au?ority ,! ,bo>d ( ,directors may delegate to (fic]s & employees ( ! ,corporation any ( ! functions1 p[]s1 or duties ( ! ,corporation1 z ! ,bo>d ( ,directors det]m9es appropriate4 #bjb4 ,/&>d =m cr$it risk-%>+ me*anisms1 products1 /ructures1 contracts1 or o!r security agreem5ts 7a7 ,requirem5ts2 %>e ( loss2 div]sity ,pursuant to section #bja7;a77#b71 ! ,corporation %all develop /&>d =m cr$it-risk %>+ me*anisms1 products1 /ructures1 contracts1 or o!r security agreem5ts :i* %all require t ! fir/ loss position ( private m>ket hold]s ( a cov]$ security insur$ "u ?is ,act-- 7#a7 is adequate to cov] losses t might be incurr$ z a result ( adv]se economic conditions1 :]e9 su* conditions are g5]ally consi/5t ) ! economic conditions1 includ+ national home price decl9es1 obs]v$ 9 ! ,unit$ ,/ates dur+ mod]ate to sev]e recessions exp]i5c$ dur+ ! la/ #ajj ye>s2 & 7#b7 is n less ?an #aj p]c5t ( ! pr9cipal or face value ( ! cov]$ security4 7b7 ,developm5t w9d[ = risk-,%>+ me*anisms 7#a7 ,9 g5]al ,! ,corporation %all complete ! developm5t & implem5tation ( ! me*anisms1 products1 /ructures1 contracts1 or o!r security agreem5ts requir$ "u subsection 7a7 n lat] ?an #e ye>s aft] ! date ( enactm5t ( ?is ,act4 7#b7 ,exam9ation ( v>i\s me*anisms ,9 develop+ ! me*anisms1 products1 /ructures1 contracts1 or o!r security agreem5ts requir$ "u subsection 7a71 ! ,corporation %all-- 7,a7 exam9e proposals t include a s5ior-subord9at$ deal /ructure1 cr$it-l9k$ /ructures1 & ! use ( regulat$ gu>antors ) suffici5t equity capital to absorb losses associat$ ) mod]ate or sev]e economic d[nturns2 7,b7 consid] any risk-%>+ me*anisms1 products1 /ructures1 contracts1 or o!r security agreem5ts und]tak5 by ! bus9ess entity ann\nc$ by ! ,f$]al ,h\s+ ,f9ance ,ag5cy & e/abli%$ by ! ent]prises to provide a common securitization plat=m = issu]s 9 ! second>y mortgage m>ket2 7,c7 consid] h[ ea* propos$ me*anism1 product1 /ructure1 contract1 or o!r security agreem5t-- 7i7 m9imizes any pot5tial long-t]m negative co/ to ! taxpay]2 7ii7 impacts ! availability ( mortgage cr$it =-- 7,i7 small f9ancial in/itutions1 su* z cr$it unions & community & mid-size banks2 & 7,,ii7 consum]s2 7iii7 influ5ces mortgage af=dability2 7iv7 all[s = loan modifications & =eclosure prev5tion alt]natives2 7v7 int]acts ) ! ,to-,be-,ann\nc$ m>ket2 & 7vi7 facilitates m>ket liquidity & resili5cy2 & 7,d7 ensure t l5d]s ( all sizes & f all geographic locations1 includ+ rural locations1 h equitable access to second>y mortgage m>ket f9anc+4 7#c7 ,report 7,a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 & annually !reaft] until ! end ( ! #e-ye> p]iod provid$ 9 p>agraph 7#a71 ! ,corporation %all submit a report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives t-- 7i7 details ! b5efits & drawbacks ( ea* me*anism1 product1 /ructure1 contract1 or o!r security agreem5t t ! ,director consid]$ 9 c>ry+ out ! requirem5t ( ?is section2 7ii7 describes ! op]ation & execution ( any me*anisms1 products1 /ructures1 contracts1 or o!r security agreem5ts t ! ,director det]m9es be/ fulfills ! requirem5ts ( ?is section2 & 7iii7 expla9s h[ ! ,corporation arriv$ at ! det]m9ation made "u clause 7ii74 7,b7 ,subsequ5t reports ,aft] ! expiration ( ! #e-ye> p]iod provid$ 9 p>agraph 7#a7 & ! submission ( ! report requir$ "u subp>agraph 7,a71 ea* "t ! ,corporation develops an additional /&>d =m cr$it risk-%>+ me*anism1 product1 /ructure1 contract1 or o!r security agreem5t t fulfills ! requirem5ts ( ?is section1 ! ,corporation %all submit a report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives address+ ! id5tical conc]ns set =? "u clauses 7i7 ?r\gh 7iii7 ( subp>agraph 7,a74 #bjc4 ,mortgage ,insurance ,fund 7a7 ,e/abli%m5t ,!re is e/abli%$ ! ,mortgage ,insurance ,fund1 :i* ! ,corporation %all-- 7#a7 ma9ta9 & adm9i/]2 & 7#b7 use to cov] losses incurr$ on cov]$ securities insur$ "u ?is ,act1 :5 su* losses exce$ ! fir/ position losses absorb$ by private m>ket hold]s ( su* securities4 7b7 ,deposits ,! ,mortgage ,insurance ,fund %all be cr$it$ ) any-- 7#a7 insurance fee am\nts requir$ to be deposit$ 9 ! ,fund "u ?is section2 7#b7 gu>antee fee am\nts collect$ "u section #fja2 & 7#c7 am\nts e>n$ on inve/m5ts pursuant to subsection 7h74 7c7 ,fiduci>y responsibility ,! ,corporation has ! responsibility to ensure t ! ,mortgage ,insurance ,fund rema9s f9ancially s\nd4 7d7 ,use 7#a7 ,9 g5]al ,! ,mortgage ,insurance ,fund %all be solely available to ! ,corporation = use by ! ,corporation to c>ry out ! functions au?oriz$ by ?is ,act & may n be us$ or o!rwise div]t$ to cov] any o!r exp5se ( ! ,f$]al ,gov]nm5t4 7#b7 ,exemption f apportionm5t ,not)/&+ any o!r provision ( law1 am\nts receiv$ by ! ,mortgage ,insurance ,fund pursuant to any fees collect$ "u ?is section %all n be subject to apportionm5t = ! purposes ( *apt] #ae ( title #ca1 ,unit$ ,/ates ,code1 or "u any o!r au?ority4 7e7 ,res]ve ratio goals = ,mortgage ,insurance ,fund ,! ,corporation %all endeavor to ensure t ! ,mortgage ,insurance ,fund atta9s a res]ve balance-- 7#a7 ( #a4be p]c5t ( ! sum ( ! out/&+ pr9cipal balance ( ! cov]$ securities = :i* insurance is be+ provid$ "u ?is title )9 #e ye>s ( ! ,,fmic c]tification date1 & to /rive to ma9ta9 su* ratio !reaft]1 subject to subp>agraph 7,b72 & 7#b7 ( #b4ej p]c5t ( ! sum ( ! out/&+ pr9cipal balance ( ! cov]$ securities = :i* insurance is be+ provid$ "u ?is title )9 #aj ye>s ( ! ,,fmic c]tification date1 & to /rive to ma9ta9 su* ratio at all times !reaft]4 7f7 ,ma9t5ance ( res]ve ratio2 e/abli%m5t ( fees 7#a7 ,e/abli%m5t ( fees ,! ,corporation %all *>ge & collect a fee1 & may 9 its discretion increase or decrease su* fee1 9 connection ) any insurance provid$ "u ?is title to-- 7,a7 a*ieve & ma9ta9 ! res]ve ratio goals e/abli%$ "u subsection 7e72 7,b7 a*ieve su* res]ve ratio goals1 if ! actual balance ( su* res]ve is bel[ ! goal am\nts e/abli%$ "u subsection 7e72 & 7,c7 fund ! op]ations ( ! ,corporation4 7#b7 ,fee consid]ations ,9 ex]cis+ ! au?ority grant$ "u p>agraph 7#a71 ! ,corporation %all consid]-- 7,a7 ! expect$ op]at+ exp5ses ( ! ,mortgage ,insurance ,fund2 7,b7 ! risk ( loss to ! ,mortgage ,insurance ,fund 9 c>ry+ out ! requirem5ts "u ?is ,act2 7,c7 ! risk pres5t$ by1 & ! loss absorption capacity (1 ! cr$it enhancem5t t is provid$ on ! pool ( eligible mortgages collat]aliz+ ! cov]$ security to be insur$ "u ?is title2 7,d7 economic conditions g5]ally affect+ ! mortgage m>kets2 7,e7 ! ext5t to :i* ! res]ve ratio ( ! ,mortgage ,insurance ,fund met-- 7i7 ! res]ve ratio set = ! prec$+ #ab-mon? p]iod2 or 7ii7 ! res]ve ratio goals e/abli%$ 9 subsection 7e72 & 7,f7 any o!r factor t ! ,corporation det]m9es appropriate4 7#c7 ,fee ,uni=mity ,! fee requir$ "u p>agraph 7#a7-- 7,a7 %all be set at a uni=m am\nt applicable to all in/itutions pur*as+ insurance "u ?is title2 7,b7 may n v>y-- 7i7 by geographic location2 or 7ii7 by ! size ( ! in/itution to :i* ! fee is *>g$2 & 7,c7 may n be bas$ on ! volume ( insurance to be pur*as$ by an approv$ issu]4 7#d7 ,deposit into ,mortgage ,insurance ,fund ,any fee am\nts collect$ "u ?is subsection %all be deposit$ 9 ! ,mortgage ,insurance ,fund4 7g7 ,full ,fai? & ,cr$it ,! full fai? & cr$it ( ! ,unit$ ,/ates is pl$g$ to ! paym5t ( all am\nts f ! ,mortgage ,insurance ,fund :i* may be requir$ to be paid "u any insurance provid$ "u ?is title4 7h7 ,inve/m5ts ,am\nts 9 ! ,mortgage ,insurance ,fund t are n o!rwise employ$-- 7#a7 %all be inve/$ 9 obligations ( ! ,unit$ ,/ates2 & 7#b7 may n be inve/$ 9 any cov]$ security insur$ "u ?is ,act4 #bjd4 ,insurance 7a7 ,au?ority ,! ,corporation %all1 ^u application & 9 ex*ange = a fee 9 accordance ) section #bjc7;f71 insure ! paym5t ( pr9cipal & int]e/ on a cov]$ security ) respect to losses t may be incurr$ on su* security4 7b7 ,precondition2 ensur+ placem5t ( fir/ loss capital ,! ,corporation %all develop /&>ds & processes to ensure t prior to mak+ any commitm5t to provide insurance "u ?is section t private m>ket hold]s h tak5 fir/ loss position 9 a cov]$ security & t su* hold]s h suffici5t capital to cov] _! risk-%>+ obligations4 7c7 ,ca% paym5ts2 cont9u$ op]ations ,9 ! ev5t ( a paym5t default on an eligible mortgage t collat]alizes a cov]$ security insur$ "u ?is section t exce$s ! fir/ loss position assum$ by a private m>ket hold] or t1 9 ! case ( an approv$ bond gu>antor1 if ! gu>antor has become insolv5t1 ! ,corporation %all-- 7#a7 pay1 9 ca% :5 due1 any %ortfalls 9 paym5t ( pr9cipal & int]e/ "u ! eligible mortgage2 & 7#b7 cont9ue to *>ge & collect any fees = ! provision ( insurance 79 accordance ) section #bjc7;f77 relat+ to ! cov]$ security4 7d7 ,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 7e7 ,prohibition on ,f$]al assi/ance ,not)/&+ any o!r provision ( law1 no ,f$]al funds may be us$ to pur*ase or gu>antee obligations (1 issue l9es ( cr$it to1 provide direct or indirect access to any f9anc+ provid$ by ! ,unit$ ,/ates ,gov]nm5t to1 or provide direct or indirect grants & aid to any private m>ket hold] ( ! fir/ loss position on a cov]$ security :i*1 on or aft] ! date ( enactm5t ( ?is ,act1 has default$ on its obligations1 is at risk ( default+1 or is likely to default1 abs5t su* assi/ance f ! ,unit$ ,/ates ,gov]nm5t4 #bje4 ,au?ority to protect taxpay]s 9 unusual & exig5t m>ket conditions 7a7 ,9 g5]al ,if ! ,corporation1 ^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 ! h\s+ m>kets t c\ld mat]ially & sev]ely disrupt ! function+ ( ! h\s+ f9ance sy/em ( ! ,unit$ ,/ates1 ! ,corporation may1 = a p]iod n to exce$ #f mon?s1 provide insurance 9 accord ) section #bjd to any cov]$ security reg>dless ( :e!r su* security has satisfi$ ! requirem5ts ( section #bjb7;a74 7b7 ,consid]ations ,9 ex]cis+ ! au?ority grant$ "u subsection 7a71 ! ,corporation %all consid] ! sev]ity ( ! conditions pres5t 9 ! h\s+ m>kets & ! risks pres5t$ to ! ,mortgage ,insurance ,fund 9 ex]cis+ su* au?ority4 7c7 ,limitation ,! au?ority grant$ to ! ,corporation "u subsection 7a7 may n be ex]cis$ m ?an once 9 any giv5 #c-ye> p]iod4 #bjf4 ,g5]al p[]s 7a7 ,corporate p[]s ,! ,f$]al ,mortgage ,insurance ,corporation %all h p[]-- 7#a7 to adopt1 alt]1 & use a corporate seal1 :i* %all be judicially notic$2 7#b7 to ent] into & p]=m contracts1 leases1 coop]ative agreem5ts1 or o!r transactions1 on su* t]ms z x may deem appropriate1 ) any ag5cy or in/rum5tality ( ! ,unit$ ,/ates1 or ) any ,/ate1 ,t]ritory1 or possession1 or ! ,commonweal? ( ,pu]to ,rico1 or ) any political subdivision !re(1 or ) any p]son1 firm1 association1 or corporation2 7#c7 to execute1 9 accordance ) its bylaws1 all in/rum5ts necess>y or appropriate 9 ! ex]cise ( any ( its p[]s2 7#d7 9 its corporate "n1 to sue & to be su$1 & to compla9 & to def5d1 9 any c\rt ( compet5t jurisdiction1 ,/ate or ,f$]al1 b no atta*m5t1 injunction1 or o!r simil> process1 mesne or f9al1 %all be issu$ aga9/ ! prop]ty ( ! ,corporation2 7#e7 to conduct its bus9ess )\t reg>d to any qualification or simil> /atute 9 any ,/ate ( ! ,unit$ ,/ates1 includ+ ! ,di/rict ( ,columbia1 ! ,commonweal? ( ,pu]to ,rico1 & ! ,t]ritories & possessions ( ! ,unit$ ,/ates2 7#f7 to lease1 pur*ase1 or acquire any prop]ty1 real1 p]sonal1 or mix$1 or any int]e/ !re91 to hold1 r5t1 ma9ta91 mod]nize1 r5ovate1 improve1 use1 & op]ate su* prop]ty1 & to sell1 = ca% or cr$it1 lease1 or o!rwise dispose ( ! same1 at su* "t & 9 su* mann] z & to ! ext5t t x may deem necess>y or appropriate2 7#g7 to prescribe1 repeal1 & am5d or modify1 rules1 regulations1 or requirem5ts gov]n+ ! mann] 9 :i* its g5]al bus9ess may be conduct$2 7#h7 to accept gifts or donations ( s]vices1 or ( prop]ty1 real1 p]sonal1 or mix$1 tangible1 or intangible1 9 aid ( any ( its purposes2 & 7#i7 to d all ?