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
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Source location: Title 12, Chapter 46, § 4511; chapter-046-government-sponsored-enterprises.md
Stored source content
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.
Cross-references
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Federal law — U.S. Code and appendices · legal_authorities
Stored review status: release_metadata_unconfirmed. The source passage cites 12 U.S.C. § 1421. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 1421. Short title
This chapter may be cited as the ‘‘Federal
Home Loan Bank Act.’’
(July 22, 1932, ch. 522, § 1, 47 Stat. 725.)
Statutory Notes and Related Subsidiaries
SHORT TITLE OF 1999 AMENDMENT
Pub. L. 106–102, title VI, § 601, Nov. 12, 1999, 113 Stat.
1450, provided that: ‘‘This title [amending sections 250,
1422, 1422b, 1424, 1426, 1427, 1429, 1430, 1432, 1436, 1438,
1441b, 1464, and 1467a of this title, repealing sections
1442a and 1447 of this title, and enacting provisions set
out as a note under section 1441b of this title] may be
cited as the ‘Federal Home Loan Bank System Mod-
ernization Act of 1999’.’’
SHORT TITLE OF 1993 AMENDMENT
Pub. L. 103–204, § 1(a), Dec. 17, 1993, 107 Stat. 2369, pro-
vided that: ‘‘This Act [enacting section 1447 of this title
and section 8C of the Inspector General Act of 1978,
Pub. L. 95–452, set out in the Appendix to Title 5, Gov-
ernment Organization and Employees, amending sec-
tions 1441a, 1811, 1813, 1815, 1817, 1818, 1821, 1822, 1824,
1831j, and 1831q of this title, sections 5314 and 5315 of
Title 5, and sections 8D to 8G and 11 of the Inspector
General Act of 1978, Pub. L. 95–452, set out in the Ap-
pendix to Title 5, enacting provisions set out as notes
under sections 1441a, 1811, 1817, 1821, 1822, 1827, and 1831q
of this title and section 3 of the Inspector General Act
of 1978, Pub. L. 95–452, set out in the Appendix to Title
5, and amending provisions set out as notes under sec-
tion 396f of Title 16, Conservation, and section 1611 of
Title 43, Public Lands] may be cited as the ‘Resolution
Trust Corporation Completion Act’.’’
SHORT TITLE OF 1991 AMENDMENTS
Pub. L. 102–233, § 1, Dec. 12, 1991, 105 Stat. 1761, pro-
vided that: ‘‘This Act [enacting section 2907 of this
title, amending sections 14
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 1421. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 4511. Establishment of the Federal Housing Fi-
nance Agency
(a) Establishment
There is established the Federal Housing Fi-
nance Agency, which shall be an independent
agency of the Federal Government.
(b) General supervisory and regulatory authority
(1) In general
Each regulated entity shall, to the extent
provided in this chapter, be subject to the su-
pervision and regulation of the Agency.
(2) Authority over Fannie Mae, Freddie Mac,
the Federal Home Loan Banks, and the Of-
fice of Finance
The Director shall have general regulatory
authority over each regulated entity and the
Office of Finance, and shall exercise such gen-
eral regulatory authority, including such du-
ties and authorities set forth under section
4513 of this title, to ensure that the purposes
of this Act, the authorizing statutes, and any
other applicable law are carried out.
(c) Savings provision
The authority of the Director to take actions
under subchapters II and III shall not in any
way limit the general supervisory and regu-
latory authority granted to the Director under
subsection (b).
(Pub. L. 102–550, title XIII, § 1311, as added Pub.
L. 110–289, div. A, title I, § 1101, July 30, 2008, 122
Stat. 2661.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in subsec. (b)(1), was in the
original ‘‘this title’’, meaning title XIII of Pub. L.
102–550, Oct. 28, 1992, 106 Stat. 3941, which is classified
principally to this chapter. For complete classification
of title XIII to the Code, see Short Title note set out
under section 4501 of this title and Tables.
This Act, referred to in subsec. (b)(2), is Pub. L.
102–550, Oct. 28, 1992, 106 Stat. 3672, known as the Hous-
ing and Community Development Act of 1992. For com-
plete classification of this Act to the