[Congressional Record (Bound Edition), Volume 158 (2012), Part 10]
[House]
[Pages 13472-13475]
[From the U.S. Government Publishing Office, www.gpo.gov]




               FHA EMERGENCY FISCAL SOLVENCY ACT OF 2012

  Mrs. BIGGERT. Mr. Speaker, I move to suspend the rules and pass the 
bill (H.R. 4264) to help ensure the fiscal solvency of the FHA mortgage 
insurance programs of the Secretary of Housing and Urban Development, 
and for other purposes, as amended.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                               H.R. 4264

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.

       (a) Short Title.--This Act may be cited as the ``FHA 
     Emergency Fiscal Solvency Act of 2012''.
       (b) Table of Contents.--The table of contents for this Act 
     is as follows:

Sec. 1. Short title and table of contents.
Sec. 2. FHA annual mortgage insurance premiums.
Sec. 3. Indemnification by FHA mortgagees.
Sec. 4. Early period delinquencies.
Sec. 5. Semiannual actuarial studies of MMIF during periods of capital 
              depletion.
Sec. 6. Delegation of FHA insuring authority.
Sec. 7. Authority to terminate FHA mortgagee origination and 
              underwriting approval.
Sec. 8. Authorization to participate in the origination of FHA-insured 
              loans.
Sec. 9. Reporting of mortgagee actions taken against other mortgagees.
Sec. 10. Default and origination information by loan servicer and 
              originating direct endorsement lender.
Sec. 11. Deputy Assistant Secretary of FHA for Risk Management and 
              Regulatory Affairs.
Sec. 12. Establishment of Chief Risk Officer for GNMA.
Sec. 13. Report on mortgage servicers.
Sec. 14. FHA emergency capital plan.
Sec. 15. FHA safety and soundness review.
Sec. 16. FHA disclosure standards.
Sec. 17. Report on streamlining FHA programs.
Sec. 18. Budget compliance.

     SEC. 2. FHA ANNUAL MORTGAGE INSURANCE PREMIUMS.

       (a) In General.--Subparagraph (B) of section 203(c)(2) of 
     the National Housing Act (12 U.S.C. 1709(c)(2)(B)) is 
     amended--
       (1) in the matter preceding clause (i)--
       (A) by striking ``may'' and inserting ``shall'';
       (B) by striking ``not exceeding 1.5 percent'' and inserting 
     ``not less than 0.55 percent''; and
       (C) by inserting ``and not exceeding 2.0 percent of such 
     remaining insured principal balance'' before ``for the 
     following periods:''; and
       (2) in clause (ii), by striking ``1.55 percent'' and 
     inserting ``2.05 percent''.
       (b) Effective Date.--The amendments made by subsection (a) 
     take effect upon the expiration of the 6-month period 
     beginning on the date of the enactment of this Act.

     SEC. 3. INDEMNIFICATION BY FHA MORTGAGEES.

       Section 202 of the National Housing Act (12 U.S.C. 1708) is 
     amended by adding at the end the following new subsection:
       ``(i) Indemnification by Mortgagees.--
       ``(1) In general.--If the Secretary determines that the 
     mortgagee knew, or should have known, of a serious or 
     material violation of the requirements established by the 
     Secretary with respect to a mortgage executed by a mortgagee 
     approved by the Secretary under the direct endorsement 
     program or insured by a mortgagee pursuant to the delegation 
     of authority under section 256 such that the mortgage loan 
     should not have been approved and endorsed for insurance, and 
     the Secretary pays an insurance claim with respect to the 
     mortgage within a reasonable period specified by the 
     Secretary, the Secretary may require the mortgagee approved 
     by the Secretary under the direct endorsement program or the 
     mortgagee delegated authority under section 256 to indemnify 
     the Secretary for the loss, irrespective