+s z are necess>y or incid5tal to ! prop] managem5t ( its affairs & ! prop] conduct ( its bus9ess4 7b7 ,exp5ditures ,except z may be o!rwise provid$ 9 ?is title1 9 *apt] #ia ( title #ca1 ,unit$ ,/ates ,code1 or 9 o!r laws specifically applicable to ,gov]nm5t corporations1 ! ,corporation %all det]m9e ! necessity =1 & ! "* & am\nt ( its obligations & exp5ditures1 & ! mann] 9 :i* !y %all be incurr$1 all[$1 paid1 & acc\nt$ =4 7c7 ,exemption f c]ta9 taxes ,! ,corporation1 includ+ its fran*ise1 capital1 res]ves1 surplus1 mortgages or o!r security hold+s1 & income %all be exempt f all taxation n[ or h]eaft] impos$ by ! ,unit$ ,/ates1 by any t]ritory1 dep5d5cy1 or possession !re(1 or by any ,/ate1 c\nty1 municipality1 or local tax+ au?ority1 except t any real prop]ty ( ! ,corporation %all be subject to ,/ate1 t]ritorial1 c\nty1 municipal1 or local taxation to ! same ext5t accord+ to its value z o!r real prop]ty is tax$4 7d7 ,exclusive use ( "n ,no individual1 association1 p>tn]%ip1 or corporation1 except ! bodies corporate nam$ "u section #aja1 %all h]eaft] use ! words ,f$]al ,mortgage ,insurance ,corporation or any comb9ation ( su* words1 z ! "n or a "p !re( "u :i* ! individual1 association1 p>tn]%ip1 or corporation %all d bus9ess4 ,violations ( ! =ego+ s5t5ce may be enjo9$ by any c\rt ( g5]al jurisdiction at ! suit ( ! prop] body corporate4 ,9 any su* suit1 ! pla9tiff may recov] any actual damages fl[+ f su* violation1 &1 9 addition1 %all be entitl$ to punitive damages 7reg>dless ( ! exi/5ce or nonexi/5ce ( actual damages7 ( n exce$+ #ajj = ea* day dur+ :i* su* violation is committ$ or repeat$4 7e7 ,fiscal ag5ts ,! ,f$]al ,res]ve banks are au?oriz$ & direct$ to act z depositories1 cu/odians1 & fiscal ag5ts = ea* ( ! bodies corporate nam$ 9 section #aja1 = its own acc\nt or z fiduci>y1 & su* banks %all be reimburs$ = su* s]vices 9 su* mann] z may be agre$ ^u2 & ea* ( su* bodies corporate may itself act 9 su* capacities1 = its own acc\nt or z fiduci>y1 & = ! acc\nt ( o!rs4 #bjg4 ,exemptions 7a7 ,securities exempt f ,,sec regulation 7#a7 ,9 g5]al ,all cov]$ securities insur$ or gu>ante$ by ! ,corporation %all1 to ! same ext5t z securities t are direct obligations ( or obligations gu>ante$ z to pr9cipal or int]e/ by ! ,unit$ ,/ates1 be deem$ to be exempt securities )9 ! mean+ ( ! laws adm9i/]$ by ! ,securities & ,ex*ange ,commission4 7#b7 ,con=m+ am5dm5t ,! fir/ s5t5ce ( section #c7;a77#b7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;c7a77#b77 is am5d$ by ins]t+ or any cov]$ security1 z su* t]m is def9$ "u section #b7i7 ( ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac2 aft] ,f$]al ,res]ve bank24 7b7 ,,qrm exemption ,section #ae;,g7e7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#aa7;e77 is am5d$-- 7#a7 9 p>agraph 7#c77;,b7-- 7,a7 by /rik+ ,association1 ! & ins]t+ ,association & !2 & 7,b7 by /rik+ & ! ,f$]al home loan banks2 & 7#b7 by add+ at ! end ! foll[+3 7#g7 ,cov]$ securities insur$ by ! ,f$]al ,mortgage ,insurance ,corporation ,not)/&+ any o!r provision ( ?is section1 ! requirem5ts ( ?is section %all n apply to any cov]$ security1 z su* t]m is def9$ "u section #b7i7 ( ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac1 insur$ or gu>ante$ by ! ,f$]al ,mortgage ,insurance ,corporation or any in/itution t is subject to ! sup]vision ( ! ,f$]al ,mortgage ,insurance ,corporation4 4 ,b ,ov]sight ( m>ket p>ticipants #baa4 ,approval ( private mortgage insur]s 7a7 ,/&>ds = approval ( private mortgage insur]s 7#a7 ,9 g5]al ,! ,corporation %all develop1 adopt1 & publi% /&>ds = ! approval by ! ,corporation ( private mortgage insur]s to provide private mortgage insurance on eligible mortgages4 7#b7 ,requir$ /&>ds ,! /&>ds requir$ "u p>agraph 7#a7 %all include-- 7,a7 ! f9ancial hi/ory & condition ( ! insur]2 7,b7 ! adequacy ( ! insur]'s capital /ructure1 includ+ :e!r ! insur] has suffici5t capital to cov] ! fir/ loss insurance obligations x assumes "u ?is ,act & t might be incurr$ 9 a p]iod ( economic /ress1 includ+1 b n limit$ to1 any p]iod ( economic /ress t w\ld result 9 a #cj p]c5t 7or great]7 national home price decl9e2 7,c7 ! g5]al "* & fitness ( ! managem5t ( ! insur]1 includ+ compliance hi/ory ) ,f$]al & ,/ate laws2 7,d7 ! risk pres5t$ by su* insur] to ! ,mortgage ,insurance ,fund2 7,e7 ! adequacy ( insurance & fidelity cov]age ( ! insur]2 7,f7 a requirem5t t ! insur] submit audit$ f9ancial /atem5ts to ! ,director2 & 7,g7 any o!r /&>d ! ,corporation det]m9es necess>y or appropriate4 7b7 ,application & approval 7#a7 ,application process ,! ,corporation %all e/abli% an application process1 9 su* =m & mann] & requir+ su* in=mation z ! ,corporation may require1 = ! approval ( private mortgage insur]s "u ?is section4 7#b7 ,approval ,! ,corporation may approve any application made pursuant to p>agraph 7#a7 provid$ ! private mortgage insur] meets ! /&>ds adopt$ "u subsection 7a74 7#c7 ,publication ,! ,corporation %all-- 7,a7 publi% 9 ! ,f$]al ,regi/] a li/ ( newly approv$ private mortgage insur]s2 & 7,b7 ma9ta9 an updat$ li/ ( approv$ private mortgage insur]s on ! website ( ! ,corporation4 7c7 ,review1 susp5sion1 & revocation ( approv$ /atus 7#a7 ,9 g5]al ,! ,corporation may review ! /atus ( any approv$ private mortgage insur] if ! ,corporation is notifi$ ( or becomes aw>e ( any violation by ! insur] ( ?is ,act or ! rules promulgat$ pursuant to ?is ,act4 7#b7 ,susp5sion or ,revocation 7,a7 ,corporation au?ority ,if ! ,corporation det]m9es1 9 a review pursuant to p>agraph 7#a71 t an approv$ private mortgage insur] no long] meets ! /&>ds = approval1 ! ,corporation may susp5d or revoke ! approv$ /atus ( su* insur]4 7,b7 ,rule ( con/ruction ,! susp5sion or revocation ( an approv$ private mortgage insur]'s approv$ /atus "u ?is p>agraph %all h no effect on ! /atus ( any cov]$ security4 7#c7 ,publication ,! ,corporation %all-- 7,a7 publi% 9 ! ,f$]al ,regi/] a li/ ( any approv$ private mortgage insur]s :o lo/ _! approv$ /atus2 & 7,b7 ma9ta9 an updat$ li/ ( su* insur]s on ! website ( ! ,corporation4 7d7 ,appeals 7#a7 ,9 g5]al 7,a7 ,appeals ( d5ials ( application ,a private mortgage insur] :o submits an application "u subsection 7b77#a7 to become an approv$ private mortgage insur] may appeal a decision ( ! ,corporation d5y+ su* application4 7,b7 ,appeals ( d5ials ( b5efits or susp5sions ( p>ticipation ,an approv$ private mortgage insur] may appeal a decision ( ! ,corporation susp5d+ or revok+ ! approv$ /atus ( su* insur]4 7#b7 ,fil+ ( appeal ,any insur] :o files an appeal "u p>agraph 7#a7 %all file ! appeal ) ! ,corporation n lat] ?an #ij days aft] ! date on :i* ! p]son receives notice ( ! decision ( ! ,corporation be+ appeal$4 7#c7 ,f9al det]m9ation ,! ,corporation %all make a f9al det]m9ation ) respect to an appeal "u p>agraph 7#a7 n lat] ?an #ahj days aft] ! date on :i* ! appeal is fil$ "u p>agraph 7#b74 7e7 ,avoidance ( conflicts ( int]e/ ,) respect to any eligible mortgage collat]aliz+ a cov]$ security insur$ "u ?is ,act1 an approv$ private mortgage insur] may n provide insurance bo?-- 7#a7 9 satisfaction ( ! cr$it enhancem5t requir$ "u section #b7aa77;,c72 & 7#b7 to cov] ! fir/ loss position ( private m>ket hold]s ( su* cov]$ security4 #bab4 ,approval ( s]vic]s 7a7 ,/&>ds = approval ( s]vic]s 7#a7 ,9 g5]al ,! ,corporation %all develop1 adopt1 & publi% /&>ds = ! approval by ! ,corporation ( s]vic]s to adm9i/] eligible mortgages1 includ+ /&>ds ) respect to-- 7,a7 ! collection & =w>d+ ( pr9cipal & int]e/ paym5ts2 7,b7 ! ma9t5ance ( escr[ acc\nts2 7,c7 ! collection & paym5t ( taxes & insurance premiums2 7,d7 ! ma9t5ance ( records on eligible mortgages2 7,e7 ! e/abli%m5t ( =eclosure loss mitigation programs t seek to enhance inve/or value & prev5t1 to greate/ ext5t possible1 ! ne$ to trigg] any claim on insurance (f]$ by ! ,corporation pursuant to ?is title2 7,f7 ! advancem5t ( pr9cipal & int]e/ paym5ts to inve/ors 9 ! case ( a del9qu5cy by a borr[] until su* "t z ! borr[] has made all paym5ts 9 arre>s or ! prop]ty secur+ ! eligible mortgage has be5 liquidat$2 & 7,g7 implem5t+ ! t]ms ( any loss mitigation & =eclosure prev5tion z requir$ by a uni=m securitization agreem5t develop$ "u section #bbc4 7#b7 ,additional requir$ /&>ds ,! /&>ds requir$ "u p>agraph 7#a7 %all also include-- 7,a7 ! f9ancial hi/ory & condition ( ! s]vic]2 7,b7 ! g5]al "* & fitness ( ! managem5t ( ! s]vic]1 includ+ compliance hi/ory ) ,f$]al & ,/ate laws2 7,c7 ! risk pres5t$ by su* s]vic] to ! ,mortgage ,insurance ,fund2 7,d7 a requirem5t t ! s]vic] submit audit$ f9ancial /atem5ts to ! ,corporation2 & 7,e7 any o!r /&>d ! ,corporation det]m9es necess>y or appropriate4 7#c7 ,coord9ation ) o!r regulators ,9 develop+ ! /&>ds requir$ "u p>agraph 7#a71 ! ,corporation %all-- 7,a7 coord9ate ) ! ,bureau ( ,consum] ,f9ancial ,protection2 & 7,b7 to ! ext5t ! ,corporation det]m9es practical & appropriate1 %all coord9ate ) ! o!r ,f$]al bank+ ag5cies4 7b7 ,application & approval 7#a7 ,application process ,! ,corporation %all e/abli% an application process-- 7,a7 9 su* =m & mann] & requir+ su* in=mation z ! ,corporation may require1 = ! approval ( s]vic]s "u ?is section2 & 7,b7 t does n discrim9ate aga9/ or o!rwise disadvantage small s]vic]s4 7#b7 ,approval ,! ,corporation may approve any application made pursuant to p>agraph 7#a7 provid$ ! s]vic] meets ! /&>ds adopt$ "u subsection 7a74 7#c7 ,publication ,! ,corporation %all-- 7,a7 publi% 9 ! ,f$]al ,regi/] a li/ ( newly approv$ s]vic]s2 & 7,b7 ma9ta9 an updat$ li/ ( approv$ s]vic]s on ! website ( ! ,corporation4 7c7 ,review1 susp5sion1 & revocation ( approv$ /atus 7#a7 ,9 g5]al ,! ,corporation may review ! /atus ( any approv$ s]vic] if ! ,corporation is notifi$ ( or becomes aw>e ( any violation by ! s]vic] ( ?is ,act or ! rules promulgat$ pursuant to ?is ,act1 includ+ any failure by an approv$ s]vic] to comply ) t]ms set =? 9 any uni=m securitization agreem5t develop$ "u section #bbc4 7#b7 ,susp5sion or ,revocation 7,a7 ,corporation au?ority ,if ! ,corporation det]m9es1 9 a review pursuant to p>agraph 7#a71 t an approv$ s]vic] no long] meets ! /&>ds = approval1 ! ,corporation may susp5d or revoke ! approv$ /atus ( su* s]vic]4 7,b7 ,rule ( con/ruction ,! susp5sion or revocation ( an approv$ s]vic]'s approv$ /atus "u ?is p>agraph %all h no effect on ! /atus ( any cov]$ security4 7#c7 ,publication ,! ,corporation %all-- 7,a7 publi% 9 ! ,f$]al ,regi/] a li/ ( any approv$ s]vic]s :o lo/ _! approv$ /atus2 & 7,b7 ma9ta9 an updat$ li/ ( su* s]vic]s on ! website ( ! ,corporation4 7d7 ,appeals 7#a7 ,9 g5]al 7,a7 ,appeals ( d5ials ( application ,a s]vic] :o submits an application "u subsection 7b77#a7 to become an approv$ s]vic] may appeal a decision ( ! ,corporation d5y+ su* application4 7,b7 ,appeals ( d5ials ( b5efits or susp5sions ( p>ticipation ,an approv$ s]vic] may appeal a decision ( ! ,corporation susp5d+ or revok+ ! approv$ /atus ( su* s]vic]4 7#b7 ,fil+ ( appeal ,any s]vic] :o files an appeal "u p>agraph 7#a7 %all file ! appeal ) ! ,corporation n lat] ?an #ij days aft] ! date on :i* ! p]son receives notice ( ! decision ( ! ,corporation be+ appeal$4 7#c7 ,f9al det]m9ation ,! ,corporation %all make a f9al det]m9ation ) respect to an appeal "u p>agraph 7#a7 n lat] ?an #ahj days aft] ! date on :i* ! appeal is fil$ "u p>agraph 7#b74 7e7 ,petitions = *ange ( s]vic] by private m>ket hold]s ,! ,corporation %all develop a process by :i* private m>ket hold]s ( ! fir/ loss position 9 a cov]$ security may petition ! ,corporation = a *ange 9 approv$ s]vic]s if ! private m>ket hold]s c demon/rate t _! curr5t approv$ s]vic] has fail$ to appropriately protect _! inve/m5t1 includ+ by fail+ to meet any /&>d id5tifi$ "u subsection 7a77#a74 #bac4 ,approval ( issu]s 7a7 ,/&>ds = approval ( issu]s 7#a7 ,9 g5]al ,! ,corporation %all develop1 adopt1 & publi% /&>ds = ! approval by ! ,corporation ( issu]s to issue cov]$ securities1 includ+ /&>ds ) respect to an issu]'s ability to-- 7,a7 aggregate eligible mortgage loans into pools2 7,b7 securitize eligible mortgage loans = sale to private inve/ors z a cov]$ security2 7,c7 transf] inve/m5t risk & cr$it to private m>ket p>ticipants 9 accordance ) ! risk-%>+ me*anisms develop$ by ! ,corporation "u section #bjb2 7,d7 ensure equitable access to ! second>y mortgage m>ket = cov]$ securities = all in/itutions reg>dless ( size or geographic location2 7,e7 create me*anisms = multi-l5d] pools2 & 7,f7 ensure t eligible mortgage loans t collat]alize a cov]$ security insur$ "u ?is title are orig9at$ 9 compliance ) ! requirem5ts ( ?is ,act4 7#b7 ,additional requir$ /&>ds ,! /&>ds