Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword or section
Like this
4Activity

Table Of Contents

0 of .
Results for:
No results containing your search query
P. 1
Housing Finance Reform and Taxpayer Protection Act of 2013

Housing Finance Reform and Taxpayer Protection Act of 2013

Ratings: (0)|Views: 6,966 |Likes:
Published by Mark Warner
Sens. Warner & Corker's bipartisan legislation to reform America's broken housing finance system will protect taxpayers, wind down Fannie & Freddie, and preserve market liquidity.
Sens. Warner & Corker's bipartisan legislation to reform America's broken housing finance system will protect taxpayers, wind down Fannie & Freddie, and preserve market liquidity.

More info:

Published by: Mark Warner on Jun 25, 2013
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

08/10/2013

pdf

text

original

 
GRA13267 S.L.C.
113
TH
CONGRESS1
ST
S
ESSION
 
S.
 ll 
To provide secondary mortgage market reform, and for other purposes.
IN THE SENATE OF THE UNITED STATES
 llllllllll 
Mr. C
ORKER
(for himself, Mr. W 
 ARNER
, Mr. J
OHANNS
, Mr. T
ESTER
, Mr.H
ELLER
, Ms. H
EITKAMP
, Mr. M
ORAN
, and Mrs. H
 AGAN
) introduced thefollowing bill; which was read twice and referred to the Committee on
 llllllllll 
A BILL
To provide secondary mortgage market reform, and for otherpurposes.
 Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
3
(a) S
HORT
T
ITLE
.—This Act may be cited as the
4
‘‘Housing Finance Reform and Taxpayer Protection Act
5
of 2013’’.
6
(b) T
 ABLE OF
C
ONTENTS
.—The table of contents for
7
this Act is as follows:
8
Sec.1.Short title; table of contents.Sec.2.Definitions.TITLE I—FEDERAL MORTGAGE INSURANCE CORPORATION
 
2
GRA13267 S.L.C.Sec.101.Establishment.Sec.102.Director.Sec.103.Board of Directors.Sec.104.Office of the Inspector General.Sec.105.Staff, experts, and consultants.Sec.106.Reports; testimony; audits.Sec.107.Initial funding.TITLE II—DUTIES, RESPONSIBILITIES, AND STRUCTURE OF THEFMICSubtitle A—Duties and AuthoritiesSec.201.Duties and responsibilities of the FMIC.Sec.202.Standard form credit risk-sharing mechanisms, products, structures,contracts, or other security agreements.Sec.203.Mortgage Insurance Fund.Sec.204.Insurance.Sec.205.Authority to protect taxpayers in unusual and exigent market condi-tions.Sec.206.General powers.Sec.207.Exemptions.Subtitle B—Oversight of Market ParticipantsSec.211.Approval of private mortgage insurers.Sec.212.Approval of servicers.Sec.213.Approval of issuers.Sec.214.Approval of bond guarantors.Sec.215.Authority to establish FMIC Mutual Securitization Company.Sec.216.Additional authority relating to oversight of market participants.Sec.217.Civil money penalties.Sec.218.Protection of privilege and other matters relating to disclosures by market participants.Subtitle C—Transparency in Market OperationsSec.221.Review of loan documents; disclosures.Sec.222.Investor immunity.Sec.223.Uniform securitization agreements.Sec.224.Uniform mortgage database.Sec.225.Electronic registration of eligible mortgages.Subtitle D—FMIC StructureSec.231.Office of Underwriting.Sec.232.Office of Securitization.Sec.233.Office of Federal Home Loan Bank Supervision.TITLE III—TRANSFER OF POWERS, PERSONNEL, AND PROPERTY TO FMIC FROM FHFA Sec.301.Powers and duties transferred.Sec.302.Transfer and rights of employees of the FHFA.Sec.303.Abolishment of FHFA.Sec.304.Transfer of property and facilities.Sec.305.Technical and conforming amendments.
 
3
GRA13267 S.L.C.TITLE IV—IMPROVING TRANSPARENCY, ACCOUNTABILITY, ANDEFFICACY WITHIN AFFORDABLE HOUSINGSec.401.Affordable housing allocations.Sec.402.Housing Trust Fund.Sec.403.Capital Magnet Fund.Sec.404.Additional taxpayer protections.TITLE V—WIND DOWN OF FANNIE MAE AND FREDDIE MACSec.501.Repeal of GSE charters.Sec.502.Wind down.Sec.503.Aligning purpose of conservatorship with FMIC.Sec.504.Conforming loan limits.Sec.505.Portfolio reduction.Sec.506.Repeal of mandatory housing goals.TITLE VI—IMPROVEMENTS TO FUNCTIONING OF HOUSINGMARKETSec.601.Continuation of multifamily business of the enterprises.Sec.602.Multiple lender issues.Sec.603.GAO report on full privatization of secondary mortgage market.TITLE VII—GENERAL PROVISIONSSec.701.Authority to issue regulations.Sec.702.Fair value accounting.Sec.703.Rule of construction.Sec.704.Severability.
SEC. 2. DEFINITIONS.
1
 As used in this Act, the following definitions shall
2
apply:
3
(1) A 
PPROVED BOND GUARANTOR
.—The term
4
‘‘approved bond guarantor’’ means any entity that
5
provides credit enhancement that is approved by the
6
Corporation pursuant to section 214 to guarantee
7
the timely payment of principal and interest on secu-
8
rities collateralized by eligible mortgages and insured
9
 by the Corporation.
10

Activity (4)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads

You're Reading a Free Preview

Download