[[Page 13473]]

     of whether the violation caused the mortgage default.
       ``(2) Fraud or misrepresentation.--If fraud or 
     misrepresentation was involved in connection with the 
     origination or underwriting and the Secretary determines that 
     the mortgagee knew or should have known of the fraud or 
     misrepresentation, the Secretary shall require the mortgagee 
     approved by the Secretary under the direct endorsement 
     program or the mortgagee delegated authority under section 
     256 to indemnify the Secretary for the loss regardless of 
     when an insurance claim is paid.
       ``(3) Appeals process.--The Secretary shall, by regulation, 
     establish an appeals process for mortgagees to appeal 
     indemnification determinations made pursuant to paragraph (1) 
     or (2).
       ``(4) Requirements and procedures.--The Secretary shall 
     issue regulations establishing appropriate requirements and 
     procedures governing the indemnification of the Secretary by 
     the mortgagee, including public reporting on--
       ``(A) the number of loans that--
       ``(i) were not originated or underwritten in accordance 
     with the requirements established by the Secretary; and
       ``(ii) involved fraud or misrepresentation in connection 
     with the origination or underwriting; and
       ``(B) the financial impact on the Mutual Mortgage Insurance 
     Fund when indemnification is required.''.

     SEC. 4. EARLY PERIOD DELINQUENCIES.

       Subsection (a) of section 202 of the National Housing Act 
     (12 U.S.C. 1708(a)) is amended by adding at the end the 
     following new paragraphs:
       ``(8) Programmatic review of early period delinquencies.--
     The Secretary shall establish and maintain a program--
       ``(A) to review the cause of each early period delinquency 
     on a mortgage that is an obligation of the Mutual Mortgage 
     Insurance Fund;
       ``(B) to require indemnification of the Secretary for a 
     loss associated with any such early period delinquency that 
     is the result of a material violation, as determined by the 
     Secretary, of any provision, regulation, or other guideline 
     established or promulgated pursuant to this title; and
       ``(C) to publicly report--
       ``(i) a summary of the results of all early period 
     delinquencies reviewed under subparagraph (A);
       ``(ii) any indemnifications required under subparagraph 
     (B); and
       ``(iii) the financial impact on the Mutual Mortgage 
     Insurance Fund of any such indemnifications.
       ``(9) Definition of early period delinquency.--For purposes 
     of this section, the term `early period delinquency' means, 
     with respect to a mortgage, that the mortgage becomes 90 or 
     more days delinquent within 24 months of the origination of 
     such mortgage.''.

     SEC. 5. SEMIANNUAL ACTUARIAL STUDIES OF MMIF DURING PERIODS 
                   OF CAPITAL DEPLETION.

       (a) In General.--Paragraph (4) of section 202(a) of the 
     National Housing Act (12 U.S.C. 1708(a)(4)) is amended--
       (1) in the first sentence, by inserting ``except as 
     provided in subparagraph (B),'' after ``to be conducted 
     annually,'';
       (2) in the second sentence, by inserting ``, except as 
     provided in subparagraph (B),'' after ``annually'';
       (3) by striking the paragraph designation and heading and 
     all that follows through ``The Secretary shall provide'' and 
     inserting the following:
       ``(4) Independent actuarial study.--
       ``(A) Annual study.--The Secretary shall provide''; and
       (4) by adding at the end the following new subparagraph:
       ``(B) Semiannual studies during periods of capital 
     depletion.--During any period that the Fund fails to maintain 
     sufficient capital to comply with the capital ratio 
     requirement under section 205(f)(2)--
       ``(i) the independent study required by subparagraph (A) 
     shall be conducted semiannually and shall analyze the 
     financial position of the Fund as of September 30 and March 
     31 of each fiscal year during such period; and
       ``(ii) the Secretary shall submit a report meeting the 
     requirements of subparagraph (A) for each such semiannual 
     study.''.
       (b) Analysis of Quarterly Actuarial Studies.--The Secretary 
     of Housing and Urban Development shall conduct an analysis of 
     the cost and feasibility of providing for an independent 
     actuarial study of the Mutual Mortgage Insurance Fund on a 
     calendar quarterly basis, which shall compare the cost and 
     feasibility of conducting such a study on a quarterly basis 
     as compared to a semi-annual basis and shall determine 
     whether such an actuarial study can be conducted on a 
     quarterly basis without substantial additional costs to the 
     taxpayers. Not later than the expiration of the 90-day period 
     beginning on the date of the enactment of this Act, the 
     Secretary shall submit a report to the Congress setting forth 
     the findings and conclusion of the analysis conducted 
     pursuant to this subsection.

     SEC. 6. DELEGATION OF FHA INSURING AUTHORITY.

       Section 256 of the National Housing Act (12 U.S.C. 1715z-
     21) is amended--
       (1) by striking subsection (c);
       (2) in subsection (e), by striking ``, including'' and all 
     that follows through ``by the mortgagee''; and
       (3) by redesignating subsections (d) and (e) as subsections 
     (c) and (d), respectively.

