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12 U.S.C. § 4511 — Congressional findings
Federal law — U.S. Code and appendices · legal_authorities
The Congress finds that—
(1) the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (referred to in this section collectively as the “enterprises”), and the Federal Home Loan Banks (referred to in this section as the “Banks”), have important public missions that are reflected in the statutes and charter Acts establishing the Banks and the enterprises;
(2) because the continued ability of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to accomplish their public missions is important to providing housing in the United States and the health of the Nation’s economy, more effective Federal regulation is needed to reduce the risk of failure of the enterprises;
(3) considering the current operating procedures of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Federal Home Loan Banks, the enterprises and the Banks currently pose low financial risk of insolvency;
(4) neither the enterprises nor the Banks, nor any securities or obligations issued by the enterprises or the Banks, are backed by the full faith and credit of the United States;
(5) an entity regulating the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation should have sufficient autonomy from the enterprises and special interest groups;
(6) an entity regulating such enterprises should have the authority to establish capital standards, require financial disclosure, prescribe adequate standards for books and records and other internal controls, conduct examinations when necessary, and enforce compliance with the standards and rules that it establishes;
(7) the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation have an affirma
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4511
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Source file: Laws/federal/codes/united-states-code/title-12/section-4511-congressional-findings--324d4652b3.md
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Source location: Title 12, Chapter 46, § 4511; chapter-046-government-sponsored-enterprises.md
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The Congress finds that—
(1) the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (referred to in this section collectively as the “enterprises”), and the Federal Home Loan Banks (referred to in this section as the “Banks”), have important public missions that are reflected in the statutes and charter Acts establishing the Banks and the enterprises;
(2) because the continued ability of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to accomplish their public missions is important to providing housing in the United States and the health of the Nation’s economy, more effective Federal regulation is needed to reduce the risk of failure of the enterprises;
(3) considering the current operating procedures of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Federal Home Loan Banks, the enterprises and the Banks currently pose low financial risk of insolvency;
(4) neither the enterprises nor the Banks, nor any securities or obligations issued by the enterprises or the Banks, are backed by the full faith and credit of the United States;
(5) an entity regulating the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation should have sufficient autonomy from the enterprises and special interest groups;
(6) an entity regulating such enterprises should have the authority to establish capital standards, require financial disclosure, prescribe adequate standards for books and records and other internal controls, conduct examinations when necessary, and enforce compliance with the standards and rules that it establishes;
(7) the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation have an affirmative obligation to facilitate the financing of affordable housing for low- and moderate-income families in a manner consistent with their overall public purposes, while maintaining a strong financial condition and a reasonable economic return; and
(8) the Federal Home Loan Bank Act [[12 U.S.C. 1421](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1421&num=0&edition=prelim) et seq.] should be amended to emphasize that providing for financial safety and soundness of the Federal Home Loan Banks is the primary mission of the Federal Housing Finance Board.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Housing and Home Finance Agency, Federal Housing Administration, and Public Housing Administration** Except as otherwise provided in subsection (b) of this section, there are hereby transferred to and vested in the Secretary all of the functions, powers, and duties of the Housing and Home Finance Agency, of the Federal Housing Administration and the Public Housing Administration in that Agency, and of the heads and other officers and offices of said agencies.
**(b) Government National Mortgage Association** The Government National Mortgage Association, together with its functions, powers, and duties, is hereby transferred to the Department.
**(c) Studies of organization of housing and urban development functions and programs and recommendations regarding transfer of such functions and programs to or from Department** The President shall undertake studies of the organization of housing and urban development functions and programs within the Federal Government, and he shall provide the Congress with the findings and conclusions of such studies, together with his recommendations regarding the transfer of such functions and programs to or from the Department. Notwithstanding any other provision of this chapter, none of the functions of the Secretary of the Interior authorized under chapter 2003 of title 54 or other functions carried out by the Bureau of Outdoor Recreation shall be transferred from the Department of the Interior or in any way be limited geographically unless specifically provided for by reorganization plan pursuant to provisions of chapter 9 of title 5, or by statute.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 3534
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Federal Home Loan Bank Act.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1421
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Federal law — U.S. Code and appendices · legal_authorities
Whoever, being an officer or employee of the United States or of any department or agency thereof, any person acting on behalf of the Federal Housing Finance Agency, or agent of the Department of Justice as defined in the Antitrust Civil Process Act ([15 U.S.C. 1311–131](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1311–131&num=0&edition=prelim)4), or being an employee of a private sector organization who is or was assigned to an agency under chapter 37 of title 5, publishes, divulges, discloses, or makes known in any manner or to any extent not authorized by law any information coming to him in the course of his employment or official duties or by reason of any examination or investigation made by, or return, report or record made to or filed with, such department or agency or officer or employee thereof, which information concerns or relates to the trade secrets, processes, operations, style of work, or apparatus, or to the identity, confidential statistical data, amount or source of any income, profits, losses, or expenditures of any person, firm, partnership, corporation, or association; or permits any income return or copy thereof or any book containing any abstract or particulars thereof to be seen or examined by any person except as provided by law; shall be fined under this title, or imprisoned not more than one year, or both; and shall be removed from office or employment.
