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12 U.S.C. § 4562 — Enterprise guarantee fees
Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** For purposes of this section, the following definitions shall apply:
(1) **Guarantee fee** — The term “guarantee fee”—
(A) means a fee described in subsection (b); 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 Corporation with respect to participation certificates.
(2) **Average fees** — The term “average fees” means the average contractual fee rate of single-family guaranty arrangements by an enterprise entered into during 2011, plus the recognition of any up-front cash payments over an estimated average life, expressed in terms of basis points. Such definition shall be interpreted in a manner consistent with the annual report on guarantee fees by the Federal Housing Finance Agency.
**(b) Increase**
(1) **In general**
(A) *Phased increase required* — Subject to subsection (c), the Director shall require each enterprise to charge a guarantee 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, consummated after December 23, 2011.
(B) *Amount* — The amount of the increase required under this section shall be determined by the Director to appropriately reflect the risk of loss, as well 11 So in original. Probably should be followed by “as”. the cost of capital allocated to similar assets held by other fully private regulated financial institutions, but such amount shall be not less than an average increase of 10 basis points for each origination year or book ye
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Source file: Laws/federal/codes/united-states-code/title-12/section-4562-enterprise-guarantee-fees--311922418c.md
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Source location: Title 12, Chapter 46, § 4562; chapter-046-government-sponsored-enterprises.md
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**(a) Definitions** For purposes of this section, the following definitions shall apply:
(1) **Guarantee fee** — The term “guarantee fee”—
(A) means a fee described in subsection (b); 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 Corporation with respect to participation certificates.
(2) **Average fees** — The term “average fees” means the average contractual fee rate of single-family guaranty arrangements by an enterprise entered into during 2011, plus the recognition of any up-front cash payments over an estimated average life, expressed in terms of basis points. Such definition shall be interpreted in a manner consistent with the annual report on guarantee fees by the Federal Housing Finance Agency.
**(b) Increase**
(1) **In general**
(A) *Phased increase required* — Subject to subsection (c), the Director shall require each enterprise to charge a guarantee 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, consummated after December 23, 2011.
(B) *Amount* — The amount of the increase required under this section shall be determined by the Director to appropriately reflect the risk of loss, as well 11 So in original. Probably should be followed by “as”. the cost of capital allocated to similar assets held by other fully private regulated financial institutions, but such amount shall be not less than an average increase of 10 basis points for each origination year or book year above the average fees imposed in 2011 for such guarantees. The Director shall prohibit an enterprise from offsetting the cost of the fee to mortgage originators, borrowers, and investors by decreasing other charges, fees, or premiums, or in any other manner.
(2) **Authority to limit offer of guarantee** — The Director shall prohibit an enterprise from consummating any offer for a guarantee to a lender for mortgage-backed securities, if—
(A) the guarantee is inconsistent with the requirements of this section; or
(B) the risk of loss is allowed to increase, through lowering of the underwriting standards or other means, for the primary purpose of meeting the requirements of this section.
(3) **Deposit in Treasury** — Amounts received from fee increases imposed under this section shall be deposited directly into the United States Treasury, and shall be available only to the extent provided in subsequent appropriations Acts. The fees charged pursuant to this section shall not be considered a reimbursement to the Federal Government for the costs or subsidy provided to an enterprise.
**(c) Phase-in**
(1) **In general** — The Director may provide for compliance with subsection (b) by allowing each enterprise to increase the guarantee fee charged by the enterprise gradually over the 2-year period beginning on December 23, 2011, in a manner sufficient to comply with this section. In determining a schedule for such increases, the Director shall—
(A) provide for uniform pricing among lenders;
(B) provide for adjustments in pricing based on risk levels; and
(C) take into consideration conditions in financial markets.
(2) **Rule of construction** — Nothing in this subsection shall be interpreted to undermine the minimum increase required by subsection (b).
**(d) Information collection and annual analysis** The Director shall require each enterprise to provide to the Director, as part of its annual report submitted to Congress—
(1) a description of—
(A) changes made to up-front fees and annual fees as part of the guarantee fees negotiated with lenders;
(B) changes to the riskiness of the new borrowers compared to previous origination years or book years; and
(C) any adjustments required to improve for future origination years or book years, in order to be in complete compliance with subsection (b); and
(2) an assessment of how the changes in the guarantee fees described in paragraph (1) met the requirements of subsection (b).
**(e) Enforcement**
(1) **Required adjustments** — Based on the information from subsection (d) and any other information the Director deems necessary, the Director shall require an enterprise to make adjustments in its guarantee fee in order to be in compliance with subsection (b).
(2) **Noncompliance penalty** — An enterprise that has been found to be out of compliance with subsection (b) for any 2 consecutive years shall be precluded from providing any guarantee for a period, determined by rule of the Director, but in no case less than 1 year.
(3) **Rule of construction** — Nothing in this subsection shall be interpreted as preventing the Director from initiating and implementing an enforcement action against an enterprise, at a time the Director deems necessary, under other existing enforcement authority.
**(f) Expiration** The provisions of this section shall expire on October 1, 2032.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Director shall, by regulation, establish effective for 2010 and each year thereafter, annual housing goals, with respect to the mortgage purchases by the enterprises, as follows:
(1) **Single-family housing goals** — Four single-family housing goals under [section 4562 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4562&num=0&edition=prelim).