     SEC. 7. AUTHORITY TO TERMINATE FHA MORTGAGEE ORIGINATION AND 
                   UNDERWRITING APPROVAL.

       Section 533 of the National Housing Act (12 U.S.C. 1735f-
     11) is amended--
       (1) in the first sentence of subsection (b), by inserting 
     ``or areas or on a nationwide basis'' after ``area'' each 
     place such term appears; and
       (2) in subsection (c), by striking ``(c)'' and all that 
     follows through ``The Secretary'' in the first sentence of 
     paragraph (2) and inserting the following:
       ``(c) Termination of Mortgagee Origination and Underwriting 
     Approval.--
       ``(1) Termination authority.--If the Secretary determines, 
     under the comparison provided in subsection (b), that a 
     mortgagee has a rate of early defaults and claims that is 
     excessive, the Secretary may terminate the approval of the 
     mortgagee to originate or underwrite single family mortgages 
     for any area, or areas, or on a nationwide basis, 
     notwithstanding section 202(c) of this Act.
       ``(2) Procedure.--The Secretary''.

     SEC. 8. AUTHORIZATION TO PARTICIPATE IN THE ORIGINATION OF 
                   FHA-INSURED LOANS.

       (a) Single Family Mortgages.--Section 203(b) of the 
     National Housing Act (12 U.S.C. 1709(b)) is amended by 
     striking paragraph (1) and inserting the following new 
     paragraph:
       ``(1) Have been made to a mortgagee approved by the 
     Secretary or to a person or entity authorized by the 
     Secretary under section 202(d)(1) to participate in the 
     origination of the mortgage, and be held by a mortgagee 
     approved by the Secretary as responsible and able to service 
     the mortgage properly.''.
       (b) Home Equity Conversion Mortgages.--Section 255(d) of 
     the National Housing Act (12 U.S.C. 1715z-20(d)) is amended 
     by striking paragraph (1) and inserting the following new 
     paragraph:
       ``(1) have been originated by a mortgagee approved by, or 
     by a person or entity authorized under section 202(d)(1) to 
     participate in the origination by, the Secretary;''.

     SEC. 9. REPORTING OF MORTGAGEE ACTIONS TAKEN AGAINST OTHER 
                   MORTGAGEES.

       Section 202 of the National Housing Act (12 U.S.C. 1708), 
     as amended by the preceding provisions of this Act, is 
     further amended by adding at the end the following new 
     subsection:
       ``(j) Notification of Mortgagee Actions.--The Secretary 
     shall require each mortgagee, as a condition for approval by 
     the Secretary to originate or underwrite mortgages on single 
     family or multifamily housing that are insured by the 
     Secretary, if such mortgagee engages in the purchase of 
     mortgages insured by the Secretary and originated by other 
     mortgagees or in the purchase of the servicing rights to such 
     mortgages, and such mortgagee at any time takes action to 
     terminate or discontinue such purchases from another 
     mortgagee based on any determination or evidence of fraud or 
     material misrepresentation in connection with the origination 
     of such mortgages, to notify the Secretary of the action 
     taken and the reasons for such action not later than 15 days 
     after taking such action.''.

     SEC. 10. DEFAULT AND ORIGINATION INFORMATION BY LOAN SERVICER 
                   AND ORIGINATING DIRECT ENDORSEMENT LENDER.

       (a) Collection of Information.--Paragraph (2) of section 
     540(b) of the National Housing Act (12 U.S.C. 1712 U.S.C. 
     1735f-18(b)(2)) is amended by adding at the end the following 
     new subparagraph:
       ``(C) For each entity that services insured mortgages, data 
     on the number of claims paid to each servicing mortgagee 
     during each calendar quarter occurring during the applicable 
     collection period.''.
       (b) Applicability.--Information described in subparagraph 
     (C) of section 540(b)(2) of the National Housing Act, as 
     added by subsection (a) of this section, shall first be made 
     available under such section 540 for the applicable 
     collection period (as such term is defined in such section) 
     relating to the first calendar quarter ending after the 
     expiration of the 12-month period that begins on the date of 
     the enactment of this Act.

     SEC. 11. DEPUTY ASSISTANT SECRETARY OF FHA FOR RISK 
                   MANAGEMENT AND REGULATORY AFFAIRS.