requir$ "u p>agraph 7#a7 %all also include-- 7,a7 ! f9ancial hi/ory & condition ( ! issu]2 7,b7 ! adequacy ( ! capital /ructure ( ! issu]2 7,c7 ! g5]al "* & fitness ( ! managem5t ( ! issu]1 includ+ compliance hi/ory ) ,f$]al & ,/ate laws2 7,d7 ! risk pres5t$ by su* issu] to ! ,mortgage ,insurance ,fund2 7,e7 ! adequacy ( insurance & fidelity cov]age ( ! issu]2 7,f7 a requirem5t t ! issu] submit audit$ f9ancial /atem5ts to ! ,corporation2 7,g7 ! capacity ( ! issu] to secure fir/ loss cr$it enhancem5t2 & 7,h7 any o!r /&>d ! ,corporation det]m9es necess>y or appropriate4 7b7 ,application & approval 7#a7 ,application process 7,a7 ,9 g5]al ,! ,corporation %all e/abli% an application process1 9 su* =m & mann] & requir+ su* in=mation z ! ,corporation may require1 = ! approval ( issu]s "u ?is section4 7,b7 ,application process = insur$ depository in/itutions ,if an insur$ depository in/itution seeks to become an approv$ issu] "u ?is section1 su* in/itution may only submit its application via a sep>ately capitaliz$ affiliate or subsidi>y4 7#b7 ,approval ,! ,corporation-- 7,a7 may approve-- 7i7 any application made pursuant to p>agraph 7#a7 provid$ ! issu] meets ! /&>ds adopt$ "u subsection 7a72 & 7ii7 any application to become an approv$ issu] made by ! ,f$]al ,home ,loan ,bank ,sy/em2 & 7,b7 %all ensure t at lea/ "o issu] approv$ to issue cov]$ securities "u ?is section is d$icat$ to s]v+ ! securitization ne$s ( cr$it unions & community & mid-size banks )\t securitization capabilities4 7#c7 ,publication ,! ,corporation %all-- 7,a7 publi% 9 ! ,f$]al ,regi/] a li/ ( newly approv$ issu]s2 & 7,b7 ma9ta9 an updat$ li/ ( approv$ issu]s on ! website ( ! ,corporation4 7c7 ,f$]al ,home ,loan ,bank ,sy/em 7#a7 ,9 g5]al ,if ! ,f$]al ,home ,loan ,bank ,sy/em is approv$ by ! ,corporation to become an approv$ issu] "u ?is section1 ! ,corporation %all-- 7,a7 develop a process by :i* ea* individual ,f$]al ,home ,loan ,bank may elect n to engage or o!rwise contribute to any activity practic$ by ! ,f$]al ,home ,loan ,bank ,sy/em z an approv$ issu]2 7,b7 ensure t1 not)/&+ section #aa ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adca71 any cov]$ securities issu$ by ! ,f$]al ,home ,loan ,bank ,sy/em z an approv$ issu] are n issu$ z consolidat$ ,f$]al ,home ,loan ,bank deb5tures & are explicitly designat$ or o!rwise treat$ z n be+ ! jo9t & sev]al obligations ( any individual ,f$]al ,home ,loan ,bank t has made an election "u subp>agraph 7,a72 & 7,c7 ensure t 9 e/abli%+ ! capital /&>ds set =? "u subsection 7a77#b77;,b7 ) respect to ! ,f$]al ,home ,loan ,bank ,sy/em1 t su* /&>ds %all-- 7i7 n be applicable to any individual ,f$]al ,home ,loan ,bank t has made an election "u subp>agraph 7,a72 7ii7 be bas$ on ! volume ( eligible mortgage loan orig9ations made by ! ,f$]al ,home ,loan ,banks t h n made an election "u subp>agraph 7,a72 & 7iii7 n adv]sely impact ! traditional liquidity & advance bus9ess ( ! ,f$]al ,home ,loan ,banks or ! ,f$]al ,home ,loan ,bank ,sy/em4 7#b7 ,f$]al ,home ,loan ,bank ,act 7,a7 ,am5dm5t ,section #ab ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adcb7 is am5d$ by add+ at ! end ! foll[+3 7c7 ,subject to su* regulations z may be prescrib$ by ! ,corporation1 "o or m ,f$]al ,home ,loan ,banks may e/abli% a subsidi>y4 ,any subsidi>y e/abli%$ "u ?is subsection %all be subject to sup]vision by ! ,(fice ( ,f$]al ,home ,loan ,bank ,sup]vision ( ! ,corporation & %all be re/rict$ to engag+ 9 activities relat$ to be+ an approv$ issu]1 z t t]m is def9$ "u section #b7b7 ( ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac4 4 7,b7 ,effective date ,! am5dm5t made by subp>agraph 7,a7 %all take effect on ! transf] date4 7d7 ,review1 susp5sion1 & revocation ( approv$ /atus 7#a7 ,9 g5]al ,! ,corporation may review ! /atus ( any approv$ issu] if ! ,corporation is notifi$ ( or becomes aw>e ( any violation by ! issu] ( ?is ,act or ! rules promulgat$ pursuant to ?is ,act4 7#b7 ,susp5sion or ,revocation 7,a7 ,corporation au?ority ,if ! ,corporation det]m9es1 9 a review pursuant to p>agraph 7#a71 t an approv$ issu] no long] meets ! /&>ds = approval1 ! ,corporation may susp5d or revoke ! approv$ /atus ( su* issu]4 7,b7 ,rule ( con/ruction ,! susp5sion or revocation ( an approv$ issu]'s approv$ /atus "u ?is p>agraph %all h no effect on ! /atus ( any cov]$ security4 7#c7 ,publication ,! ,corporation %all-- 7,a7 publi% 9 ! ,f$]al ,regi/] a li/ ( any approv$ issu]s :o lo/ _! approv$ /atus2 & 7,b7 ma9ta9 an updat$ li/ ( su* issu]s on ! website ( ! ,corporation4 7e7 ,appeals 7#a7 ,9 g5]al 7,a7 ,appeals ( d5ials ( application ,an issu] :o submits an application "u subsection 7b77#a7 to become an approv$ issu] may appeal a decision ( ! ,corporation d5y+ su* application4 7,b7 ,appeals ( d5ials ( b5efits or susp5sions ( p>ticipation ,an approv$ issu] may appeal a decision ( ! ,corporation susp5d+ or revok+ ! approv$ /atus ( su* issu]4 7#b7 ,fil+ ( appeal ,any issu] :o files an appeal "u p>agraph 7#a7 %all file ! appeal ) ! ,corporation n lat] ?an #ij days aft] ! date on :i* ! p]son receives notice ( ! decision ( ! ,corporation be+ appeal$4 7#c7 ,f9al det]m9ation ,! ,corporation %all make a f9al det]m9ation ) respect to an appeal "u p>agraph 7#a7 n lat] ?an #ahj days aft] ! date on :i* ! appeal is fil$ "u p>agraph 7#b74 7f7 ,limitation on m>ket %>e 7#a7 ,9 g5]al ,! ,corporation may n ent] into any contract1 cov5ant1 or o!r agreem5t ) an approv$ issu]1 if su* contract1 cov5ant1 or agreem5t w\ld provide ! issu] a %>e ( ! cov]$ security issu] m>ket 9 excess ( #ae p]c5t ( ! total m>ket1 z su* m>ket is measur$ by ! total out/&+ pr9cipal balance at orig9ation ( eligible mortgages collat]aliz+ cov]$ securities issu$ 9 ! previ\s #ab-mon? p]iod4 7#b7 ,exception ,! limitation set =? "u p>agraph 7#a7 %all n apply to-- 7,a7 an approv$ issu] describ$ "u subsection 7b77#b77;,a77ii72 7,b7 ! ,,fmic ,mutual ,securitization ,company2 7,c7 any approv$ issu] :i* securitizes only eligible mortgage loans orig9at$ by ! issu] or an affiliate ( ! issu]2 or 7,d7 any approv$ issu] to :i* ! ,corporation grants a waiv] pursuant to p>agraph 7#c74 7#c7 ,waiv] ,! ,corporation may1 dur+ ! #c-ye> p]iod beg9n+ on ! ,,fmic c]tification date1 grant a waiv] f ! limitation set =? "u p>agraph 7#a7 to an approv$ issu] if ! ,corporation det]m9es t ! numb] ( approv$ issu]s is insuffici5t1 su* t imposition ( ! limitation w\ld adv]sely affect ! availability ( mortgage cr$it4 7g7 ,limit$ au?ority ,to hold eligible mortgage loans ,an approv$ issu] may1 = a p]iod n to exce$ #f-mon?s1 hold-- 7#a7 eligible mortgage loans on ! balance %eet ( su* issu]2 & 7#b7 ! fir/ loss position 9 a cov]$ security = purposes ( obta9+ insurance "u ?is title4 #bad4 ,approval ( bond gu>antors 7a7 ,/&>ds = approval ( bond gu>antors 7#a7 ,9 g5]al ,! ,corporation %all develop1 adopt1 & publi% /&>ds = ! approval by ! ,corporation ( bond gu>antors to gu>antee ! timely paym5t ( pr9cipal & int]e/ on securities collat]aliz$ by eligible mortgages & insur$ by ! ,corporation4 7#b7 ,requir$ /&>ds ,! /&>ds requir$ "u p>agraph 7#a7 %all include-- 7,a7 ! f9ancial hi/ory & condition ( ! gu>antor2 7,b7 t ! gu>antor ma9ta9 a m9imum capital level equal to n less ?an #aj p]c5t ( ! unpaid pr9cipal balance ( out/&+ mortgage-back$ securities = :i* ! gu>antor is provid+ insurance1 net ( any transactions1 includ+ d]ivative transactions1 repur*ase agreem5ts1 rev]se repur*ase agreem5ts1 securities l5d+ transactions1 or securities borr[+ transactions1 t 9 ! det]m9ation ( ! ,corporation are us$ by ! gu>antor to h$ge or mitigate aga9/ cr$it risk1 provid$ t any su* h$g+ transaction does n dim9i% ! total am\nt ( loss absorption capital 9 ! second>y mortgage m>ket t /&s 9 front ( ! insurance provid$ by ! ,corporation "u ?is title2 7,c7 ! g5]al "* & fitness ( ! managem5t ( ! gu>antor1 includ+ compliance hi/ory ) ,f$]al & ,/ate laws2 7,d7 ! risk pres5t$ by su* gu>antor to ! ,mortgage ,insurance ,fund2 7,e7 ! adequacy ( insurance & fidelity cov]age ( ! gu>antor2 7,f7 a requirem5t t ! gu>antor submit audit$ f9ancial /atem5ts to ! ,director2 7,g7 a requirem5t t ! gu>antor meet a m9imum tangible common equity level1 or o!r m9imum capital ?re%old z ! ,corporation det]m9es necess>y2 & 7,h7 any o!r /&>d ! ,corporation det]m9es necess>y or appropriate4 7b7 ,rule ( con/ruction ,any cov]$ security issu$ by an approv$ issu] & insur$ by an approv$ bond gu>antor %all be deem$ to h satisfi$ ! cr$it-risk %>+ requirem5ts "u section #bjb7;a77#a7 ) respect to ! eligibility ( t security to obta9 insurance "u ?is title4 7c7 ,application & approval 7#a7 ,application process 7,a7 ,9 g5]al ,! ,corporation %all e/abli% an application process1 9 su* =m & mann] & requir+ su* in=mation z ! ,corporation may require1 = ! approval ( bond gu>antors "u ?is section4 7,b7 ,application process by insur$ depository in/itutions ,if an insur$ depository in/itution seeks to become an approv$ bond gu>antor "u ?is section1 su* in/itution may only submit its application via a sep>ately capitaliz$ affiliate or subsidi>y4 7#b7 ,approval ,! ,corporation may approve any application made pursuant to p>agraph 7#a7 provid$ ! bond gu>antor meets ! /&>ds adopt$ "u subsection 7a74 7#c7 ,publication ,! ,corporation %all-- 7,a7 publi% 9 ! ,f$]al ,regi/] a li/ ( newly approv$ bond gu>antors2 & 7,b7 ma9ta9 an updat$ li/ ( approv$ bond gu>antors on ! website ( ! ,corporation4 7d7 ,review1 susp5sion1 & revocation ( approv$ /atus 7#a7 ,9 g5]al ,! ,corporation may review ! /atus ( any approv$ bond gu>antor if ! ,corporation is notifi$ ( or becomes aw>e ( any violation by ! insur] ( ?is ,act or ! rules promulgat$ pursuant to ?is ,act4 7#b7 ,susp5sion or ,revocation 7,a7 ,corporation au?ority ,if ! ,corporation det]m9es1 9 a review pursuant to p>agraph 7#a71 t an approv$ bond gu>antor no long] meets ! /&>ds = approval1 ! ,corporation %all revoke ! approv$ /atus ( su* gu>antor4 7,b7 rule ( con/ruction ,! revocation ( an approv$ bond gu>antor's approv$ /atus "u ?is p>agraph %all h no effect on ! /atus ( any cov]$ security4 7#c7 ,publication ,! ,corporation %all-- 7,a7 publi% 9 ! ,f$]al ,regi/] a li/ ( any approv$ bond gu>antors :o lo/ _! approv$ /atus2 & 7,b7 ma9ta9 an updat$ li/ ( su* gu>antors on ! website ( ! ,corporation4 7e7 ,appeals 7#a7 ,9 g5]al 7,a7 ,appeals ( d5ials ( application ,a bond gu>antor :o submits an application "u subsection 7c77#a7 to become an approv$ bond gu>antor may appeal a decision ( ! ,corporation d5y+ su* application4 7,b7 ,appeals ( d5ials ( b5efits or susp5sions ( p>ticipation ,an approv$ bond gu>antor may appeal a decision ( ! ,corporation susp5d+ or revok+ ! approv$ /atus ( su* gu>antor4 7#b7 ,fil+ ( appeal ,any bond gu>antor :o files an appeal "u p>agraph 7#a7 %all file ! appeal ) ! ,corporation n lat] ?an #ij days aft] ! date on :i* ! p]son receives notice ( ! decision ( ! ,corporation be+ appeal$4 7#c7 ,f9al det]m9ation ,! ,corporation %all make a f9al det]m9ation ) respect to an appeal "u p>agraph 7#a7 n lat] ?an #ahj days aft] ! date on :i* ! appeal is fil$ "u p>agraph 7#b74 7f7 ,limitations on approv$ bond gu>antors ,) respect to any eligible mortgage collat]aliz+ a cov]$ security insur$ "u ?is ,act1 an approv$ bond gu>antor may n provide insurance-- 7#a7 9 satisfaction ( ! cr$it enhancem5t requir$ "u section #b7aa77;,c7 or z an approv$ private mortgage insur] pursuant to section #baa2 & 7#b7 z an approv$ bond gu>antor "u ?is section4 7g7 ,p]mission ,to c>ry out o!r activities ,no?