[Congressional Record Volume 161, Number 170 (Wednesday, November 18, 2015)]
[Senate]
[Pages S8105-S8106]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2814. Mr. CORKER (for himself and Mr. Warner) submitted an 
amendment intended to be proposed by him to the bill H.R. 2577, making 
appropriations for the Departments of Transportation, and Housing and 
Urban Development, and related agencies for the fiscal year ending 
September 30, 2016, and for other purposes; which was ordered to lie on 
the table; as follows:

       At the appropriate place, insert the following:
       Sec. __. (a) In this section:
       (1) Enterprise.--The term ``enterprise'' has the meaning 
     given the term in section 1303 of the Federal Housing 
     Enterprises Financial Safety and Soundness Act of 1992 (12 
     U.S.C. 4502).
       (2) Guarantee fee.--The term ``guarantee fee''--
       (A) means a fee in connection with any guarantee of the 
     timely payment of principal and interest on securities, 
     notes, and other obligations based on or backed by mortgages 
     on residential real properties designed principally for 
     occupancy of from 1 to 4 families; and
       (B) includes--
       (i) the guaranty fee charged by the Federal National 
     Mortgage Association with respect to mortgage-backed 
     securities; and
       (ii) the management and guarantee fee charged by the 
     Federal Home Loan Mortgage

[[Page S8106]]

     Corporation with respect to participation certificates.
       (3) Secretary.--The term ``Secretary'' means the Secretary 
     of the Treasury.
       (4) Senior preferred stock purchase agreement.--The term 
     ``Senior Preferred Stock Purchase Agreement'' means--
       (A) the Amended and Restated Senior Preferred Stock 
     Purchase Agreement, dated September 26, 2008, as such 
     Agreement has been amended on May 6, 2009, December 24, 2009, 
     and August 17, 2012, respectively, and as such Agreement may 
     be further amended and restated, entered into between the 
     Department of the Treasury and each enterprise, as 
     applicable; and
       (B) any provision of any certificate in connection with 
     such Agreement creating or designating the terms, powers, 
     preferences, privileges, limitations, or any other conditions 
     of the Variable Liquidation Preference Senior Preferred Stock 
     of an enterprise issued or sold pursuant to such Agreement.
       (b)(1) In the Senate and the House of Representatives, for 
     purposes of determining budgetary impacts to evaluate points 
     of order under the Congressional Budget Act of 1974, any 
     previous budget resolution, and any subsequent budget 
     resolution, provisions contained in any bill, resolution, 
     amendment, motion, or conference report that increase, or 
     extend the increase of, any guarantee fee of an enterprise 
     shall not be scored with respect to the level of budget 
     authority, outlays, or revenues contained in such 
     legislation.
       (2) The prohibition in paragraph (1) shall not apply to any 
     legislation that--
       (A) includes a specific instruction to the Secretary on the 
     sale, transfer, relinquishment, liquidation, divestiture, or 
     other disposition of senior preferred stock acquired pursuant 
     to the Senior Preferred Stock Purchase Agreement; and
       (B) provides for an increase, or extension of an increase, 
     of any guarantee fee of an enterprise to be used for the 
     purpose of financing reforms to the secondary mortgage 
     market.
       (c)(1) Notwithstanding any other provision of law or any 
     provision of the Senior Preferred Stock Purchase Agreement, 
     the Secretary may not sell, transfer, relinquish, liquidate, 
     divest, or otherwise dispose of any outstanding shares of 
     senior preferred stock acquired pursuant to the Senior 
     Preferred Stock Purchase Agreement, until such time as 
     Congress has passed and the President has signed into law 
     legislation that includes a specific instruction to the 
     Secretary regarding the sale, transfer, relinquishment, 
     liquidation, divestiture, or other disposition of the senior 
     preferred stock so acquired.
       (2) Nothing in this subsection shall be construed to alter, 
     supersede, or interfere with the final ruling of a court of 
     competent jurisdiction with respect to any provision of the 
     Senior Preferred Stock Purchase Agreement.
                                 ______