       (a) Establishment of Position.--Subsection (b) of section 4 
     of the Department of Housing and Urban Development Act (42 
     U.S.C. 3533(b)) is amended--
       (1) by inserting ``(1)'' after ``(b)''; and
       (2) by adding at the end the following new paragraph:
       ``(2) There shall be in the Department, within the Federal 
     Housing Administration, a Deputy Assistant Secretary for Risk 
     Management and Regulatory Affairs, who shall be appointed by 
     the Secretary and shall be responsible to the Federal Housing 
     Commissioner for all matters relating to managing and 
     mitigating risk to the mortgage insurance funds of the 
     Department and ensuring the performance of mortgages insured 
     by the Department.''.

[[Page 13474]]

       (b) Termination.--Upon the appointment of the initial 
     Deputy Assistant Secretary for Risk Management and Regulatory 
     Affairs pursuant to section 4(b)(2) of the Department of 
     Housing and Urban Development Act, as amended by subsection 
     (a) of this section, the position of chief risk officer 
     within the Federal Housing Administration, filled by 
     appointment by the Federal Housing Commissioner, is 
     abolished.

     SEC. 12. ESTABLISHMENT OF CHIEF RISK OFFICER FOR GNMA.

       Section 4 of the Department of Housing and Urban 
     Development Act (42 U.S.C. 3533) is amended by adding after 
     subsection (g), as added by section 1442 of the Dodd-Frank 
     Wall Street Reform and Consumer Protection Act (Public Law 
     111-203; 124 Stat. 2163), the following new subsection:
       ``(h) There shall be in the Department a Chief Risk Officer 
     for the Government National Mortgage Association, who shall--
       ``(1) be designated by the Secretary;
       ``(2) be responsible to the President of the Association 
     for all matters related to evaluating, managing, and 
     mitigating risk to the programs of the Association;
       ``(3) be in the competitive service or the senior executive 
     service;
       ``(4) be a career appointee;
       ``(5) be designated from among individuals who possess 
     demonstrated ability in general management of, and knowledge 
     of and extensive practical experience in risk evaluation 
     practices in large governmental or business entities; and
       ``(6) shall not be required to obtain the prior approval, 
     comment, or review of any officer or agency of the United 
     States before submitting to the Congress, or any committee or 
     subcommittee thereof, any reports, recommendations, 
     testimony, or comments if such submission include a statement 
     indicating that the views expressed therein are those of the 
     Chief Risk Officer of the Association and do not necessarily 
     represent the views of the Secretary.''.

     SEC. 13. REPORT ON MORTGAGE SERVICERS.

       (a) Examination.--The Secretary of Housing and Urban 
     Development shall conduct an examination into mortgage 
     servicer compliance with the loan servicing, loss mitigation, 
     and insurance claim submission guidelines of the FHA mortgage 
     insurance programs under the National Housing Act (12 U.S.C. 
     1701 et seq.), and an estimate of the annual costs to the 
     Mutual Mortgage Insurance Fund, since 2008, resulting from 
     any failures by mortgage servicers to comply with such 
     guidelines.
       (b) Report.--Not later than the expiration of the 120-day 
     period that begins upon the date of the enactment of this 
     Act, the Secretary shall submit a report to the Congress on 
     the results of the examination conducted pursuant to 
     subsection (a), including recommendations for any 
     administrative and legislative actions to improve mortgage 
     servicer compliance with the guidelines referred to in 
     subsection (a).

     SEC. 14. FHA EMERGENCY CAPITAL PLAN.