+ 9 ?is ,act prohibits an approv$ bond gu>antor f be+ or controll+ an approv$ issu]1 provid$ t ea* issu] & bond gu>antor1 indep5d5t ( ea* o!r1 meet ! approval /&>ds e/abli%$ by ! ,corporation "u ?is title4 #bae4 ,au?ority to e/abli% ,,fmic ,mutual ,securitization ,company 7a7 ,9 g5]al ,! ,corporation %all e/abli% a mutual corporation to be kn[n z ! ,,fmic ,mutual ,securitization ,company4 7b7 ,purpose ,! purpose ( ! ,,fmic ,mutual ,securitization ,company is to-- 7#a7 develop1 securitize1 sell1 & o!rwise meet ! issu+ ne$s ( cr$it unions1 community & mid-size banks1 & non-depository mortgage orig9ators ) respect to cov]$ securities2 & 7#b7 pur*ase f its memb] p>ticipants = ca%1 on a s+le loan basis1 eligible mortgage loans to securitize 9 a cov]$ security4 7c7 ,sale ( necess>y te*nology ,^u ! ,,fmic c]tification date1 ! ent]prises %all sell to ! ,,fmic ,mutual ,securitization ,company any function1 activity1 infra/ructure1 prop]ty1 includ+ intellectual prop]ty1 plat=m1 or any o!r object or s]vice ( an ent]prise t ! ,corporation det]m9es necess>y = ! ,,fmic ,mutual ,securitization ,company to c>ry out its activities & op]ations4 7d7 ,designation z an approv$ issu] ,! ,,fmic ,mutual ,securitization ,company %all be an approv$ issu] = purposes ( section #bac4 7e7 ,eligibility ,eligibility to p>ticipate z a memb] 9 ! ,,fmic ,mutual ,securitization ,company %all be limit$ to-- 7#a7 insur$ depository in/itutions hav+ less ?an #ae1jjj1jjj1jjj 9 total consolidat$ assets at ! "t ( ! in/itution's initial p>ticipation 9 ! ,company2 or 7#b7 any non-depository mortgage orig9ator hav+ a m9imum net wor? ( #b1ejj1jjj4 7f7 ,gov]nance 7#a7 ,recognition ( important role ( small] in/itutions ,! ,corporation %all take all necess>y /eps to ensure t ! gov]nance provisions ( ! ,,fmic ,mutual ,securitization ,company reflect ! important role 9 ! mortgage m>ket play$ by ! small & mid-siz$ memb] p>ticipants ( ! ,,fmic ,mutual ,securitization ,company4 7#b7 ,e/abli%m5t ( position ( ,director ,!re is e/abli%$ ! position ( ! ,director ( ! ,,fmic ,mutual ,securitization ,company :o %all be ! head ( ! ,company4 7#c7 ,bo>d ( ,directors 7,a7 ,9 g5]al ,! managem5t ( ! ,,fmic ,mutual ,securitization ,company %all be ve/$ 9 a ,bo>d ( ,directors 7h]eaft] ref]r$ to z ! ,mutual ,bo>d71 :i* %all include repres5tatives ( memb] p>ticipants ( ! ,company1 includ+ repres5tatives (-- 7i7 mortgage bank]s2 7ii7 community banks2 & 7iii7 cr$it unions4 7,b7 ,initial appo9tm5t ,! ,corporation %all make initial appo9tm5ts ( ! memb]s ( ! ,mutual ,bo>d4 ,ea* su* initial appo9tm5t %all be = a t]m #a ye>4 7,c7 ,appo9tm5ts ,foll[+ ! initial #a-ye> appo9tm5t ( ! memb]s ( ! ,mutual ,bo>d1 memb] p>ticipants 9 ! ,,fmic ,mutual ,securitization ,company %all elect ! memb]s ( ! ,mutual ,bo>d f )9 ! memb]%ip ( ! ,company4 7,d7 ,adm9i/ration ,! ,mutual ,bo>d %all adm9i/] ! affairs ( ! ,,fmic ,mutual ,securitization ,company fairly & imp>tially & )\t discrim9ation4 7#d7 ,no pref]5ces = size ,memb] p>ticipants ( ! ,,fmic ,mutual ,securitization ,company %all h equal vot+ rights on any matt]s be=e ! ,company1 reg>dless ( ! size ( ! individual memb] p>ticipant4 7g7 ,approval ( memb] p>ticipants 7#a7 ,9 g5]al ,! ,mutual ,bo>d %all develop /&>ds & proc$ures to approve ! application ( memb] p>ticipants 9 ! ,,fmic ,mutual ,securitization ,company4 7#b7 ,cont5t ( /&>ds ,! /&>ds requir$ "u p>agraph 7#a7 %all include /&>ds relat+ to ! safety & s\ndness ( prospective memb] p>ticipants1 includ+ /&>ds reg>d+ ! und]writ+ practices ( su* prospective memb]s4 7#c7 ,coord9ation ) o!r regulators 7,a7 ,consultation ,9 approv+ any prospective memb] to become a memb] p>ticipant 9 ! ,,fmic ,mutual ,securitization ,company1 ! ,mutual ,bo>d may consult & %>e in=mation ) ! prim>y prud5tial regulator ( ! prospective memb]4 7,b7 ,privilege pres]v$ ,in=mation %>$ pursuant to subp>agraph 7,a7 %all n be con/ru$ z waiv+1 de/roy+1 or o!rwise affect+ any privilege or confid5tial /atus t a prospective memb] may claim ) respect to su* in=mation "u ,f$]al or ,/ate law z to any p]son or entity o!r ?an ! ,mutual ,bo>d or its prim>y prud5tial regulator4 7,c7 ,rule ( con/ruction ,no provision ( ?is subsection may be con/ru$ z imply+ or e/abli%+ t-- 7i7 any prospective memb] waives any privilege applicable to in=mation t is %>$ or transf]r$ "u any circum/ance to :i* ?is subsection does n apply2 or 7ii7 any prospective w\ld waive any privilege applicable to any in=mation by submitt+ ! in=mation directly to its prim>y prud5tial regulator1 b = ?is subsection4 7h7 ,fund+ au?ority 7#a7 ,au?ority to e/abli% memb]%ip fees ,! ,mutual ,bo>d %all h ! au?ority to *>ge & collect fees1 & may 9 its discretion increase or decrease su* fee1 on its memb] p>ticipants = memb]%ip 9 ! ,,fmic ,mutual ,securitization ,company1 includ+ to cov] ! co/s (-- 7,a7 ! initial capitalization ( ! ,company2 7,b7 ! pur*ase ( any function1 activity1 infra/ructure1 prop]ty1 includ+ intellectual prop]ty1 plat=m1 or any o!r object or s]vice f an ent]prise pursuant to subsection 7c72 & 7,c7 ! cont9u$ op]ation ( ! ,company4 7#b7 ,limitation ,! fees au?oriz$ "u p>agraph 7#a7-- 7,a7 %all be equitably assess$2 & 7,b7 may be bas$ on ! volume ( eligible mortgages t ! memb] p>ticipant sells to ! ,,fmic ,mutual ,securitization ,company4 7i7 ,coord9ation ( s]vic] approval ,! ,mutual ,bo>d may coord9ate ) ! ,corporation to facilitate ! application process = its memb] p>ticipants to become approv$ s]vic]s ( ! ,corporation pursuant to section #bab4 #baf4 ,additional au?ority relat+ to ov]sight ( m>ket p>ticipants ,9 c>ry+ out its au?orities "u ?is subtitle1 ! ,corporation may1 9 its discretion1 develop1 publi%1 & adopt su* o!r additional /&>ds or requirem5ts z ! ,corporation det]m9es necess>y to ensure-- 7#a7 competition among approv$ private mortgage insur]s1 s]vic]s1 issu]s1 & bond gu>antors & o!r m>ket p>ticipants 9 ! second>y mortgage m>ket2 7#b7 competitive pric+ among approv$ private mortgage insur]s1 s]vic]s1 issu]s1 & bond gu>antors & o!r m>ket p>ticipants 9 ! second>y mortgage m>ket2 & 7#c7 liquidity1 transp>5cy1 & access to mortgage cr$it 9 ! second>y mortgage m>ket4 #bag4 ,civil money p5alties 7a7 ,au?ority ,9 addition to any susp5sion or revocation ( ! approv$ /atus ( an approv$ private mortgage insur]1 s]vic]1 issu]1 or bond gu>antor "u ?is subtitle1 ! ,corporation may1 9 its discretion1 impose a civil money p5alty on any su* approv$ private mortgage insur]1 s]vic]1 issu]1 or bond gu>antor t has fail$ to comply ) or o!rwise violates-- 7#a7 any /&>d adopt$ by ! ,corporation pursuant to ?is subtitle2 or 7#b7 any o!r requirem5t or provision ( ?is ,act1 or any ord]1 condition1 rule1 or regulation issu$ pursuant to ?is ,act1 applicable to su* private mortgage insur]1 s]vic]1 issu]1 or bond gu>antor1 z ! case may be4 7b7 ,proc$ures 7#a7 ,e/abli%m5t ,! ,corporation %all e/abli% /&>ds & proc$ures gov]n+ ! imposition ( civil money p5alties "u ?is section4 ,su* /&>ds & proc$ures-- 7,a7 %all provide = ! ,corporation to notify ! approv$ private mortgage insur]1 s]vic]1 issu]1 or bond gu>antor1 z ! case may be1 9 writ+ ( ! det]m9ation ( ! ,corporation to impose ! p5alty1 :i* %all be made on ! record2 7,b7 %all provide = ! imposition ( a p5alty only aft] ! approv$ private mortgage insur]1 s]vic]1 issu]1 or bond gu>antor1 z ! case may be1 has be5 giv5 an opportunity = a he>+ on ! record2 & 7,c7 may provide = review by ! ,corporation ( any det]m9ation or ord]1 or int]locutory rul+1 aris+ f a he>+4 7#b7 ,factors det]m9+ am\nt ( p5alty ,9 det]m9+ ! am\nt ( a p5alty "u ?is section1 ! ,corporation %all give consid]ation to factors includ+-- 7,a7 ! gravity ( ! (f5se2 7,b7 any hi/ory ( prior (f5ses2 7,c7 ability to pay ! p5alty2 7,d7 injury to ! public2 7,e7 b5efits receiv$2 7,f7 det]r5ce ( future violations2 & 7,g7 su* o!r factors z ! ,corporation may det]m9e1 by regulation1 to be appropriate4 7c7 ,action ,to collect p5alty ,if ! approv$ private mortgage insur]1 s]vic]1 issu]1 or bond gu>antor1 z ! case may be1 fails to comply ) an ord] by ! ,corporation impos+ a civil money p5alty "u ?is section1 ! ,corporation may br+ an action 9 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,columbia to obta9 a monet>y judgm5t aga9/ ! approv$ private mortgage insur]1 s]vic]1 issu]1 or bond gu>antor1 z ! case may be1 & su* o!r relief z may be available4 ,! monet>y judgm5t may1 9 ! c\rt's discretion1 include ! attorneys' fees & o!r exp5ses incurr$ by ! ,unit$ ,/ates 9 connection ) ! action4 ,9 an action "u ?is subsection1 ! validity & appropriat5ess ( ! ord] impos+ ! p5alty %all n be subject to review4 7d7 ,settlem5ts ,! ,corporation may compromise1 modify1 or remit any civil money p5alty :i* may be1 or has be51 impos$ "u ?is section4 7e7 ,deposit ( ,p5alties ,! ,corporation %all use any civil money p5alties collect$ "u ?is section to help fund ! ,mortgage ,insurance ,fund e/abli%$ "u section #bjc4 #bah4 ,protection ( privilege & o!r matt]s relat+ to disclosures by m>ket p>ticipants 7a7 ,in=mation %>+ & ma9t5ance ( privilege ,! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is am5d$-- 7#a7 9 section #aa7t77#b77;,a7 7#ab ,u4,s4,c4 #ahba7t77#b77;,a771 by ins]t+ aft] clause 7v7 ! foll[+3 7vii7 ,! ,f$]al ,mortgage ,insurance ,corporation4 2 & 7#b7 9 section #ah7x7 7#ab ,u4,s4,c4 #ahbh7x77-- 7,a7 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 be=e any ,f$]al bank+ ag5cy ea* place t t]m appe>s2 & 7,b7 by /rik+ su* ag5cy ea* place t t]m appe>s & ins]t+ ,corporation1 ag5cy4 7b7 ,p]missible consultation ) ,f$]al bank+ ag5cies 7#a7 ,9 g5]al ,pursuant to its au?ority "u section #ajc7;c71 to facilitate ! consultive process1 ! ,corporation may %>e in=mation ) ! ,f$]al bank+ ag5cies1 or any individual ,f$]al bank+ ag5cy1 or any ,/ate bank sup]visor1 or =eign bank+ au?ority1 on a "o-"t1 regul>1 or p]iodic basis z det]m9$ by ! ,corporation reg>d+ ! capital1 asset & liabilities1 f9ancial condition1 risk managem5t practices or any o!r practice ( any approv$ private mortgage insur]1 s]vic]1 issu]1 or bond gu>antor4 7#b7 ,privilege pres]v$ ,in=mation %>$ by ! ,corporation 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 approv$ private mortgage insur]1 s]vic]1 issu]1 or bond gu>antor 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 bank+ ag5cies1 or any individual ,f$]al bank+ ag5cy1 or any ,/ate bank sup]visor1 or =eign bank+ au?ority1 b = ?is subsection4 ,c ,transp>5cy 9 m>ket op]ations #bba4 ,review ( loan docum5ts2 disclosures 7a7 ,9 g5]al ,! ,corporation %all1 by rule-- 7#a7 require t approv$ issu]s-- 7,a7 grant access to private m>ket inve/ors seek+ to take ! fir/ loss position 9 a cov]$ security to all-- 7i7 docum5ts relat+ to eligible mortgage loans collat]aliz+ t cov]$ security2 & 7ii7 s]vic+ reports ( ! approv$ s]vic] relat+ to su* mortgages2 & 7,b7 disclose any o!r mat]ial in=mation t a reasonable inve/or w\ld want to "k1 & make no mat]ial omission ( su* in=mation1 relat+ to eligible mortgage loans collat]aliz+ a cov]$ security2 & 7#b7 e/abli% ! tim+1 frequ5cy1 & mann] 9 :i* su* access & disclosures are made4 7b7 ,privacy protections ,9 prescrib+ ! rules requir$ "u ?is section1 ! ,corporation %all take into consid]ation issues ( consum] privacy & all /atutes1 rules1 & regulations relat$ to privacy ( consum] cr$it in=mation & p]sonally id5tifiable in=mation4 ,su* rules %all expressly prohibit ! id5tification ( specific borr[]s4 #bbb4 ,inve/or immunity ,any private m>ket inve/or t has tak5 ! fir/ loss position 9 a cov]$ security or t has o!rwise inve/$ 9 any cov]$ security insur$ "u ?is ,act %all h immunity & protection f civil liability "u ,f$]al & ,/ate law1 & no cause ( action may be br\ght "u ,f$]al or ,/ate law aga9/ su* inve/or1 ) respect to :e!r or n eligible mortgages t collat]alize a cov]$ security insur$ "u ?is ,act h compli$ ) ! requirem5ts ( ?is ,act1 includ+1 b n limit$ to1 ) respect to any und]writ+ requirem5ts applicable to su* mortgage1 any repres5tations or w>ranties made by an approv$ issu] or an approv$ bond gu>antor ) respect to su* mortgages1 or :e!r or n ! t]ms ( any uni=m securitization agreem5t h be5 met4 #bbc4 ,uni=m securitization agreem5ts 7a7 ,9 g5]al ,! ,corporation %all develop1 adopt1 & publi% /&>d uni=m securitization agreem5ts = cov]$ securities :i* are insur$ "u ?is ,act4 7b7 ,requir$ cont5t ,! /&>d uni=m securitization agreem5ts requir$ to be develop$ "u subsection 7a7 %all include t]ms relat+ to-- 7#a7 pool+ & s]vic+1 includ+ ! developm5t ( uni=m /&>ds & practices-- 7,a7 reg>d+ remittance s*$ules & paym5t delays2 & 7,b7 p]mitt+ ! transf] ( s]vic+ rights1 if su* transf] is det]m9$ to be 9 ! be/ f9ancial int]e/ ( ! inve/or1 z su* int]e/ is calculat$ on a net pres5t value basis2 7#b7 repres5tations & w>ranties1 includ+ repres5tations & w>ranties z to compliance or con=mity ) ! requirem5ts ( ?is ,act2 7#c7 indemnification & rem$ies1 includ+ = ! re/itution or indemnification ( ! ,corporation ) respect to e>ly t]m del9qu5cies ( eligible mortgages collat]aliz+ a cov]$ security2 7#d7 ! qualification1 responsibilities1 & duties ( tru/ees2 & 7#e7 any o!r t]ms or /&>ds ! ,corporation det]m9es necess>y or appropriate4 7c7 ,def9+ repres5tation & w>ranty violations ,9 develop+ ! uni=m securitization agreem5ts requir$ "u subsection 7a71 ! ,corporation %all also develop1 adopt1 & publi% cle> & uni=m /&>ds t def9e & illu/rate :at actions1 or omissions to act1 comprise a violation ( ! repres5tations & w>ranties clauses t are made a "p ( su* agreem5ts4 7d7 ,consultation ,! ,corporation %all "w ) indu/ry gr\ps1 includ+ s]vic]s1 orig9ators1 issu]s1 & mortgage inve/ors to develop ! uni=m securitization agreem5ts requir$ "u subsection 7a74 #bbd4 ,uni=m mortgage database 7a7 ,uni=m ,mortgage ,database ,! ,corporation %all e/abli%1 op]ate1 & ma9ta9 a database = ! collection1 public use1 & dissem9ation ( uni=m loan level in=mation on eligible mortgages relat+ to-- 7#a7 loan *>act]i/ics2 7#b7 borr[] in=mation2 7#c7 ! prop]ty secur+ ! eligible mortgages2 7#d7 loan data requir$ at ! "t ( application = insurance f ! ,corporation "u ?is title2 7#e7 ! quality & consi/5cy ( appraisal & collat]al data on eligible mortgages2 7#f7 indu/ry-wide s]vic+ data /&>ds2 & 7#g7 su* o!r data1 datasets1 in=mation1 facts1 or measurem5ts z ! ,corporation det]m9es appropriate to improve & enhance loan quality & op]ational effici5cies )9 ! second>y mortgage m>ket4 7b7 ,consid]ations ,9 e/abli%+ ! database requir$ "u subsection 7a71 ! ,corporation %all take into consid]ation1 build ^u1 & adopt to ! ext5t ! ,corporation det]m9es appropriate1 ! exi/+ data /&>ds set =? "u ! ,uni=m ,mortgage ,data ,program initiative e/abli%$ by ! ,f$]al ,h\s+ ,f9ance ,ag5cy4 7c7 ,regulations ,! ,corporation %all1 by regulation-- 7#a7 e/abli% ! mann] & =m by :i* any loan level in=mation collect$ "u subsection 7a7 may be access$ by ! public1 includ+ :e!r or n to e/abli% a fee = su* access2 7#b7 require t su* loan level in=mation be made available to ! public 9 a uni=m mann]1 9 a =m design$ = ease & spe$ ( access1 ease & spe$ ( d[nload+1 & ease & spe$ ( use2 & 7#c7 ensure ! protection ( any p]sonally id5tifiable in=mation conta9$ 9 any in=mation1 or mix ( in=mation1 collect$ & made available = public access4 7d7 ,mon?ly update ,! database requir$ "u subsection 7a7 %all be updat$ n less frequ5tly ?an once a mon?4 #bbe4 ,electronic regi/ration ( eligible mortgages 7a7 ,e/abli%m5t ( electronic regi/ration sy/em ,! ,corporation %all e/abli%1 op]ate1 & ma9ta9 an electronic regi/ry sy/em = eligible mortgages t collat]alize a cov]$ security insur$ "u ?is ,act 9 ord] to automate1 c5tralize1 /&>dize1 & improve ! process ( track+ *anges 9 s]vic+ rights & b5eficial own]%ip int]e/s 9 su* eligible mortgages4 7b7 ,consid]ations ,9 e/abli%+ ! electronic regi/ry sy/em requir$ "u subsection 7a71 ! ,corporation %all take into consid]ation1 build ^u1 & adopt to ! ext5t ! ,corporation det]m9es appropriate1 any exi/+ ef=ts ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy or exp]tise among ! private sector to develop a s\nd1 effici5t sy/em = docum5t cu/ody & electronic regi/ration ( mortgages1 notes1 titles1 & li5s4 ,d ,,fmic ,/ructure #bca4 ,(fice ( ,und]writ+ 7a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,f$]al ,mortgage ,insurance ,corporation an ,(fice ( ,und]writ+ :i* %all be head$ by ! ,deputy ,director ( ,und]writ+1 :o %all be appo9t$ by ! ,bo>d ( ,directors4 7b7 ,responsibilities ,! ,(fice ( ,und]writ+ %all ensure1 ?r\gh ov]sight1 analysis1 & exam9ation1 t eligible mortgages t collat]alize a cov]$ security insur$ "u ?is ,act comply ) ! requirem5ts ( ?is ,act1 includ+ ) respect to-- 7#a7 ! submission ( complete & accurate loan data on eligible mortgages2 7#b7 ! id5tification ( ineligible mortgage loans2 7#c7 assi/+ l5d]s ) orig9at+ high-quality1 l[]-risk eligible mortgages2 & 7#d7 any o!r activity t ! ,director det]m9es appropriate4 #bcb4 ,(fice ( ,securitization 7a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,f$]al ,mortgage ,insurance ,corporation an ,(fice ( ,securitization :i* %all be head$ by ! ,deputy ,director ( ,securitization1 :o %all be appo9t$ by ! ,bo>d ( ,directors4 7b7 ,responsibilities 7#a7 ,9 g5]al ,! ,(fice ( ,securitization %all-- 7,a7 ov]see & sup]vise ! common securitization plat=m develop$ by ! bus9ess entity ann\nc$ by ! ,f$]al ,h\s+ ,f9ance ,ag5cy & e/abli%$ by ! ent]prises1 includ+ by requir+ t ! plat=m h sy/em capabilities to p]mit ! issuance ( multi-l5d] cov]$ securities2 7,b7 ensure t cr$it unions1 community & mid-size banks1 & small non-depository l5d]s h equitable access to any su* plat=m1 includ+ ?r\gh ! developm5t & facilitation ( options = multi-l5d] pools ( eligible mortgages to be securitiz$ & issu$ z cov]$ securities ?r\gh su* plat=m2 & 7,c7 coord9ate & consult ) ! ,f$]al ,home ,loan ,bank ,sy/em to e/abli% a securitization plat=m t addresses ! ne$s ( its memb]s4 7#b7 ,rules = use ( common securitization plat=m 7,a7 ,9 g5]al ,! ,corporation1 act+ ?r\gh ! ,(fice ( ,securitization1 may promulgate rules-- 7i7 reg>d+ ! use ( ! common securitization plat=m describ$ "u p>agraph 7#a77;,a72 & 7ii7 to p]mit securities o!r ?an cov]$ securities to be issu$ ?r\gh su* plat=m = reasonable comp5sation4 7,b7 ,cont5t ( rules ,any rule t may be promulgat$ "u subp>agraph 7,a7 may include a requirem5t t any security to be issu$ ?r\gh ! common securitization plat=m be subject to a uni=m securitization agreem5t develop$ "u section #bbc4 7c7 ,e/abli%m5t ( database ,to provide notice to diff]5t classes ( li5 hold]s ,! ,(fice ( ,securitization %all e/abli%1 op]ate1 & ma9ta9 a database t-- 7#a7 c be access$ by any hold] ( a li5 on an eligible mortgage2 7#b7 id5tifies & tracks if a junior li5 or any o!r subord9ate li5 has be5 issu$ on ! prop]ty secur+ an eligible mortgage2 7#c7 notifies1 to ! ext5t feasible1 any s5ior or fir/ li5 hold] ( ! exi/5ce ( su* junior or subord9ate li52 & 7#d7 in=ms-- 7,a7 ! s5ior or fir/ li5 hold] ( ! mon?ly p]=mance ( ! junior or subord9ate li52 & 7,b7 ! junior or subord9ate li5 hold] ( ! mon?ly p]=mance ( ! s5ior or fir/ li54 #bcc4 ,(fice ( ,f$]al ,home ,loan ,bank ,sup]vision 7a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,f$]al ,mortgage ,insurance ,corporation an ,(fice ( ,f$]al ,home ,loan ,bank ,sup]vision :i* %all be head$ by ! ,deputy ,director ( ,f$]al ,home ,loan ,bank ,sup]vision1 :o %all be appo9t$ by ! ,bo>d ( ,directors4 7b7 ,responsibilities ,! ,(fice ( ,f$]al ,home ,loan ,bank ,sup]vision %all-- 7#a7 ov]see1 coord9ate1 & sup]vise ! ,f$]al ,home ,loan ,banks & ! ,f$]al ,home ,loan ,bank ,sy/em1 includ+ ! transition ( all activities transf]r$ to ! ,corporation pursuant to section #cja2 & 7#b7 sup]vise any au?oriz$ subsidi>y ( "o or m ,f$]al ,home ,loan ,banks t is approv$ z an approv$ issu] pursuant to section #bac7;b77#b77;,a77ii71 includ+ ) respect to ! initial capitalization ( any su* subsidi>y4 ,,iii ,transf] ( p[]s1 p]sonnel1 & prop]ty to ,,fmic f ,,fhfa #cja4 ,p[]s & duties transf]r$ 7a7 ,f$]al ,home ,loan ,bank functions transf]r$ 7#a7 ,transf] ( functions ,!re are transf]r$ to ! ,corporation all functions ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy & ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy relat+ to-- 7,a7 ! sup]vision ( ! ,f$]al ,home ,loan ,banks & ! ,f$]al ,home ,loan ,bank ,sy/em2 & 7,b7 all rulemak+ au?ority ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy & ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy relat+ to ! ,f$]al ,home ,loan ,banks & ! ,f$]al ,home ,loan ,bank ,sy/em4 7#b7 ,p[]s1 au?orities1 rights1 & duties ,! ,corporation %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 includ+ all cons]vator%ip or receiv]%ip au?orities1 on ! day be=e ! transf] date 9 connection ) ! functions & au?orities transf]r$ "u p>agraph 7#a74 7#c7 ,effective date ,! transf] ( functions "u ?is p>agraph %all take effect on ! transf] date4 7b7 ,cont9uation & coord9ation ( c]ta9 actions 7#a7 ,9 g5]al ,all regulations1 ord]s1 det]m9ations1 & resolutions describ$ "u p>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/ ! ,corporation until modifi$1 t]m9at$1 set aside1 or sup]s$$ 9 accordance ) applicable law by ! ,corporation1 any c\rt ( compet5t jurisdiction1 or op]ation ( law4 7#b7 ,applicability ,a regulation1 ord]1 det]m9ation1 or resolution is describ$ "u ?is subsection if x-- 7,a7 0 issu$1 made1 prescrib$1 or all[$ to become effective by-- 7i7 ! ,f$]al ,h\s+ ,f9ance ,ag5cy2 or 7ii7 a c\rt ( compet5t jurisdiction1 & relates to functions transf]r$ by ?is ,act2 7,b7 relates to ! p]=mance ( functions t are transf]r$ by ?is section2 & 7,c7 is 9 effect on ! transf] date4 7c7 ,disposition ( affairs ,dur+ ! p]iod prec$+ ! transf] date1 ! ,director ( ! ,f$]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 ! transf] date2 & 7#b7 may take any o!r action necess>y = ! purpose ( w9d+ up ! affairs ( ! ,(fice4 7d7 ,use ( prop]ty & s]vices 7#a7 ,prop]ty ,! ,corporation may use ! prop]ty & s]vices ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy to p]=m functions :i* h be5 transf]r$ to ! ,corporation until su* "t z ! ,ag5cy is aboli%$ "u section #cjc to facilitate ! ord]ly transf] ( functions transf]r$ "u ?is section1 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 ! ,corporation %all-- 7,a7 cont9ue to provide su* s]vices1 on a reimbursable basis1 until ! transf] ( su* functions is complete2 & 7,b7 consult ) any su* ag5cy to coord9ate & facilitate a prompt & reasonable transition4 7e7 ,cont9uation ( s]vices ,! ,corporation 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 ! ,corporation = su* "t z is reasonable to facilitate ! ord]ly transf] ( functions pursuant to ?is section1 any o!r provision ( ?is ,act1 or any am5dm5t made by ?is ,act to any o!r provision ( law4 7f7 ,sav+s provisions 7#a7 ,exi/+ rights1 duties1 & obligations n affect$ ,subsection 7a7 & section #cjc %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] date4 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 ! ,corporation "u ?is section %all abate by reason ( ! enactm5t ( ?is ,act1 except t ! ,corporation %all be sub/itut$ = ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy z a p>ty to any su* action or proce$+4 7g7 ,con=m+ am5dm5ts 7#a7 ,f$]al ,home ,loan ,bank ,act ,! