3.0.0 2413 2023-01-11T13:22:49Z 2023-01-11T13:22:49Z House H HR 2011-07-06 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GARY G. MILLER of California:H.R. 2413.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1 (relating to the generalwelfare of the United States); and Article I, Section 8,Clause 3 (relating to the power to regulate interstatecommerce).[Page H4672]]]> hsba00 Financial Services Committee House Standing hsba04 Housing and Insurance Subcommittee Referred to 2011-07-29T20:42:19Z hsba16 Capital Markets Subcommittee Referred to 2011-07-29T20:42:05Z Referred to 2011-07-06T18:01:45Z 2011-07-29 hsba04 Housing and Insurance Subcommittee 1 House committee actions Referred to the Subcommittee on Insurance, Housing and Community Opportunity. Committee 2011-07-29 hsba16 Capital Markets Subcommittee 1 House committee actions Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. Committee 2011-07-06 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2011-07-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-07-06 Introduced in House IntroReferral 1000 9 Library of Congress M001139 Rep. Miller, Gary G. [R-CA-42] GARY MILLER R CA 42 N M000309 Rep. McCarthy, Carolyn [D-NY-4] CAROLYN MCCARTHY D NY 4 2011-07-06 True Housing and Community Development Administrative law and regulatory procedures Budget deficits and national debt Business investment and capital Executive agency funding and structure Federal Housing Finance Agency Financial services and investments Government corporations and government-sponsored enterprises Government lending and loan guarantees Government trust funds Housing finance and home ownership Securities User charges and fees Housing and Community Development 00 2011-07-06 Introduced in House 2011-07-11T20:22:33Z Secondary Market Facility for Residential Mortgages Act of 2011 - Establishes a Secondary Market Facility for Residential Mortgages as an instrumentality of the federal government, subject to supervision by the Federal Housing Finance Agency (FHFA) Board, also established by this Act.

Requires the Facility to purchase residential mortgages on single-family housing, as well as residential mortgages on multifamily housing, that are originated by approved sellers. Authorizes the Facility to issue mortgage-backed securities. Prohibits the Facility from engaging in mortgage origination.

Requires the FHFA Board to limit the residential mortgages that may be purchased by the Facility to safe and sound mortgages within mortgage product types and classifications the FHFA Board has approved in advance.

Directs the FHFA Board to require the Facility to obtain its approval before initially offering any product.

Prohibits FHFA Board regulations from considering a mortgage on single-family housing safe and sound if the outstanding principal balance at the time of purchase by the Facility exceeds 80% of the sale price, unless the seller: (1) retains at least a 10% participation, (2) the aggregate outstanding principal balance does not exceed 90%, (3) the mortgage is financed in part through a shared equity arrangement involving independent private sector investors, and (4) certain other requirements are met.

Prescribes requirements for: (1) conforming loan limits for single-family mortgages, (2) downpayments, (3) adjustable rate mortgages, (4) underwriting standards, (5) property valuation standards, and (6) standards for approval of sellers.

Directs the FHFA Board to seek to ensure that the Facility's market share does not exceed approximately 50% of the mortgage originations in the United States. Requires the Board to require the Facility to establish and implement a correction plan if its market share ever exceeds 50%.

Directs the FHA Board to establish risk-based capital requirements for the Facility.

Requires the Facility to charge guarantee and reinsurance fees.

Establishes in the Treasury a Reinsurance Fund for the Facility for the deposit of reinsurance fees.

Requires any receipts and earnings of the Facility in excess of certain necessary amounts to be transferred into the General Fund of the Treasury to be used to reduce the federal budget deficit.

Prohibits the Facility from owning mortgage assets in excess of $250 billion, adjusted annually for inflation.

Makes mortgage assets owned by the Facility available for use to: (1) support multifamily housing and residential mortgages that cannot readily be securitized; (2) provide financing to support residential mortgage markets affected by economic downturns; and (3) modify delinquent mortgages purchased from pools of mortgages backing, or on which are based, mortgage-backed securities issued and guaranteed by the Facility.

Directs the Secretary of the Treasury to develop a plan for the orderly and timely wind-down and termination of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Repeals the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act.

Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to replace the Director of the Federal Housing Finance Agency with the FHFA Board, which shall govern the FHFA and supervise and regulate the Facility.

]]> Secondary Market Facility for Residential Mortgages Act of 2011 Display Title Secondary Market Facility for Residential Mortgages Act of 2011 Official Title as Introduced To establish a sustainable Federal Secondary Market Facility for Residential Mortgages that is financed by private capital, to terminate the conservatorships of Fannie Mae and Freddie Mac and repeal the charter Acts of such enterprises, and for other purposes. Introduced in House IH Short Titles as Introduced Secondary Market Facility for Residential Mortgages Act of 2011 Introduced in House 2011-07-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2413ih/xml/BILLS-112hr2413ih.xml 2011-07-29 Referred to the Subcommittee on Insurance, Housing and Community Opportunity. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.