       (a) Establishment.--Not later than the expiration of the 
     30-day period beginning on the date of the enactment of this 
     Act, the Secretary of Housing and Urban Development shall 
     develop, submit to the Congress, and commence implementation 
     of an emergency capital plan for the restoration of the 
     fiscal solvency of the Mutual Mortgage Insurance Fund (in 
     this section referred to as the ``Fund'').
       (b) Contents.--The emergency capital plan developed 
     pursuant to this section shall--
       (1) provide a detailed explanation of the processes and 
     controls by which amounts of capital that are assets of the 
     Fund are monitored and tracked;
       (2) establish a plan to ensure the financial safety and 
     soundness of the Fund that avoids the need for borrowing 
     amounts from the Treasury of the United States to meet 
     obligations of the Fund; and
       (3) describe the procedure by which, if necessary, any 
     amounts from the Treasury needed to meet obligations of the 
     Fund will be obtained from the Treasury.
       (c) Monthly Reports.--
       (1) Reports.--Subject to paragraph (3), upon the conclusion 
     of each calendar month ending after the 14-day period that 
     begins on the date of the enactment of this Act, the 
     Secretary of Housing and Urban Development shall submit to 
     the Congress a report assessing the financial status of the 
     Fund at the conclusion of such month and setting forth the 
     information described in paragraph (2).
       (2) Contents.--Each report required under paragraph (1) for 
     a month shall contain the following information regarding the 
     Fund as of the conclusion of such month:
       (A) The number of mortgages that are obligations of the 
     Fund that are 60 or more days delinquent, the expected losses 
     to the Fund associated with such delinquent mortgages, and 
     the methodology used to make such calculation.
       (B) The number of mortgages that are obligations of the 
     Fund that have a loan-to-value ratio at the time of 
     origination that is less than 80 percent and the percentage 
     of all mortgages that are obligations of the Fund having such 
     a ratio.
       (C) The number of mortgages that are obligations of the 
     Fund that had an original principal obligation exceeding 125 
     percent of the median house price, for a home of the size of 
     the residence subject to the mortgage, for the area in which 
     such residence is located, and the percentage of all 
     mortgages that are obligations of the Fund having such an 
     original principal obligation.
       (D) The number of mortgages that are obligations of the 
     Fund for which the mortgagor's income at the time of 
     origination of the mortgage is greater than the median income 
     for the area in which the residence subject to the mortgage 
     is located, and the percentage of all mortgages that are 
     obligations of the Fund for which the mortgagor has such an 
     income.
       (E) The balances for the financing and capital reserve 
     accounts of the Fund.
       (F) Any actions taken during such month to help ensure the 
     financial soundness of the Fund and compliance with section 
     205(f) of the National Housing Act (12 U.S.C. 1711(f); 
     relating to a capital ratio requirement).
       (3) Termination of reporting requirement.--The requirement 
     to submit reports under paragraph (1) shall terminate on the 
     first date after the date of the enactment of this Act that 
     the Fund attains a capital ratio (as such term is defined in 
     section 205(f)(3) of the National Housing Act) of 2.0 
     percent.

     SEC. 15. FHA SAFETY AND SOUNDNESS REVIEW.

       (a) Review.--The Comptroller General of the United States 
     shall provide for an independent third party to--
       (1) conduct a one-time review of the mortgage insurance 
     programs and funds of the Secretary of Housing and Urban 
     Development that shall determine, as of the time of such 
     review--
       (A) the financial safety and soundness of such programs and 
     funds; and
       (B) the extent of loan loss reserves and capital adequacy 
     of such programs and funds; and
       (2) to submit a report under subsection (b).
     Such review shall be conducted in accordance with generally 
     accepted accounting principles applicable to the private 
     sector and Federal entities.
       (b) Report.--The report under this subsection shall 
     describe the methodology and standards used to conduct the 
     review under subsection (a)(1), set forth the results and 
     findings of the review, including the extent of loan loss 
     reserves and capital adequacy of the mortgage insurance 
     programs and funds of the Secretary of Housing and Urban 
     Development, and include recommendations regarding restoring 
     such reserves and capital to maintain such programs and funds 
     in a safe and sound condition.
       (c) Timing.--The review required under subsection (a) shall 
     be completed, and the report required under subsection (b) 
     shall be submitted, not later than the expiration of the 60-
     day period beginning on the date of the enactment of this 
     Act.
       (d) Rule of Construction.--Nothing in this section may be 
     construed to alter or affect, or exempt the Secretary of 
     Housing and Urban Development from complying with, any laws, 
     regulations, or guidance relating to preparation or 
     submission of budgets or audits or financial or management 
     statements or reports.

     SEC. 16. FHA DISCLOSURE STANDARDS.

       Not later than the expiration of the 90-day period 
     beginning on the date of the enactment of this Act, the 
     Secretary of Housing and Urban Development shall review and 
     revise all standards and requirements relating to disclosure 
     of information regarding the mortgage insurance programs and 
     funds, including actuarial studies conducted under section 
     202(a)(4) of the National Housing Act (12 U.S.C. 1708(a)(4)), 
     quarterly reports under section 202(a)(5) of such Act, and 
     annual audited financial statements under section 538 of such 
     Act (12 U.S.C. 1735f-16), to ensure that, after the date of 
     the enactment of this Act, such disclosures--
       (1) provide meaningful financial and other information that 
     is timely, comprehensive, and accurate;
       (2) do not contain any material misstatements or 
     misrepresentations;
       (3) make available all relevant information; and
       (4) prohibit material omissions that make the contents of 
     the disclosure misleading.