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adba et seq47 is am5d$-- 7,a7 by /rik+ ! ,director & ins]t+ ! ,corporation ea* place t t]m appe>s2 7,b7 by /rik+ ,! ,director & ins]t+ ,! ,corporation ea* place t t]m appe>s2 7,c7 by /rik+ ,*airman ( ! ,director ( ,gov]nors & ins]t+ ,*airman ( ! ,bo>d ( ,gov]nors ea* place t t]m appe>s2 7,d7 by /rik+ ! ,ag5cy & ins]t+ ! ,corporation ea* place t t]m appe>s2 7,e7 9 section #b1 by /rik+ p>agraphs 7#aa7 & 7#ab7 & ins]t+ ! foll[+3 7#aa7 ,corporation ,! t]m ,corporation means ! ,f$]al ,mortgage ,insurance ,corporation e/abli%$ "u title ,i ( ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac4 2 & 7,f7 9 section #aa7l77#e71 9 ! head] to su* p>agraph1 by /rik+ ( ! director4 7#b7 ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ,section #acaf ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deaf7 is am5d$-- 7,a7 9 subsection 7a7-- 7i7 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ ! regulat$ entities & ins]t+ ea* ent]prise2 & 7ii7 9 p>agraph 7#a71 by /rik+ & "u section #bj ( ! ,f$]al ,home ,loan ,bank ,act2 7,b7 9 subsection 7b71 by /rik+ p>agraph 7#b72 7,c7 9 subsection 7c7-- 7i7 by /rik+ any regulat$ entity & ins]t+ any ent]prise2 7ii7 by /rik+ ! regulat$ entity & ins]t+ ! ent]prise2 7iii7 by /rik+ a regulat$ entity & ins]t+ an ent]prise ea* place t t]m appe>s2 7iv7 by /rik+ su* regulat$ entity & ins]t+ su* ent]prise ea* place t t]m appe>s2 & 7v7 by /rik+ su* entity & ins]t+ su* ent]prise2 & 7,d7 9 subsection 7e7-- 7i7 by /rik+ ea* regulat$ entity & ins]t+ ea* ent]prise2 & 7ii7 by /rik+ su* regulat$ entity & ins]t+ su* ent]prise4 7#c7 ,"r to ,f9ancial ,privacy ,act ( #aigh ,section #aaac7o7 ( ! ,"r to ,f9ancial ,privacy ,act ( #aigh 7#ab ,u4,s4,c4 #cdac7o77 is am5d$-- 7,a7 9 ! head+ to ! subsection1 by ,f$]al ,h\s+ ,f9ance ,ag5cy & ins]t+ ,f$]al ,mortgage ,insurance ,corporation2 7,b7 by /rik+ ,f$]al ,h\s+ ,f9ance ,ag5cy & ins]t+ ,f$]al ,mortgage ,insurance ,corporation2 & 7,c7 by /rik+ ,f$]al ,h\s+ ,f9ance ,ag5cy's & ins]t+ ,f$]al ,mortgage ,insurance ,corporation's4 7#d7 ,effective date ,! am5dm5ts made by ?is subsection %all take effect on ! transf] date4 #cjb4 ,transf] & rights ( employees ( ! ,,fhfa 7a7 ,transf] ,ea* employee ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy t is employ$ 9 connection ) functions t are transf]r$ to ! ,corporation "u section #cja %all be transf]r$ to ! ,corporation = employm5t1 n lat] ?an ! transf] date1 & su* transf] %all be deem$ a transf] ( function = purposes ( section #cejc ( title #e1 ,unit$ ,/ates ,code4 7b7 ,/atus ( employees ,! transf] ( functions "u ?is title1 & ! aboli%m5t ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy "u section #cjc1 may n be con/ru$ to affect ! /atus ( any transf]r$ employee z an employee ( an ag5cy ( ! ,unit$ ,/ates = purposes ( any o!r provision ( law4 7c7 ,gu>ante$ positions ,ea* employee transf]r$ "u subsection 7a7 %all be gu>ante$ a position ) ! same /atus1 t5ure1 grade1 & pay z t held on ! day imm$iately prec$+ ! transf]4 7d7 ,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$1 subject to p>agraph 7#b74 7#b7 ,decl9e ( transf] ,! ,corporation may decl9e a transf] ( au?ority "u p>agraph 7#a71 to ! ext5t t su* au?ority relates to a position except$ f ! competitive s]vice because ( its confid5tial1 policymak+1 policy-det]m9+1 or policy-advocat+ "*4 7e7 ,reorganization ,if ! ,corporation det]m9es1 aft] ! end ( ! #a-ye> p]iod beg9n+ on ! transf] date1 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 7f7 ,employee b5efit programs 7#a7 ,9 g5]al ,any employee ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy accept+ employm5t ) ! ,corporation z a result ( a transf] "u subsection 7a7 may reta91 = #ab mon?s aft] ! date on :i* su* transf] occurs1 memb]%ip 9 any employee b5efit program ( ! ,ag5cy or ! ,corporation1 z applicable1 includ+ insurance1 to :i* su* employee belongs on ! transf] date if-- 7,a7 ! employee does n elect to give up ! b5efit or memb]%ip 9 ! program2 & 7,b7 ! b5efit or program is cont9u$ by ! ,corporation4 7#b7 ,co/ diff]5tial 7,a7 ,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 section %all be paid by ! ,corporation4 7,b7 ,heal? ,insurance ,if any employee elects to give up memb]%ip 9 a heal? insurance program or ! heal? insurance program is n cont9u$ by ! ,corporation1 ! 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 #cjc4 ,aboli%m5t ( ,,fhfa ,effective ^u ! ,,fmic c]tification date1 ! ,f$]al ,h\s+ ,f9ance ,ag5cy & ! position ( ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy are aboli%$4 #cjd4 ,transf] ( prop]ty & facilities ,effective ^u ! ,,fmic c]tification date all prop]ty ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy %all transf] to ! ,corporation4 #cje4 ,te*nical & con=m+ am5dm5ts 7a7 ,effective date ,! am5dm5ts made by ?is section %all take effect on ! date ( enactm5t ( ?is ,act4 7b7 ,ref]5ces 9 ,f$]al law ,on & aft] ! date ( enactm5t ( ?is ,act1 any ref]5ce 9 ,f$]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 section #cja1 %all be deem$ a ref]5ce to ! ,*airp]son ( ! ,f$]al ,mortgage ,insurance ,corporation or ! ,f$]al ,mortgage ,insurance ,corporation1 z appropriate & consi/5t ) ! am5dm5ts made by ?is ,act4 7c7 ,title #ah1 ,unit$ ,/ates ,code ,title #ah1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 section #aije1 by ins]t+ or ! ,f$]al ,mortgage ,insurance ,corporation aft] ,f$]al ,h\s+ ,f9ance ,ag5cy2 7#b7 9 section #bab7;c77#b7-- 7,a7 9 subp>agraph 7,f71 by /rik+ 2 & & ins]t+ a semicolon2 7,b7 9 subp>agraph 7,g71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7,h7 ! ,f$]al ,mortgage ,insurance ,corporation4 2 7#c7 9 section #feg1 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy12 7#d7 9 section #ajjf1 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy12 & 7#e7 9 section #ajad1 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7d7 ,flood ,disa/] ,protection ,act ( #aigc ,section #ajb7;b77#e7 ( ! ,flood ,disa/] ,protection ,act ( #aigc 7#db ,u4,s4,c4 #djab;a7b77#e77 is am5d$ 9 subsection 7b77#e71 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7e7 ,title #e1 ,unit$ ,/ates ,code ,title #e1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 section #ecac1 by ins]t+ ! foll[+ new item aft] ! item relat+ to ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy3 ,director ( ! ,f$]al ,mortgage ,insurance ,corporation4 2 & 7#b7 9 section #cacb7;a77#a77;,d71 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7f7 ,s>banes-,oxley ,act ,section #aje7;b77#e77;,b77ii77,,ii7 ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbae7;b77#e77;,b77ii77,,ii77 is am5d$ by ins]t+ or ! ,*airp]son ( ! ,f$]al ,mortgage ,insurance ,corporation aft] ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy4 7g7 ,f$]al ,deposit ,insurance ,act ,! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is am5d$-- 7#a7 9 section #g7;a77#b77;,a71 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy1 ea* place t t]m appe>s2 7#b7 9 section #h7;e77#g77;,a77vi71 by ins]t+ 1 ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy2 7#c7 9 section #aa7t77#b77;,a71 by add+ at ! end ! foll[+3 7viii7 ,! ,f$]al ,mortgage ,insurance ,corporation4 2 & 7#d7 9 section #cc7;e71 by ins]t+ 1 ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy4 7h7 ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid ,section #aag7;e7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgaf7;e77 is am5d$ by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7i7 ,,mahra ,act ( #aiig ,section #eag7;b77#d7 ( ! ,multifamily ,assi/$ ,h\s+ ,re=m & ,af=dability ,act ( #aiig 7#db ,u4,s4,c4 #adcg;f note7 is am5d$ by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7j7 ,title #dd1 ,unit$ ,/ates ,code ,section #cejb7e7 ( title #dd1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7k7 ,access to local ,,tv ,act ( #bjjj ,section #ajjd7;d77#b77;,d77iii7 ( ! ,laun*+ ,our ,communities' ,access to ,local ,television ,act ( #bjjj 7#dg ,u4,s4,c4 #aajc7;d77#b77;,d77iii77 is am5d$ by ins]t+ or ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy4 7l7 ,,firrea ,! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,enhancem5t ,act ( #aihi is am5d$-- 7#a7 9 section #abaf-- 7,a7 9 subsection 7a7-- 7i7 9 p>agraph 7#b71 by /rik+ 2 & & ins]t+ a semicolon2 7ii7 9 p>agraph 7#c71 by /rik+ ! p]iod & ins]t+ 2 &2 & 7iii7 by add+ at ! end ! foll[+3 7#d7 ! ,f$]al ,mortgage ,insurance ,corporation4 2 & 7,b7 9 subsection 7c71 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 be=e & ! ,f$]al ,h\s+ ,f9ance ,ag5cy12 7#b7 9 section #djb7;e71 by /rik+ ,f$]al ,h\s+ ,f9ance ,ag5cy ea* place t t]m appe>s & ins]t+ ,f$]al ,mortgage ,insurance ,corporation2 7#c7 9 section #aabd1 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy1 ea* place t t]m appe>s2 & 7#d7 9 section #aabe7;b71 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7m7 ,,eesa ,! ,em]g5cy ,economic ,/abilization ,act ( #bjjh 7#ab ,u4,s4,c4 #ebja note7 is am5d$-- 7#a7 9 section #ajd7;b7-- 7,a7 9 p>agraph 7#d71 by /rik+ 2 & & ins]t+ a semicolon2 7,b7 9 p>agraph 7#e71 by /rik+ ! p]iod & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7#f7 ! ,f$]al ,mortgage ,insurance ,corporation4 2 & 7#b7 9 section #aji7;b71 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7n7 ,dodd-,frank ,act ,! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7,public ,law #aaa-bjc7 is am5d$-- 7#a7 9 section #cdb7;g77#a7-- 7,a7 9 subp>agraph 7,h71 by /rik+ 2 & & ins]t+ a semicolon2 7,b7 9 subp>agraph 7,i71 by /rik+ ! p]iod & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7,j7 ! ,f$]al ,mortgage ,insurance ,corporation4 2 7#b7 9 section #ihi;,e7a77#a71 by add+ at ! end ! foll[+3 7,j7 ,! ,f$]al ,mortgage ,insurance ,corporation4 2 & 7#c7 9 section #adha7;b71 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7o7 ,h\s+ & ,urban-,rural ,recov]y ,act ,section #dfi ( ! ,h\s+ & ,urban-,rural ,recov]y ,act ( #aihc 7#ab ,u4,s4,c4 #agjap-#a7 is am5d$1 9 ! fir/ s5t5ce1 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7p7 ,neighborhood ,re9ve/m5t ,corporation ,act ,section #fjf7;c77#c7 ( ! ,neighborhood ,re9ve/m5t ,corporation ,act 7#db ,u4,s4,c4 #haje7;c77#c77 is am5d$ by ins]t+ 1 ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy4 7q7 ,f$]al ,insurance ,(fice ,act ,section #cac7r77#d7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7r7 ,commodity ,ex*ange ,act ,section #a;a7#ci77;,e7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a;a7#ci77;,e77 is am5d$-- 7#a7 by /rik+ a regulat$ entity & ins]t+ an ent]prise2 & 7#b7 by ins]t+ be=e ! p]iod at ! end ! ,f$]al ,mortgage ,insurance ,corporation 9 ! case ( a swap deal]1 major swap p>ticipant1 security-bas$ swap deal]1 or major security-bas$ swap p>ticipant t is a ,f$]al ,home ,loan ,bank4 7s7 ,tru? 9 ,l5d+ ,act ,! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afja et seq47 is am5d$-- 7#a7 section #abi;,h7b77#d71 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy12 & 7#b7 9 section #abi;,e-- 7,a7 9 subsection 7g77#a71 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy12 & 7,b7 9 subsection 7h71 by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy14 7t7 ,,ffiec ,! fir/ s5t5ce ( section #ajaa ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccaj7 is am5d$ by ins]t+ ! ,f$]al ,mortgage ,insurance ,corporation1 be=e & ! ,f$]al ,h\s+ ,f9ance ,ag5cy4 ,,iv ,improv+ transp>5cy1 acc\ntability1 & efficacy )9 af=dable h\s+ #dja4 ,af=dable h\s+ allocations 7a7 ,fee & allocation ( am\nts ,subject to subsection 7b71 & 9 addition to any fees = ! provision ( insurance e/abli%$ 9 accordance ) title ,,ii1 9 ea* fiscal ye> ! ,corporation %all-- 7#a7 *>ge & collect a fee 9 an am\nt equal to n less ?an #e basis po9ts & n m ?an #aj basis po9ts = ea* doll> ( ! out/&+ pr9cipal balance ( eligible mortgages collat]aliz+ cov]$ securities = :i* insurance is be+ provid$ "u title ,,ii2 & 7#b7 allocate or o!rwise transf]-- 7,a7 #hj p]c5t ( su* fee am\nts to ! ,secret>y ( ,h\s+ & ,urban ,developm5t to fund ! ,h\s+ ,tru/ ,fund e/abli%$ "u section #acch ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defh72 & 7,b7 #bj p]c5t ( su* fee am\nts to ! ,secret>y ( ! ,treasury to fund ! ,capital ,magnet ,fund e/abli%$ "u section #acci ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defi74 7b7 ,susp5sion ( contributions ,! ,corporation may tempor>ily susp5d allocations "u subsection 7a7 ^u a f9d+ by ! ,corporation t su* allocations are contribut+1 or w\ld contribute1 to ! f9ancial in/ability ( ! ,mortgage ,insurance ,fund e/abli%$ "u section #bjc4 #djb4 ,h\s+ ,tru/ ,fund ,section #acch ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defh7 is am5d$-- 7#a7 9 subsection 7a71 by /rik+ by ! ent]prises "u section #accg & ins]t+ pursuant to section #dja ( ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac2 7#b7 by repeal+ subsection 7b72 & 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#d77;,b71 by /rik+ o!r ?an fiscal ye> #bjji2 7,c7 9 p>agraph 7#g7-- 7i7 9 subp>agraph 7,a71 by /rik+ 2 & & ins]t+ a semicolon2 7ii7 9 subp>agraph 7,b77iv7-- 7,i7 by /rik+ section #acb & ins]t+ section #aacb2 & 7,,ii7 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 & 7iii7 by add+ at ! end ! foll[+3 7,c7 grants & loans1 includ+ ?r\gh ! use ( pilot programs ( suffici5t scale1 to support ! rese>* & developm5t ( su/a9able home[n]%ip & af=dable r5tal programs1 provid$ t su* grant or loan am\nts are us$ only = ! b5efit ( families ^: income does n exce$ #abj p]c5t ( ! area m$ian income z det]m9$ by ! ,secret>y1 ) adju/m5ts = family size2 & 7,d7 provide limit$ cr$it enhancem5t1 & o!r =ms ( cr$it support1 = product & s]vices t-- 7i7 w increase ! rate ( su/a9able home[n]%ip & af=dable r5tal by individuals or