Source: Supplied U.S. Code snapshot — release unconfirmed · 18 U.S.C. § 1905
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
**(a)** The term “Board of Directors” means the Board of Directors of the Corporation.
**(b)** The term “Corporation” means the Federal Home Loan Mortgage Corporation created by this chapter.
**(c)** The term “law” includes any law of the United States or of any State (including any rule of law or of equity).
**(d)** The term “mortgage” includes such classes of liens as are commonly given or are legally effective to secure advances on, or the unpaid purchase price of, real estate under the laws of the State in which the real estate is located or a manufactured home that is personal property under the laws of the State in which the manufactured home is located together with the credit instruments, if any, secured thereby, and includes interests in mortgages.
**(e)** The term “organization” means any corporation, partnership, association, business trust, or business entity.
**(f)** The term “prescribe” means to prescribe by regulations or otherwise.
**(g)** The term “property” includes any property, whether real, personal, mixed, or otherwise, including without limitation on the generality of the foregoing choses in action and mortgages, and includes any interest in any of the foregoing.
**(h)** The term “residential mortgage” means a mortgage which (1) is a mortgage on real estate, in fee simple or under a leasehold having such term as may be prescribed by the Corporation, upon which there is located a structure or structures designed in whole or in part for residential use, or which comprises or includes one or more condominium units or dwelling units (as defined by the Corporation) and (2) has such characteristics and meets such requirements as to amount, term, repayment provisions, number of families, status as a lien on such real esta
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1451
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
(1)
(A) *Bank.—* — The term “Federal Home Loan Bank” or “Bank” means a bank established under the authority of this chapter.
(B) *Bank system.—* — The term “Federal Home Loan Bank System” means the Federal Home Loan Banks under the supervision of the Director.
(2) **State.—** — The term “State”, in addition to the States of the United States, includes the District of Columbia, Guam, Puerto Rico, the United States Virgin Islands, American Samoa, and the Commonwealth of the Northern Mariana Islands.
(3) The term “member” means any institution which has subscribed for the stock of a Federal Home Loan Bank.
(4) The term “home mortgage loan” means a loan made by a member upon the security of a home mortgage.
(5) The term “home mortgage” means a mortgage upon real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed, upon which is located, or which comprises or includes, one or more homes or other dwelling units, all of which may be defined by the Director and shall include, in addition to first mortgages, such classes of first liens as are commonly given to secure advances on real estate by institutions authorized under this chapter to become members, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby.
(6) The term “unpaid principal,” when used in respect of a loan secured by a home mortgage means the principal thereof less the sum of (1) payments made on such principal, and (2) in cases where shares or stock are pledged as security for the loan, the payments made on such shares or stock plus
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1422
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter:
(1) **Affiliate** — Except as provided by the Director, the term “affiliate” means any entity that controls, is controlled by, or is under common control with, an enterprise.
(2) **Agency** — The term “Agency” means the Federal Housing Finance Agency established under [section 4511 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4511&num=0&edition=prelim).
(3) **Authorizing statutes** — The term “authorizing statutes” means—
(A) the Federal National Mortgage Association Charter Act;
(B) the Federal Home Loan Mortgage Corporation Act; and
(C) the Federal Home Loan Bank Act.
(4) **Board** — The term “Board” means the Federal Housing Finance Oversight Board established under [section 4513a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4513a&num=0&edition=prelim).
(5) **Capital distribution**
(A) *In general* — The term “capital distribution” means—
(i) any dividend or other distribution in cash or in kind made with respect to any shares of, or other ownership interest in, an enterprise, except a dividend consisting only of shares of the enterprise;
(ii) any payment made by an enterprise to repurchase, redeem, retire, or otherwise acquire any of its shares, including any extension of credit made to finance an acquisition by the enterprise of such shares; and
(iii) any transaction that the Director determines by regulation to be, in substance, the distribution of capital.
(B) *Exception* — Any payment made by an enterprise to repurchase its shares for the purpose of fulfilling an obligation of the enterprise under an employee stock ownership plan that is qualified under [section 401 of title 26](https://uscode.house.gov/view
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4512
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Ongoing study of fees** The Director shall conduct an ongoing study of fees charged by enterprises for guaranteeing a mortgage.
