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12 U.S.C. § 4611 — Review of underwriting guidelines
Federal law — U.S. Code and appendices · legal_authorities
**(a) Study** Each of the enterprises shall conduct a study to review the underwriting guidelines of the enterprise. The studies shall examine—
(1) the extent to which the underwriting guidelines prevent or inhibit the purchase or securitization of mortgages for housing located in mixed-use, urban center, and predominantly minority neighborhoods and for housing for low- and moderate-income families;
(2) the standards employed by private mortgage insurers and the extent to which such standards inhibit the purchase and securitization by the enterprises of mortgages described in paragraph (1); and
(3) the implications of implementing underwriting standards that—
(A) establish a downpayment requirement for mortgagors of 5 percent or less;
(B) allow the use of cash on hand as a source for downpayments; and
(C) approve borrowers who have a credit history of delinquencies if the borrower can demonstrate a satisfactory credit history for at least the 12-month period ending on the date of the application for the mortgage.
**(b) Report** Not later than the expiration of the 1-year period beginning on October 28, 1992, each enterprise shall submit to the Secretary, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate a report regarding the study conducted by the enterprise under subsection (a). Each report shall include any recommendations of the enterprise for better meeting the housing needs of low- and moderate-income families.
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Source file: Laws/federal/codes/united-states-code/title-12/section-4611-review-of-underwriting-guidelines--5f51791a17.md
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Source location: Title 12, Chapter 46, § 4611; chapter-046-government-sponsored-enterprises.md
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**(a) Study** Each of the enterprises shall conduct a study to review the underwriting guidelines of the enterprise. The studies shall examine—
(1) the extent to which the underwriting guidelines prevent or inhibit the purchase or securitization of mortgages for housing located in mixed-use, urban center, and predominantly minority neighborhoods and for housing for low- and moderate-income families;
(2) the standards employed by private mortgage insurers and the extent to which such standards inhibit the purchase and securitization by the enterprises of mortgages described in paragraph (1); and
(3) the implications of implementing underwriting standards that—
(A) establish a downpayment requirement for mortgagors of 5 percent or less;
(B) allow the use of cash on hand as a source for downpayments; and
(C) approve borrowers who have a credit history of delinquencies if the borrower can demonstrate a satisfactory credit history for at least the 12-month period ending on the date of the application for the mortgage.
**(b) Report** Not later than the expiration of the 1-year period beginning on October 28, 1992, each enterprise shall submit to the Secretary, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate a report regarding the study conducted by the enterprise under subsection (a). Each report shall include any recommendations of the enterprise for better meeting the housing needs of low- and moderate-income families.
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Federal law — U.S. Code and appendices · legal_authorities
The oath of office shall be administered by the President of the Senate to each Senator who shall be elected, previous to his taking his seat.
Source: Supplied U.S. Code snapshot — release unconfirmed · 2 U.S.C. § 21
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Regulations**
(1) **Capital standards** — Not later than 18 months after November 12, 1999, the Director shall issue regulations prescribing uniform capital standards applicable to each Federal home loan bank, which shall require each such bank to meet—
(A) the leverage requirement specified in paragraph (2); and
(B) the risk-based capital requirements, in accordance with paragraph (3).
(2) **Leverage requirement**
(A) *In general* — The leverage requirement shall require each Federal home loan bank to maintain a minimum amount of total capital based on the total assets of the bank and shall be 5 percent.
(B) *Treatment of stock and retained earnings* — In determining compliance with the minimum leverage ratio established under subparagraph (A), the paid-in value of the outstanding Class B stock and the amount of retained earnings shall be multiplied by 1.5, and such higher amounts shall be deemed to be capital for purposes of meeting the 5 percent minimum leverage ratio, except that a Federal home loan bank’s total capital (determined without taking into account any such multiplier) shall not be less than 4 percent of the total assets of the bank.
(3) **Risk-based capital standards**
(A) *Risk-based capital standards* — The Director shall, by regulation, establish risk-based capital standards for the Federal Home Loan Banks to ensure that the Federal Home Loan Banks operate in a safe and sound manner, with sufficient permanent capital and reserves to support the risks that arise in the operations and management of the Federal Home Loans Banks.
(B) *Consideration of other risk-based standards* — In establishing the risk-based standard under subparagraph (A), the Director shall take due consideration of any risk-based capital test established p
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1426
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation; Board of Directors; policies; principal office; membership; term; vacancies**
(1) There is hereby created the Federal Home Loan Mortgage Corporation, which shall be a body corporate under the direction of a Board of Directors. Within the limitations of law and regulation, the Board of Directors shall determine the general policies that govern the operations of the Corporation. The principal office of the Corporation shall be in the District of Columbia or at any other place determined by the Corporation.
(2)
(A) The Board of Directors of the Corporation shall consist of 13 persons, or such other number as the Director determines appropriate, who shall be elected annually by the voting common stockholders. Except to the extent action under [section 4636a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4636a&num=0&edition=prelim) temporarily results in a lesser number, the Board of Directors shall at all times have as members at least 1 person from the homebuilding industry, at least 1 person from the mortgage lending industry, at least 1 person from the real estate industry, and at least 1 person from an organization that has represented consumer or community interests for not less than 2 years or 1 person who has demonstrated a career commitment to the provision of housing for low-income households.