families ^: income does n exce$ #abj p]c5t ( ! area m$ian income z det]m9$ by ! ,secret>y1 ) adju/m5ts = family size2 & 7ii7 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>ket4 2 & 7,d7 9 p>agraph 7#aj7-- 7i7 by am5d+ subp>agraph 7,a7 to read z foll[s3 7,a7 ,ensur+ effici5t use ( grant am\nts 7i7 ,use = c]ta9 eligible activities ,9 ea* fiscal ye>1 ( ! aggregate am\nt allocat$ to a ,/ate or ,/ate designat$ entity "u ?is subsection-- 7,i7 #ce p]c5t %all be us$ = activities "u subp>agraph 7,a7 ( p>agraph 7#g72 7,,ii7 #e p]c5t %all be us$ = activities "u subp>agraph 7,b7 ( p>agraph 7#g72 & 7,,iii7 #fj p]c5t %all be us$ = activities "u subp>agraphs 7,c7 & 7,d7 ( p>agraph 7#g74 7ii7 ,ensur+ b5efits = rural communities 7,i7 ,9 g5]al ,9 ea* fiscal ye>1 ( ! aggregate am\nt allocat$ to a ,/ate or ,/ate designat$ entity "u ?is subsection1 ! ,/ate or ,/ate designat$ entity %all ensure t1 at a m9imum1 su* am\nts are di/ribut$ = ! b5efit ( non5titlem5t areas 9 t ,/ate 9 ! same proportion t ! total am\nt ( non5titlem5t areas 9 t ,/ate be>s to ! total am\nt ( all areas 9 t ,/ate4 7,,ii7 ,t>get$ outrea* to small] communities ,9 c>ry+ out ! requirem5t "u subclause 7,i71 ea* ,/ate or ,/ate designat$ entity %all 9 di/ribut+ am\nts allocat$ to t ,/ate or ,/ate designat$ entity give priority to non5titlem5t areas ) a population ( less ?an #bj1jjj4 7,,iii7 ,def9ition ( non5titlem5t area ,= purposes ( ?is clause1 ! t]m non5titlem5t area has ! same mean+ giv5 t t]m "u section #ajb7;a77#g7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjb7;a77#g774 2 & 7ii7 by /rik+ subp>agraph 7,e74 #djc4 ,capital ,magnet ,fund ,section #acci ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defi7 is am5d$-- 7#a7 9 subsection 7b77#a71 by /rik+ pursuant to section #accg & ins]t+ pursuant to section #dja ( ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac2 & 7#b7 9 subsection 7h71 by /rik+ p>agraph 7#g74 #djd4 ,additional taxpay] protections 7a7 ,ensur+ b5efits support citiz5s & lawful p]man5t resid5ts ,! ,secret>y ( ,h\s+ & ,urban ,developm5t & ! ,secret>y ( ! ,treasury1 respectively1 %all ensure t grant am\nts allocat$ to cov]$ grantees1 allocat$ by cov]$ grantees to eligible recipi5ts1 or allocat$ to individuals by su* eligible recipi5ts are us$ = ! b5efit ( only lawful p]man5t resid5ts & citiz5s ( ! ,unit$ ,/ates 9 c>ry+ out ! activities (-- 7#a7 ! ,h\s+ ,tru/ ,fund2 & 7#b7 ! ,capital ,magnet ,fund4 7b7 ,n ,to be us$ = political activities ,consi/5t ) ! exi/+ requirem5ts "u sections #acch7;c77#aj77;,d7 & section #acci7;h77#e7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t & ! ,secret>y ( ! ,treasury1 respectively1 %all ensure t grant am\nts allocat$ by cov]$ grantees to eligible recipi5ts or allocat$ to individuals by su* eligible recipi5ts are n us$ =-- 7#a7 political activities2 7#b7 advocacy2 7#c7 lobby+1 :e!r directly or ?r\gh o!r p>ties2 7#d7 influ5c+ ! selection1 nom9ation1 election1 or appo9tm5t ( "o or m c&idates to any ,f$]al1 ,/ate or local (fice2 7#e7 p]sonal c\nsel+ s]vices2 7#f7 travel exp5ses2 & 7#g7 prep>+ or provid+ advice on tax returns4 7c7 ,p5alties 7#a7 ,civil money p5alty ,if an eligible recipi5t or any o!r individual 9 receipt ( grant am\nts describ$ by ?is section violates any provision ( subsection 7a7 or 7b71 ! ,secret>y ( ,h\s+ & ,urban ,developm5t or ! ,secret>y ( ! ,treasury1 z ! case may be1 may impose a civil p5alty on su* recipi5t or individual1 z ! case may be1 ( n m ?an #a1jjj1jjj = ea* violation4 7#b7 ,crim9al p5alties ,:oev]1 be+ subject to ! provisions ( subsection 7a7 or 7b71 kn[+ly p>ticipates1 directly or indirectly1 9 any mann] 9 conduct t results 9 a violation ( su* provisions %all1 not)/&+ section #cega ( title #ah1 ,unit$ ,/ates ,code1 be f9$ n m ?an #a1jjj1jjj = ea* violation1 imprison$ = n m ?an #e ye>s1 or bo?4 7#c7 ,rule ( con/ruction ,! p5alties impos$ "u p>agraphs 7#a7 or 7#b7 %all be 9 addition to any o!r available civil rem$y or any o!r available crim9al p5alty & may be impos$ :e!r or n ! ,secret>y ( ,h\s+ & ,urban ,developm5t or ! ,secret>y ( ! ,treasury1 z ! case may be1 imposes o!r adm9i/rative sanctions4 7d7 ,def9ition ,z us$ 9 ?is section-- 7#a7 ! t]m cov]$ grantee means-- 7,a7 = purposes ( ! ,h\s+ ,tru/ ,fund1 a ,/ate or ,/ate designat$ entity2 & 7,b7 = purposes ( ! ,capital ,magnet ,fund1 an eligible grantee z describ$ "u section #acci7;e7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib2 7#b7 ! t]m eligible recipi5t means-- 7,a7 = purposes ( ! ,h\s+ ,tru/ ,fund1 a recipi5t z describ$ "u section #acch7;c77#i7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiibt2 & 7,b7 = purposes ( ! ,capital ,magnet ,fund1 a recipi5t ( assi/ance f ! ,capital ,magnet ,fund2 7#c7 ! t]m ,capital ,magnet ,fund means ! ,capital ,magnet ,fund e/abli%$ "u section #acci ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defi72 & 7#d7 ! t]m ,h\s+ ,tru/ ,fund means ! ,h\s+ ,tru/ ,fund e/abli%$ "u section #acch ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defh74 ,v ,w9d ,d[n ( ,fannie ,mae & ,fr$die ,mac #eja4 ,repeal ( ,,gse *>t]s 7a7 ,fannie ,mae ,effective on ! ,,fmic c]tification date1 ! *>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$]al ,national ,mortgage ,association1 includ+ any-- 7,a7 bonds1 deb5tures1 notes1 or o!r simil> in/rum5ts2 7,b7 capital lease obligations2 or 7,c7 obligations 9 respect ( lett]s ( cr$it1 bank]s' acceptances1 or o!r simil> in/rum5ts2 or 7#b7 mortgage-back$ securities gu>ante$ by ! ,f$]al ,national ,mortgage ,association4 7b7 ,fr$die ,mac ,effective on ! ,,fmic 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$]al ,home ,loan ,mortgage ,corporation1 includ+ any-- 7,a7 bonds1 deb5tures1 notes1 or o!r simil> in/rum5ts2 7,b7 capital lease obligations2 or 7,c7 obligations 9 respect ( lett]s ( cr$it1 bank]s' acceptances1 or o!r simil> in/rum5ts2 or 7#b7 mortgage-back$ securities gu>ante$ by ! ,f$]al ,home ,loan ,mortgage ,corporation4 7c7 ,exi/+ gu>antee obligations 7#a7 ,explicit gu>antee ,! full fai? & cr$it ( ! ,unit$ ,/ates is pl$g$ to ! paym5t ( all am\nts :i* may be requir$ to be paid "u any obligation describ$ "u subsections 7a7 & 7b74 7#b7 ,cont9u$ divid5d paym5ts ,not)/&+ section #ejb or any o!r provision ( law1 & subject to section #fja1 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-- 7,a7 %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 to facilitate compliance ) ! provisions ( section #ejb7;b7 %all be p]mitt$2 & 7,b7 %all rema9 9 effect until ! gu>antee obligations describ$ "u subsections 7a77#b7 & 7b77#b7 are fully ext+ui%$4 7#c7 ,applicability ,not)/&+ section #ejb1 all gu>antee fee am\nts d]iv$ f ! s+le-family mortgage gu>antee bus9ess ( ! ent]prises 9 exi/5ce z ( ! ,,fmic c]tification date %all be subject to ! t]ms ( ! ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t4 7d7 ,f$]al ,safety & ,s\ndness ,act 7#a7 ,9 g5]al ,! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deja et seq47 is am5d$-- 7,a7 9 section #acjc-- 7i7 9 p>agraph 7#b71 by /rik+ ',f$]al ,h\s+ ,f9ance ,ag5cy & ins]t+ ,f$]al ,mortgage ,insurance ,corporation2 7ii7 9 p>agraph 7#c71 by /rik+ means & all t foll[s ?r\gh ! p]iod at ! end1 & ins]t+ means ! ,f$]al ,home ,loan ,bank ,act42 7iii7 by repeal+ p>agraph 7#d72 & 7iv7 9 p>agraph 7#i71 by /rik+ ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy & ins]t+ ,bo>d ( ,directors ( ! ,f$]al ,mortgage ,insurance ,corporation2 7,b7 by repeal+ section #acac;,a2 & 7,c7 by repeal+ section #acag7;d74 7#b7 ,effective date ,! am5dm5ts made by p>agraph 7#a7 %all take effect on ! ,,fmic c]tification date4 #ejb4 ,w9d d[n 7a7 ,w9d d[n 7#a7 ,au?ority ( ,,fhfa ,beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ! ,,fmic c]tification date1 ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 9 consultation ) ! ,corporation & ! ,secret>y ( ! ,treasury1 %all take su* action1 & may prescribe su* regulations & proc$ures1 z may be necess>y to w9d d[n ! op]ations ( ! ent]prises 9 an ord]ly mann] t complies ) ! requirem5ts ( ?is ,act & any am5dm5ts made by ?is ,act4 7#b7 ,limitation ,not)/&+ any au?ority grant$ to ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy "u p>agraph 7#a71 ! sale1 transf]1 ex*ange1 or o!r disposition ( any asset subject to ! w9d d[n requir$ "u ?is section %all be prohibit$1 if ! ,corporation-- 7,a7 9 its discretion det]m9es t su* sale1 transf]1 ex*ange1 or disposition w\ld mat]ially int]f]e ) ! ability ( ! ,corporation to c>ry out ! requirem5ts ( ?is ,act2 & 7,b7 notifies1 9 writ+1 ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy )9 #ad days ( su* det]m9ation4 7#c7 ,rule ( con/ruction ,not)/&+ any au?ority grant$ to ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy "u p>agraph 7#a71 ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy-- 7,a7 %all h no au?ority to sell1 transf]1 ex*ange1 or o!rwise dispose ( any gu>antee obligations describ$ "u subsections 7a77#b7 & 7b77#b7 ( section #eja2 & 7,b7 %all h no rights1 claims1 or title to1 nor any au?ority to sell1 transf]1 ex*ange1 or o!rwise dispose (1 gu>antee fee am\nts d]iv$ f ! s+le-family mortgage gu>antee bus9ess ( ! ent]prises 9 exi/5ce z ( ! ,,fmic c]tification date4 7b7 ,division ( assets & liabilities2 au?ority ,to e/abli% hold+ corporation & dissolution tru/ fund ,! action & proc$ures requir$ "u subsection 7a7-- 7#a7 %all include ! e/abli%m5t & execution ( plans to provide = an equitable division1 di/ribution1 & liquidation ( ! assets & liabilities ( an ent]prise1 includ+ any infra/ructure1 prop]ty1 includ+ intellectual prop]ty1 plat=ms1 or any o!r ?+ or object ( value1 provid$ su* plan complies ) ! requirem5ts ( ?is ,act & any am5dm5ts made by ?is ,act2 & 7#b7 may provide = e/abli%m5t (-- 7,a7 a hold+ corporation organiz$ "u ! laws ( any ,/ate ( ! ,unit$ ,/ates or ! ,di/rict ( ,columbia = ! purpose ( w9d+ d[n an ent]prise2 & 7,b7 "o or m tru/s to :i* to transf]-- 7i7 out/&+ debt obligations ( an ent]prise2 or 7ii7 out/&+ mortgages held = ! purpose ( collat]aliz+ mortgage-back$ securities gu>ante$ by an ent]prise4 7c7 ,rec\pm5t by s5ior pref]r$ %>ehold]s 7#a7 ,9 g5]al ,subject to ! requirem5ts ( ?is ,act1 any proce$s f ! w9d d[n ( an ent]prise %all be paid fir/ to ! s5ior pref]r$ %>ehold]s ( ea* su* ent]prise1 !n to ! pref]r$ %>ehold]s ( ea* su* ent]prise1 & !n to ! common %>ehold]s ( ea* su* ent]prise4 7#b7 ,jo9t det]m9ation ,! am\nt ( any proce$s to be paid pursuant to p>agraph 7#a7 %all be jo9tly det]m9$ by ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 ! ,corporation1 & ! ,secret>y ( ! ,treasury4 7#c7 ,maximum return to %>ehold]s ,! w9d d[n ( ea* ent]prise requir$ "u ?is section %all be manag$ by ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 9 consultation ) ! ,corporation & ! ,secret>y ( ! ,treasury1 to obta9 resolutions t maximize ! return = ! s5ior pref]r$ %>ehold]s "u p>agraph 7#a71 to ! ext5t t su* resolutions-- 7,a7 are consi/5t ) ! goal ( support+ a s\nd1 /able1 & liquid h\s+ m>ket2 7,b7 are consi/5t ) applicable ,f$]al & ,/ate law2 7,c7 comply ) ! requirem5ts ( ?is ,act & any am5dm5ts made by ?is ,act2 & 7,d7 protect ! taxpay]4 7#d7 ,sale ( c]ta9 assets z a go+ conc]n ,except z provid$ 9 section #fja or else:]e z requir$ 9 ?is ,act1 if ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 9 consultation ) ! ,corporation & ! ,secret>y ( ! ,treasury1 det]m9es t ! sale ( any l9e ( bus9ess1 or any function1 activity1 or s]vice ( an ent]prise z a go+ conc]n w maximize ! return = ! s5ior pref]r$ %>ehold]s z requir$ "u p>agraph 7#c71 ! ,director may conduct su* sale1 provid$ t-- 7,a7 "u no circum/ance1 %all su* sale transf]1 convey1 or au?orize1 or be deem$ to transf]1 convey1 or au?orize1 any gu>antee or ,f$]al support1 assi/ance1 or back+1 implicit or explicit1 relat$ to any su* l9e ( bus9ess1 function1 activity1 or s]vice2 & 7,b7 su* sale does n imp$e or o!rwise int]f]e ) ! ability ( ! ,f$]al ,mortgage ,insurance ,corporation to c>ry out ! functions & requirem5ts ( ?is ,act4 7#e7 ,rule ( con/ruction ,= purposes ( ?is subsection1 ! t]m proce$s does n include any gu>antee fee am\nts d]iv$ f ! s+le-family mortgage gu>antee bus9ess ( ! ent]prises 9 exi/5ce z ( ! ,,fmic c]tification date4 #ejc4 ,align+ purpose ( cons]vator%ip ) ,,fmic 7a7 ,p[] z cons]vator ,section #acfg7;b77#b77;,d7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dfag7;b77#b77;,d77 is am5d$ to read z foll[s3 7,d7 ,p[] z cons]vator ,aft] ! date ( enactm5t ( ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac ! ,ag5cy %all1 z cons]vator1 take su* actions z are necess>y-- 7i7 to ensure ! effici5t1 effective1 & exp$iti\s w9d d[n ( ! ent]prises2 7ii7 to manage ! affairs1 assets1 & obligations ( ! ent]prises & to op]ate ! ent]prises 9 compliance ) ! requirem5ts ( ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac2 7iii7 to assi/ ! ,f$]al ,mortgage ,insurance ,corporation1 9 a consultative capacity1 9 c>ry+ out ! requirem5ts "u ! ,h\s+ ,f9ance ,re=m & ,taxpay] ,protection ,act ( #bjac2 & 7iv7 to ma9ta9 liquidity & /ability 9 ! second>y mortgage m>ket until su* z "t z ! *>t]s ( ! ent]prises are revok$ pursuant to title ,v ( su* ,act4 4 7b7 ,rule ( con/ruction ,no?