110 HR 6955 IH: Taxpayer Reimbursement Act of U.S. House of Representatives 2008-09-18 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.

I 110th CONGRESS 2d Session H. R. 6955 IN THE HOUSE OF REPRESENTATIVES September 18, 2008 Mr. Barrett of South Carolina (for himself, Mr. Bachus, Mr. Garrett of New Jersey, Mr. Wilson of South Carolina, Mr. Duncan, Mr. Neugebauer, Mr. McHenry, Mr. Manzullo, Mr. Jones of North Carolina, Ms. Ginny Brown-Waite of Florida, and Mr. Roskam) introduced the following bill; which was referred to the Committee on Financial Services A BILL To suspend contributions by the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation to the Housing Trust Fund during any conservatorship of such enterprises and to ensure full repayment to the Federal Government for costs of any such conservatorship and costs of HOPE for Homeowners program.

1.

Short title

This Act may be cited as the Taxpayer Reimbursement Act of 2008.

2.

Suspension of Housing Trust Fund contributions

(a)

During conservatorship and receivership

Section 1337(b) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as added by section 1131(b) of the Federal Housing Finance Regulatory Reform Act of 2008 (Division A of Public Law 110–289), is amended by adding after and below paragraph (3) the following: The Director shall suspend allocations under subsection (a) by an enterprise upon the appointment of any conservator or receiver for the enterprise pursuant to section 1367 and for the entire duration of any such conservatorship or receivership.. (b)

During HOPE for Homeowners Program

Paragraph (1) of section 1338(b) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as added by section 1131(b) of the Federal Housing Finance Regulatory Reform Act of 2008 (Division A of Public Law 110–289), is amended by striking the dash after 1337(e) and all that follows through the end of the paragraph and inserting the following: 100 percent of such excess shall be used to reimburse the Treasury for payments made pursuant to section 257(w)(1)(c) of the National Housing Act in calendar years 2009, 2010, and 2011 or any other year that the HOPE for Homeowners Program under such section 257 is in operation.. (c)

Until costs of conservatorship are paid

Section 1337(b) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as added by section 1131(b) of the Federal Housing Finance Regulatory Reform Act of 2008 (Division A of Public Law 110–289), is amended—— (1)in paragraph (2), by striking or at the end; (2)in paragraph (3), by striking the period at the end and inserting ; or; and (3)by adding at the end the following new paragraph: (4)the Federal Government has not been fully reimbursed for all costs to the Government of any conservatorship of the enterprise pursuant to section 1367. .

3.

Suspension of housing goals

Section 1331 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as added by section 1128(b) of the Federal Housing Finance Regulatory Reform Act of 2008 (Division A of Public Law 110–289), is amended by adding at the end the following new subsection: (e)

Suspension of goals and duties during conservatorship

Notwithstanding any other provision of this title, the annual goals and the duties established under this subpart shall not apply to an enterprise at any time during which the enterprise is in conservatorship or receivership pursuant to section 1367. .