42 U.S.C. § 12851 — National Homeownership Trust

(a) Establishment: This section creates the National Homeownership Trust, housed within HUD, to give assistance to first-time homebuyers under this subchapter. (b) Board of Directors: A Board of Directors governs the Trust. It has seven members: (1) the HUD Secretary, who chairs the Board; (2) the Treasury Secretary; (3) the FDIC Board chair; (4) the Federal Housing Finance Board chair; (5) the Fannie Mae Board chair; (6) the Freddie Mac Board chair; and (7) one consumer-interest representative, appointed by the President with Senate confirmation. (c) Powers of Trust: The Trust has the same powers given to the Government National Mortgage Association (Ginnie Mae) under section 1723a(a) of title 12. (d) Travel and per diem: Board members get no extra pay for serving, but can be reimbursed for travel expenses and per diem, the same way federal employees or intermittent government workers are under section 5703 of title 5. (e) Director and staff: (1) The Board may appoint an executive director and set that person's pay, paid from the National Homeownership Trust Fund. (2) Under rules the Board sets, the Trust may hire staff and set up offices as needed, with pay coming from the same Fund.