+ 9 ?is ,act1 or any am5dm5ts made by ?is ,act1 except z may be explicitly provid$ = 9 ?is ,act1 or any am5dm5t made by ?is ,act1 %all be deem$ to alt] ! p[]s1 au?orities1 rights1 & duties t are ve/$ 9 ! ,f$]al ,h\s+ ,f9ance ,ag5cy & ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy ) respect to its sup]vision & regulation ( ! ent]prises4 #ejd4 ,con=m+ loan limits 7a7 ,9 g5]al ,beg9n+ on ! date ( enactm5t ( ?is ,act1 ! limitations gov]n+ ! maximum orig9al pr9cipal obligation ( conv5tional mortgages t may be pur*as$ by ! ,f$]al ,national ,mortgage ,association & ! ,f$]al ,home ,loan ,mortgage ,corporation1 ref]r$ to 9 section #cjb7;b77#b7 ( ! ,f$]al ,national ,mortgage ,association ,*>t] ,act 7#ab ,u4,s4,c4 #agag7;b77#b77 & section #cje7;a77#b7 ( ! ,f$]al ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #aded7;a77#b771 respectively1 %all n exce$ #dag1jjj = a mortgage secur$ by a s+le-family resid5ce1 #ecc1hej = a mortgage secur$ by a #b-;family resid5ce1 #fde1cjj = a mortgage secur$ by a #c-;family resid5ce1 & #hja1iej = a mortgage secur$ by a #d-;family resid5ce1 except t su* maximum limitations %all be adju/$ effective ,janu>y #a ( ea* ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act1 subject to ! limitations 9 ?is p>agraph4 ,ea* adju/m5t %all be made by add+ to ea* su* am\nt 7z x may h be5 previ\sly adju/$7 a p]c5tage !re( equal to ! p]c5tage increase1 dur+ ! mo/ rec5t #ab-mon? or #d-qu>t] p]iod end+ be=e ! "t ( det]m9+ su* annual adju/m5t1 9 ! h\s+ price index ma9ta9$ pursuant to section #acbb ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dedb74 ,if ! *ange 9 su* h\se price index dur+ ! mo/ rec5t #ab-mon? or #d-qu>t] p]iod end+ be=e ! "t ( det]m9+ su* annual adju/m5t is a decrease1 !n no adju/m5t %all be made = ! next ye>1 & ! next adju/m5t %all take into acc\nt prior decl9es 9 ! h\se price index1 s t any adju/m5t %all reflect ! net *ange 9 ! h\se price index s9ce ! la/ adju/m5t4 ,decl9es 9 ! h\se price index %all be accumulat$ & !n r$uce increases until subsequ5t increases exce$ prior decl9es4 7b7 ,special exception = ,alaska1 ,hawaii1 ,guam1 & ,,usvi ,! limitations set =? "u subsection 7a7 %all be increas$ by n to exce$ #ej p] c5tum ) respect to prop]ties locat$ 9 ,alaska1 ,guam1 ,hawaii1 & ! ,virg9 ,isl&s4 7c7 ,high-,co/ area limit ,! limitations set =? "u subsection 7a7 %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 "u subsection 7a7 = su* size resid5ce-- 7#a7 = ! fir/ ye> foll[+ ! date ( enactm5t ( ?is ,act1 to ! less] ( #aej p]c5t ( su* limitation = su* size resid5ce or ! am\nt t is equal to #aae p]c5t ( ! m$ian h\se price 9 su* area = su* size resid5ce2 7#b7 = ! second ye> foll[+ ! date ( enactm5t ( ?is ,act1 to ! less] ( #ade p]c5t ( su* limitation = su* size resid5ce or ! am\nt t is equal to #aae p]c5t ( ! m$ian h\se price 9 su* area = su* size resid5ce2 7#c7 = ! ?ird ye> foll[+ ! date ( enactm5t ( ?is ,act1 to ! less] ( #ace p]c5t ( su* limitation = su* size resid5ce or ! am\nt t is equal to #aae p]c5t ( ! m$ian h\se price 9 su* area = su* size resid5ce2 7#d7 = ! f\r? ye> foll[+ ! date ( enactm5t ( ?is ,act1 to ! less] ( #acj p]c5t ( su* limitation = su* size resid5ce or ! am\nt t is equal to #aae p]c5t ( ! m$ian h\se price 9 su* area = su* size resid5ce2 & 7#e7 = ! fif? ye> foll[+ ! date ( enactm5t ( ?is ,act1 & ea* ye> !reaft]1 to ! less] ( #abe p]c5t ( su* limitation = su* size resid5ce or ! am\nt t is equal to #aae p]c5t ( ! m$ian h\se price 9 su* area = su* size resid5ce4 #eje4 ,portfolio r$uction 7a7 ,graduat$ r$uction 7#a7 ,9 g5]al ,ea* ent]prise %all n own1 z ( any applicable date1 mortgage assets 9 excess (-- 7,a7 z ( ,decemb] #ca1 #bjac1 #eeb1ejj1jjj1jjj2 & 7,b7 on ,decemb] #ca ( ea* ye> !reaft] until ! ,,fmic c]tification date1 #he p]c5t ( ! aggregate am\nt ( ! mortgage assets t ! ent]prise 0 p]mitt$ to own z ( ,decemb] #ca ( ! imm$iately prec$+ cal5d> ye>4 7#b7 ,reta9$ portfolio to facilitate ord]ly w9d d[n ,on ,decemb] #ca ( ! ye> 9 :i* ! ,,fmic c]tification date occurs1 ! ,corporation %all e/abli% an all[able am\nt ( ent]prise own$ mortgage assets 9 an am\nt equal to ! am\nt necess>y to facilitate-- 7,a7 ! ord]ly w9d d[n ( ! ent]prises2 & 7,b7 appropriate loss mitigation on any legacy gu>antees ( ! ent]prises4 7b7 ,mortgage assets def9$ ,= purposes ( ?is section1 ! t]m mortgage assets means1 ) respect to an ent]prise1 assets ( su* ent]prise consi/+ ( mortgages1 mortgage loans1 mortgage-relat$ securities1 p>ticipation c]tificates1 mortgage-back$ comm]cial pap]1 obligations ( real e/ate mortgage inve/m5t conduits & simil> assets1 9 ea* case to ! ext5t su* assets w\ld appe> on ! balance %eet ( su* ent]prise 9 accordance ) g5]ally accept$ acc\nt+ pr9ciples 9 effect 9 ! ,unit$ ,/ates z ( ,septemb] #g1 #bjjh 7z set =? 9 ! op9ions & pron\ncem5ts ( ! ,acc\nt+ ,pr9ciples ,bo>d & ! ,am]ican ,in/itute ( ,c]tifi$ ,public ,acc\ntants & /atem5ts & pron\ncem5ts ( ! ,f9ancial ,acc\nt+ ,/&>ds ,bo>d f "t to "t2 & )\t giv+ any effect to any *ange t may be made aft] ,septemb] #g1 #bjjh1 9 respect ( ,/atem5t ( ,f9ancial ,acc\nt+ ,/&>ds ,no4 #adj or any simil> acc\nt+ /&>d74 #ejf4 ,repeal ( m&atory h\s+ goals 7a7 ,repeal ( h\s+ goals ,! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib is am5d$ by /rik+ sections #acca ?r\gh #accf 7#ab ,u4,s4,c4 #defa-f74 7b7 ,con=m+ am5dm5ts ,! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deja et seq47 is am5d$-- 7#a7 9 section #acjc7bh71 by /rik+ 1 &1 = ! purposes & all t foll[s ?r\gh designat$ disa/] areas2 7#b7 9 section #acbd7;b77#a77;,a71 by /rik+ clauses 7i71 7ii71 & 7iv72 7#c7 9 section #acda-- 7,a7 9 subsection 7a7-- 7i7 9 p>agraph 7#a71 by ins]t+ or aft] ! semicolon at ! end2 7ii7 9 p>agraph 7#b71 by /rik+ ! semicolon at ! end & ins]t+ a p]iod2 & 7iii7 by /rik+ p>agraphs 7#c7 & 7#d72 & 7,b7 9 subsection 7b77#b7-- 7i7 9 subp>agraph 7,a71 by ins]t+ or aft] ! semicolon at ! end2 7ii7 by /rik+ subp>agraphs 7,b7 & 7,c72 & 7iii7 by r$esignat+ subp>agraph 7,d7 z subp>agraph 7,b72 7#d7 9 section #acde7;a7-- 7,a7 9 p>agraph 7#a71 by ins]t+ or aft] ! semicolon at ! end2 7,b7 9 p>agraph 7#b71 by /rik+ ! semicolon at ! end & ins]t+ a p]iod2 & 7,c7 by /rik+ p>agraphs 7#c7 & 7#d72 & 7#e7 9 section #acga7;a77#b71 by /rik+ ) any h\s+ goal e/abli%$ "u subp>t ,b ( "p #b ( subtitle ,a ( ?is title1 ) section #accf or #accg ( ?is title14 ,,vi ,improvem5ts to function+ ( h\s+ m>ket #fja4 ,cont9uation ( multifamily bus9ess ( ! ent]prises 7a7 ,9 g5]al ,not)/&+ any provision ( title ,v1 or any o!r provision ( law1 effective on ! ,,fmic c]tification date1 all functions1 activities1 infra/ructure1 prop]ty1 includ+ intellectual prop]ty1 plat=ms1 or any o!r object or s]vice ( an ent]prise relat+ to ! ma9t5ance & op]ation ( ! multifamily gu>antee bus9ess ( an ent]prise %all be transf]r$1 )\t co/1 to ! ,corporation4 7b7 ,au?ority ( ,director ,! ,corporation is au?oriz$1 ^u su* t]ms & conditions z x may deem appropriate1 to gu>antee ! timely paym5t ( pr9cipal ( & int]e/1 on any mortgage on multifamily h\s+ pur*as$ by ! ,corporation pursuant to ! transf] ( an ent]prise's multifamily gu>antee bus9ess "u subsection 7a74 7c7 ,limitation on ongo+ op]ation ( multifamily bus9ess ,9 c>ry+ out ! multifamily gu>antee bus9ess ( an ent]prise transf]r$ pursuant to subsection 7a71 ! ,corporation %all ensure t any su* bus9ess cont9ues to op]ate1 z applicable1 consi/5t )-- 7#a7 ! ,delegat$ ,und]writ+ & ,s]vic+ ,l5d] ,program e/abli%$ by ! ,f$]al ,national ,mortgage ,association2 & 7#b7 ! ,program ,plus ,l5d] ,program e/abli%$ by ! ,f$]al ,home ,loan ,mortgage ,corporation1 especially ! ,s]ies ,k ,/ructur$ ,pass-,?r\gh ,c]tificates (f]$ by ! ent]prise4 7d7 ,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 gu>anty-- 7#a7 issu$ by ! ,corporation pursuant to ?is subsection2 & 7#b7 obligation assum$ by ! ,corporation pursuant to ! transf] ( an ent]prise's multifamily gu>antee bus9ess "u subsection 7a74 7e7 ,gu>antee fee 7#a7 ,9 g5]al ,! ,corporation %all collect a reasonable fee = any gu>anty "u ?is subsection & %all make su* *>ges z x may det]m9e to be reasonable = ! analysis ( any tru/ or o!r security arrangem5t propos$ by an issu] ( a security back$ by multifamily mortgages gu>ante$ "u ?is section4 7#b7 ,deposit into ,mortgage ,insurance ,fund ,any gu>antee fee am\nts collect$ "u ?is subsection %all be deposit$ 9 ! ,mortgage ,insurance ,fund4 #fjb4 ,multiple l5d] issues ,) respect to ! dwell+ ( a borr[] t s]ves z security = an eligible mortgage1 if ! borr[] ent]s into any cr$it transaction t w\ld result 9 ! creation ( a new mortgage or o!r li5 on su* dwell+ :]e ! loan-to-value ratio ( su* cr$it transaction am\nt is #hj p]c5t or m1 ! cr$itor ( su* new mortgage or o!r li5 %all seek & obta9 ! approval ( ! cr$itor ( ! s5ior eligible mortgage loan be=e any su* cr$it transaction becomes valid & en=ceable4 #fjc4 ,,gao report on full privatization ( second>y mortgage m>ket 7a7 ,,gao report ,n lat] ?an #h ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit a report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives on ! feasibility ( ma9ta9+ a fully privatiz$ second>y mortgage m>ket1 includ+ recomm5dations on h[ to be/ c>ry out any displacem5t ( ! insurance model e/abli%$ "u ?is ,act4 7b7 ,corporation plan ,to transition to a fully private second>y mortgage m>ket 7#a7 ,requir$ submission to ,congress ,n lat] ?an #f mon?s aft] ! date on :i* ! report requir$ "u subsection 7a7 is submitt$1 ! ,corporation %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a plan to transition to a fully privatiz$ second>y mortgage m>ket4 7#b7 ,requir$ cont5t ( plan ,! plan requir$ to be submitt$ "u p>agraph 7#a7 %all describe1 *ronicle1 & specify all ! legislative1 adm9i/rative1 & regulatory actions necess>y to c>ry out a transition to a fully private second>y mortgage m>ket1 includ+ all actions necess>y to dissolve ! ,corporation & successfully displace ! insurance model e/abli%$ "u ?is ,act4 ,,vii ,g5]al provisions #gja4 ,au?ority to issue regulations ,! ,corporation may prescribe su* regulations & issue su* guidel9es1 ord]s1 requirem5ts1 or /&>ds z are necess>y to c>ry out ?is ,act1 or any am5dm5t made by ?is ,act4 #gjb4 ,fair value acc\nt+ ,9 any evaluation1 ov]sight1 audit1 or analysis by ! ,corporation ( ! co/ ( ! ,mortgage ,insurance ,fund1 ! insurance or gu>antee activities ( ! ,corporation requir$ "u ?is ,act1 includ+ any fee or *>ge 9 connection ) ! provision ( su* insurance or gu>antee1 or ! f9ancial transactions ( ! ,corporation1 ! ,corporation %all conduct any su* evaluation1 ov]sight1 audit1 or analysis bas$ on ! fair-value accrual acc\nt+ me?od4 #gjc4 ,rule ( con/ruction ,no?+ 9 ?is ,act %all be con/ru$ to prohibit or o!rwise re/rict ! ability ( a hold] ( any loss position 9 any cov]$ security insur$ "u ?is ,act f re/ructur+1 retran*+1 or resecuritiz+ su* position4 #gjd4 ,sev]ability ,if any provision ( ?is ,act or ! application ( any provision ( ?is ,act to any p]son or circum/ance1 is held invalid1 ! application ( su* provision to o!r p]sons or circum/ances1 & ! rema9d] ( ?is ,act1 %all n be affect$ !reby4