[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Page S1465]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2077. Mr. HELLER submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

                        TITLE VI--MISCELLANEOUS

     SEC. 601. PROHIBITING THE USE OF GUARANTEE FEES AS AN OFFSET.

       (a) Definition.--The term ``guarantee fee''--
       (1) 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
       (2) includes--
       (A) the guarantee fee charged by the Federal National 
     Mortgage Association with respect to mortgage-backed 
     securities; and
       (B) the management and guarantee fee charged by the Federal 
     Home Loan Mortgage Corporation with respect to participation 
     certificates.
       (b) Prohibition.--Except as provided in subsection (c), in 
     the Senate and the House of Representatives, for purposes of 
     determining points of order under the Congressional Budget 
     Act of 1974 (2 U.S.C. 621 et seq.) or any concurrent 
     resolution on the budget, any provision that increases, or 
     extends the increase of, any guarantee fee of an enterprise 
     shall not be counted in estimating the level of budget 
     authority, outlays, or revenues--
       (1) in the Senate, for any bill, joint resolution, 
     amendment, amendment between the Houses, conference report, 
     or motion; and
       (2) in the House of Representatives, for any bill or joint 
     resolution, or amendment thereto or conference report 
     thereon.
       (c) Exception.--The prohibition in subsection (b) shall not 
     apply to any legislation that--
       (1) includes a specific instruction to the Secretary of the 
     Treasury on the sale, transfer, relinquishment, liquidation, 
     divestiture, or other disposition of senior preferred stock 
     acquired pursuant to the Senior Preferred Stock Purchase 
     Agreement; and
       (2) 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.
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