(B) Each member of the Board of Directors shall be elected for a term ending on the date of the next annual meeting of the voting common stockholders.
(C) Any seat on the Board of Directors that becomes vacant after the annual election of the directors shall be filled by the Board of Directors, but only for the unexpired portion of the term.
(D) Any member of the Board of Directors who is a full-time of
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1452
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Common stock; preferred stock; transferability of shares** The corporation shall have common stock, without par value, which shall be vested with all voting rights, each share being entitled to one vote with rights of cumulative voting at all elections of directors. The corporation may eliminate such rights of cumulative voting by a resolution adopted by its board of directors and approved by the holders of a majority of the shares of common stock voting in person or by proxy at the annual meeting, or other special meeting, at which such resolution is considered. The corporation may have preferred stock on such terms and conditions as the board of directors shall prescribe. The free transferability of the stock at all times to any person, firm, corporation, or other entity shall not be restricted except that, as to the corporation, it shall be transferable only on the books of the corporation. The corporation may issue shares of common stock in return for appropriate payments into capital or capital and surplus.
**(b) Fees and charges; annual transfer of earnings to general surplus account**
(1) The corporation may impose charges or fees, which may be regarded as elements of pricing, with the objective that all costs and expenses of the operations of the corporation should be within its income derived from such operations and that such operations should be fully self-supporting.
(2) All earnings from the operations of the corporation shall annually be transferred to the general surplus account of the corporation. At any time, funds of the general surplus account may, in the discretion of the board of directors, be transferred to reserves.
**(c) Capital distributions from general surplus account; minimum capitalization levels**
(1) Except as provided in paragr
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1747a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Enterprises** For purposes of this subchapter, the Director shall classify the enterprises according to the following capital classifications:
(1) **Adequately capitalized** — An enterprise shall be classified as adequately capitalized if the enterprise—
(A) maintains an amount of total capital that is equal to or exceeds the risk-based capital level established for the enterprise under [section 4611 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4611&num=0&edition=prelim); and
(B) maintains an amount of core capital that is equal to or exceeds the minimum capital level established for the enterprise under [section 4612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4612&num=0&edition=prelim).
(2) **Undercapitalized** — An enterprise shall be classified as undercapitalized if—
(A) the enterprise—
(i) does not maintain an amount of total capital that is equal to or exceeds the risk-based capital level established for the enterprise; and
(ii) maintains an amount of core capital that is equal to or exceeds the minimum capital level established for the enterprise; or
(B) the enterprise is otherwise classified as undercapitalized under subsection (b)(1) of this section.
(3) **Significantly undercapitalized** — An enterprise shall be classified as significantly undercapitalized if—
(A) the enterprise—
(i) does not maintain an amount of total capital that is equal to or exceeds the risk-based capital level established for the enterprise;
(ii) does not maintain an amount of core capital that is equal to or exceeds the minimum capital level established for the enterprise; and
(iii) maintains an amount of core capital that is equal to or exceeds
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4617
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Federal law — U.S. Code and appendices · legal_authorities
Page 1689
TITLE 12—BANKS AND BANKING
§ 4612
ch. 847, 48 Stat. 1252, which is classified generally to
subchapter III (§ 1716 et seq.) of chapter 13 of this title.
For complete classification of this Act to the Code, see
Short Title note set out under section 1716 of this title
and Tables.
The Federal Home Loan Mortgage Corporation Act,
referred to in text, is title III of Pub. L. 91–351, July 24,
1970, 84 Stat. 451, which is classified generally to chap-
ter 11A (§ 1451 et seq.) of this title. For complete classi-
fication of this Act to the Code, see Short Title and
Statement of Purpose note set out under section 1451 of
this title and Tables.
SUBCHAPTER II—REQUIRED CAPITAL LEV-
ELS FOR REGULATED ENTITIES, SPE-
CIAL ENFORCEMENT POWERS, AND RE-
VIEWS OF ASSETS AND LIABILITIES
§ 4611. Risk-based capital levels for regulated en-
tities
(a) In general
(1) Enterprises
The Director shall, by regulation, establish
risk-based capital requirements for the enter-
prises to ensure that the enterprises operate in
a safe and sound manner, maintaining suffi-
cient capital and reserves to support the risks
that arise in the operations and management
of the enterprises.
(2) Federal Home Loan Banks
The Director shall establish risk-based cap-
ital standards under section 1426 of this title
for the Federal Home Loan Banks.
(b) No limitation
Nothing in this section shall limit the author-
ity of the Director to require other reports or
undertakings, or take other action, in further-
ance of the responsibilities of the Director under
this Act.
(Pub. L. 102–550, title XIII, § 1361, Oct. 28, 1992, 106
Stat. 3972; Pub. L. 110–289, div. A, title I,
§ 1110(a), July 30, 2008, 122 Stat. 2675.)
Editorial Notes
REFERENCES IN TEXT
This Act, referred to in subsec. (b), is
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4611
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