(2) **Multifamily special affordable housing goal** — One multifamily special affordable housing goal under [section 4563 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4563&num=0&edition=prelim).
**(b) Timing** The Director shall, by regulation, establish an annual deadline by which the Director shall establish the annual housing goals under this subpart for each year, taking into consideration the need for the enterprises to reasonably and sufficiently plan their operations and activities in advance, including operations and activities necessary to meet such annual goals.
**(c) Transition** The annual housing goals effective for 2008 pursuant to this subpart, as in effect before July 30, 2008, shall remain in effect for 2009, except that not later than the expiration of the 270-day period beginning on July 30, 2008, the Director shall review such goals applicable for 2009 to determine the feasibility of such goals given the market conditions current at such time and, after seeking public comment for a period not to exceed 30 days, may make appropriate adjustments consistent with such market conditions.
**(d) Eliminating interest rate disparities**
(1) **In general** — Upon request by the Director, an enterprise shall provide to the Director, in a form determined by the Director, data the Director may review to dete
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4564
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Duty to serve underserved markets**
(1) **11 So in original. No par. (2) has been enacted. Duty** — To increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for underserved markets, each enterprise shall provide leadership to the market in developing loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages for very low-, low-, and moderate-income families with respect to the following underserved markets:
(A) *Manufactured housing* — The enterprise shall develop loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages on manufactured homes for very low-, low-, and moderate-income families.
(B) *Affordable housing preservation* — The enterprise shall develop loan products and flexible underwriting guidelines to facilitate a secondary market to preserve housing affordable to very low-, low-, and moderate-income families, including housing projects subsidized under_22 So in original.
(i) the project-based and tenant-based rental assistance programs under [section 1437f of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437f&num=0&edition=prelim);
(ii) the program under [section 1715z–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-1&num=0&edition=prelim);
(iii) the below-market interest rate mortgage program under section 1715l(d)(4) of this title;
(iv) the supportive housing for the elderly program under [section 1701q of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701q&num=0&edition=prelim);
(v) the supportive housing program for persons with di
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment and purpose**
(1) **In general** — The Secretary of Housing and Urban Development (in this section referred to as the “Secretary”) shall establish and manage a Housing Trust Fund, which shall be funded with amounts allocated by the enterprises under [section 4567 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4567&num=0&edition=prelim) and any amounts as are or may be appropriated, transferred, or credited to such Housing Trust Fund under any other provisions of law. The purpose of the Housing Trust Fund under this section is to provide grants to States (as such term is defined in [section 4502 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4502&num=0&edition=prelim)) for use—
(A) to increase and preserve the supply of rental housing for extremely low- and very low-income families, including homeless families; and
(B) to increase homeownership for extremely low- and very low-income families.
(2) **Federal assistance** — For purposes of the application of Federal civil rights laws, all assistance provided from the Housing Trust Fund shall be considered Federal financial assistance.
**(b) Allocations for HOPE bond payments**
(1) **In general** — Notwithstanding subsection (c), to help address the mortgage crisis, of the amounts allocated pursuant to clauses (i) and (ii) of [section 4567(a)(1)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4567/a/1/B&num=0&edition=prelim) and clauses (i) and (ii) of [section 4567(a)(2)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4567/a/2/B&num=0&edition=prelim) in excess of amounts described in [section 4567(e) of this title](ht
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Federal law — U.S. Code and appendices · legal_authorities
Page 1668
TITLE 12—BANKS AND BANKING
§ 4561
1 So in original.
1454(d) of this title meets the requirements of
clauses (i), (ii), and (iii) of section 1717(b)(7)(C)
of this title and subparagraphs (A), (B), and
(C) of section 1454(d) of this title, respectively.
(Pub. L. 102–550, title XIII, § 1328, as added Pub.
L. 115–174, title III, § 310(c), May 24, 2018, 132
Stat. 1355.)
Editorial Notes
PRIOR PROVISIONS
A prior section 4548, Pub. L. 102–550, title XIII, § 1328,
Oct. 28, 1992, 106 Stat. 3956; Pub. L. 110–289, div. A, title
I, § 1122(a)(1), July 30, 2008, 122 Stat. 2689, related to re-
quired annual reports, prior to repeal by Pub. L.
110–289, div. A , title I, § 1104(b), July 30, 2008, 122 Stat.
2667.
SUBPART 2—HOUSING GOALS
§ 4561. Establishment of housing goals
(a) In general
The Director shall, by regulation, establish ef-
fective for 2010 and each year thereafter, annual
housing goals, with respect to the mortgage pur-
chases by the enterprises, as follows:
(1) Single-family housing goals
Four single-family housing goals under sec-
tion 4562 of this title.
(2) Multifamily special affordable housing goal
One multifamily special affordable housing
goal under section 4563 of this title.
(b) Timing
The Director shall, by regulation, establish an
annual deadline by which the Director shall es-
tablish the annual housing goals under this sub-
part for each year, taking into consideration the
need for the enterprises to reasonably and suffi-
ciently plan their operations and activities in
advance, including operations and activities
necessary to meet such annual goals.
(c) Transition
The annual housing goals effective for 2008
pursuant to this subpart, as in effect before July
30, 2008, shall remain in effect for 2009, except
that not la
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