     SEC. 17. REPORT ON STREAMLINING FHA PROGRAMS.

       (a) Examination.--The Secretary of Housing and Urban 
     Development shall conduct an examination of the mortgage 
     insurance and any other programs of the Federal Housing 
     Administration to identify--
       (1) the level of use and need for such programs;
       (2) any such programs that are unused or underused; and
       (3) methods for streamlining, consolidating, simplifying, 
     increasing the efficiency of, and reducing the number of such 
     programs.
       (b) Report.--Not later than the expiration of the 12-month 
     period that begins upon the date of the enactment of this 
     Act, the Secretary shall submit a report to the Congress on 
     the results of the examination conducted pursuant to 
     subsection (a), including recommendations for any 
     administrative and legislative actions to streamline, 
     consolidate, simplify, increase the efficiency of, and reduce 
     the number of such programs.

     SEC. 18. BUDGET COMPLIANCE.

       The Secretary of Housing and Urban Development shall 
     allocate $2,500,000 from the account for Administrative 
     Contract Expenses

[[Page 13475]]

     each fiscal year through September 30, 2017, which amounts 
     shall be available only for the purposes of this Act and the 
     amendments made by this Act, including such additional 
     actuarial reviews as may be required by section 5 of this Act 
     and the amendments made by such section.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
Illinois (Mrs. Biggert) and the gentlewoman from Wisconsin (Ms. Moore) 
each will control 20 minutes.
  The Chair recognizes the gentlewoman from Illinois.


                             General Leave

  Mrs. BIGGERT. Mr. Speaker, I ask that all Members may have 5 
legislative days in which to revise and extend their remarks and add 
extraneous material on this bill.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from Illinois?
  There was no objection.
  Mrs. BIGGERT. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, H.R. 4264, the FHA Emergency Fiscal Solvency Act of 
2012, will provide the tools necessary to ensure the financial 
soundness of the Federal Housing Administration, or FHA. Right now, FHA 
is well below its mandatory 2 percent capital reserve with only .24 
percent to cover losses.
  The administration's fiscal year 2013 budget recently admitted that 
the FHA may need a $688 million taxpayer bailout because of the 
depleted capital reserve fund. Last Friday, September 7, HUD issued its 
FHA quarterly report, which said that it anticipates increased 
foreclosures, claim activity, and related expenditures.
  The FHA has had an abysmal fiscal track record and, to top it off, 
recent data furnished by the GAO confirmed that the FHA represents 
about 75 percent of the insured mortgage market. FHA is a government 
program that has put taxpayers at significant risk and flies in the 
face of private capital returning to the housing financial market.
  The FHA Emergency Fiscal Solvency Act will provide FHA with the tools 
that it needs to shore up the program, lower the program's risk, and 
reduce taxpayers' liabilities.
  The bill would establish for the first time a minimum annual premium 
of 55 basis points and allow FHA to charge up to 2.05 percent. It would 
strengthen FHA's ability to recoup losses from lenders for fraudulent, 
misrepresented and early delinquent loans, and it would allow FHA on a 
nationwide basis to terminate bad lenders. It also codifies the 
position of FHA Deputy Assistant Secretary for Risk and establishes a 
chief risk officer for Ginnie Mae.
  These are commonsense targeted changes that would ensure 
accountability and financial stability within the FHA. On March 27, the 
Financial Services Committee unanimously passed this bill, and I would 
urge my colleagues to support H.R. 4264.
  I reserve the balance of my time.
  Ms. MOORE. Mr. Speaker, I believe that H.R. 4264 will further 
strengthen and protect the MMI fund, and I would urge all Members to 
adopt this resolution.
  I yield back the balance of my time.
  Mrs. BIGGERT. I have no further speakers, and I yield back the 
balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from Illinois (Mrs. Biggert) that the House suspend the 
rules and pass the bill, H.R. 4264, as amended.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Mrs. BIGGERT. Mr. Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further 
proceedings on this question will be postponed.

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