**(b) Collection of data** The Director shall, by regulation or order, establish procedures for the collection of data from enterprises for purposes of this subsection,11 So in original. Probably should be “section”. including the format and the process for collection of such data.
**(c) Reports to Congress** The Director shall annually submit a report to Congress on the results of the study conducted under subsection (a), based on the aggregated data collected under subsection (a) for the subject year, regarding the amount of such fees and the criteria used by the enterprises to determine such fees.
**(d) Contents of reports** The reports required under subsection (c) shall identify and analyze—
(1) the factors considered in determining the amount of the guarantee fees charged;
(2) the total revenue earned by the enterprises from guarantee fees;
(3) the total costs incurred by the enterprises for providing guarantees;
(4) the average guarantee fee charged by the enterprises;
(5) an analysis of any increase or decrease in guarantee fees from the preceding year;
(6) a breakdown of the revenue and costs associated with providing guarantees, based on product type and risk classifications; and
(7) a breakdown of guarantee fees charged based on asset size of the originator and the number of loans sold or transferred to an enterprise.
**(e) Protection of information** Nothing in this section may be construed to require or authorize the Director to publicly disclose information that is confidential or proprietary.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4517
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Subject to title III of the Federal Housing Finance Regulatory Reform Act of 2008, the Director may appoint and fix the compensation of such officers and employees of the Agency as the Director considers necessary to carry out the functions of the Director and the Agency. Officers and employees may be paid without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5 relating to classification and General Schedule pay rates.
**(b) Comparability of compensation with Federal banking agencies** In fixing and directing compensation under subsection (a), the Director shall consult with, and maintain comparability with compensation of officers and employees of the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.
**(c) Personnel of other Federal agencies** In carrying out the duties of the Agency, the Director may use information, services, staff, and facilities of any executive agency, independent agency, or department on a reimbursable basis, with the consent of such agency or department.
**(d) Outside experts and consultants** Notwithstanding any provision of law limiting pay or compensation, the Director may appoint and compensate such outside experts and consultants as the Director determines necessary to assist the work of the Agency.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4518
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Annual assessments** The Director shall establish and collect from the regulated entities annual assessments in an amount not exceeding the amount sufficient to provide for reasonable costs (including administrative costs) and expenses of the Agency, including—
(1) the expenses of any examinations under [section 4517 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4517&num=0&edition=prelim) and under [section 1440 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1440&num=0&edition=prelim);
(2) the expenses of obtaining any reviews and credit assessments under [section 4519 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4519&num=0&edition=prelim);
(3) such amounts in excess of actual expenses for any given year as deemed necessary by the Director to maintain a working capital fund in accordance with subsection (e); and
(4) the windup of the affairs of the Office of Federal Housing Enterprise Oversight and the Federal Housing Finance Board under title III of the Federal Housing Finance Regulatory Reform Act of 2008.
**(b) Allocation of annual assessment to enterprises**
(1) **Amount of payment** — Each enterprise shall pay to the Director a proportion of the annual assessment made pursuant to subsection (a) that bears the same ratio to the total annual assessment that the total assets of each enterprise bears 11 So in original. Probably should be “bear”. to the total assets of both enterprises.
(2) **Separate treatment of Federal home loan bank and enterprise assessments** — Assessments collected from the enterprises shall not exceed the amounts sufficient to provide for the costs and expenses described in subsection (a) relating to
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4518a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** Notwithstanding [section 401 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section401&num=0&edition=prelim), in this section:
(1) **Designated federal entity.—**
(A) *In general.—* — The term “designated Federal entity” means Amtrak, the Appalachian Regional Commission, the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection, the Committee for Purchase From People Who Are Blind or Severely Disabled, the Commodity Futures Trading Commission, the Consumer Product Safety Commission, the Corporation for Public Broadcasting, the Defense Intelligence Agency, the Denali Commission, the Equal Employment Opportunity Commission, the Farm Credit Administration, the Federal Election Commission, the Election Assistance Commission, the Federal Labor Relations Authority, the Federal Maritime Commission, the Federal Trade Commission, the Legal Services Corporation, the National Archives and Records Administration, the National Credit Union Administration, the National Endowment for the Arts, the National Endowment for the Humanities, the National Geospatial-Intelligence Agency, the National Labor Relations Board, the National Science Foundation, the Peace Corps, the Pension Benefit Guaranty Corporation, the Securities and Exchange Commission, the Smithsonian Institution, the United States International Development Finance Corporation, the United States International Trade Commission, the Postal Regulatory Commission, and the United States Postal Service.
(B) *Amtrak.—* — Effective at the beginning of the first fiscal year after a fiscal year for which Amtrak receives no Federal subsidy, subparagraph (A) is amended by striking “Amtrak,”.
(2) **Federal entity.—** — The term “Fe
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 415
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