12 U.S.C. § 4602 — Studies of effects of privatization of FNMA and FHLMC
submitted 34 years ago by Pub. L. 102-550 to r/title-12-BANKS-AND-BANKING · 463 words · no verdicts yet
(a) The Comptroller General, the Housing and Urban Development Secretary, the Treasury Secretary, and the Congressional Budget Office Director must each study and report to the named House and Senate committees, within two years after October 28, 1992, whether it is desirable and feasible to repeal the Federal charters of the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, end Federal sponsorship, and let them operate fully privately. (b) Each study must examine the effects on (1) Federal-law requirements and enterprise costs; (2) cost of capital; (3) housing affordability and availability and homeownership cost; (4) later private-sector secondary-mortgage competition; (5) whether more capital would be needed; (6) the secondary market for residential loans and their liquidity; and (7) other factors the listed officials consider appropriate for Congress to evaluate privatization. (c) The two enterprises must promptly give those officials full access to requested books, records, and other study information.
(a) The Comptroller General, the Housing and Urban Development Secretary, the Treasury Secretary, and the Congressional Budget Office Director* must each study and report to the named House and Senate committees, within two years after October 28, 1992, whether it is desirable and feasible to repeal the Federal charters of the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, end Federal sponsorship, and let them operate fully privately.
(b) Each study must examine the effects on (1) Federal-law requirements and enterprise* costs; (2) cost of capital; (3) housing affordability and availability and homeownership cost; (4) later private-sector secondary-mortgage competition; (5) whether more capital would be needed; (6) the secondary market for residential loans and their liquidity; and (7) other factors the listed officials consider appropriate for Congress to evaluate privatization.
(c) The two enterprises must promptly give those officials full access to requested books, records, and other study information.
(d)(1) Each official must consider the enterprises’ views. (2) Either enterprise may report directly to the named committees on its own analysis of privatization.
The Comptroller General of the United States, the Secretary of Housing and Urban Development, the Secretary of the Treasury, and the Director* of the Congressional Budget Office shall each conduct and submit to 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, not later than the expiration of the 2-year period beginning on October 28, 1992, a study regarding the desirability and feasibility of repealing the Federal charters of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, eliminating any Federal sponsorship of the enterprises, and allowing the enterprises to continue to operate as fully private entities.
Each study shall particularly examine the effects of such privatization on—
the requirements applicable to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation under Federal law and the costs to the enterprises;
the cost of capital to the enterprises;
housing affordability and availability and the cost of homeownership;
the level of secondary mortgage market competition subsequently available in the private sector;
whether increased amounts of capital would be necessary for the enterprises to continue operation;
the secondary market for residential loans and the liquidity of such loans; and
any other factors that the Comptroller General, the Secretary of Housing and Urban Development, the Secretary of the Treasury, or the Director of the Congressional Budget Office deems appropriate to enable the Congress to evaluate the desirability and feasibility of privatization of the enterprises.
The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation shall provide full and prompt access to the Comptroller General, the Secretary of Housing and Urban Development, the Secretary of the Treasury, and the Director of the Congressional Budget Office to any books, records, and other information requested for the purposes of conducting the studies under this section.
In conducting the studies under this section, the Comptroller General, the Secretary of Housing and Urban Development, the Secretary of the Treasury, and the Director of the Congressional Budget Office shall each consider the views of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation may each report directly to 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 on its own analysis of the desirability and feasibility of repealing the Federal charters of the enterprises, eliminating any Federal sponsorship, and allowing the enterprises to continue to operate as fully private entities.
Source credit: (Pub. L. 102–550, title XIII, § 1355, Oct. 28, 1992, 106 Stat. 3970.)
- 1992Enacted · Pub. L. 102-550 · 106 Stat. 3970
A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-550 on 1992-10-28.
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