12 U.S.C. § 4501 — Congressional findings

Page 1639 TITLE 12—BANKS AND BANKING § 4502 Sec. 4624. Reviews of enterprise assets and liabilities. SUBCHAPTER III—ENFORCEMENT PROVISIONS 4631. Cease-and-desist proceedings. 4632. Temporary cease-and-desist orders. 4633. Hearings. 4634. Judicial review. 4635. Enforcement and jurisdiction. 4636. Civil money penalties. 4636a. Removal and prohibition authority. 4636b. Criminal penalty. 4637. Notice after separation from service. 4638. Private rights of action. 4639. Public disclosure of final orders and agree- ments. 4640. Notice of service. 4641. Subpoena authority. 4642. Reporting of fraudulent loans. § 4501. Congressional findings The Congress finds that— (1) the Federal National Mortgage Associa- tion and the Federal Home Loan Mortgage Corporation (referred to in this section collec- tively as the ‘‘enterprises’’), and the Federal Home Loan Banks (referred to in this section as the ‘‘Banks’’), have important public mis- sions that are reflected in the statutes and charter Acts establishing the Banks and the enterprises; (2) because the continued ability of the Fed- eral 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 ef- fective Federal regulation is needed to reduce the risk of failure of the enterprises; (3) considering the current operating proce- dures of the Federal National Mortgage Asso- ciation, the Federal Home Loan Mortgage Cor- poration, 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 suffi- cient autonomy from the enterprises and spe- cial interest groups; (6) an entity regulating such enterprises should have the authority to establish capital standards, require financial disclosure, pre- scribe 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 Associa- tion 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 et seq.] should be amended to em- phasize that providing for financial safety and soundness of the Federal Home Loan Banks is the primary mission of the Federal Housing Finance Board. (Pub. L. 102–550, title XIII, § 1302, Oct. 28, 1992, 106 Stat. 3941.) Editorial Notes REFERENCES IN TEXT The Federal Home Loan Bank Act, referred to in par. (8), is act July 22, 1932, ch. 522, 47 Stat. 725, which is classified generally to chapter 11 (§ 1421 et seq.) of this title. For complete classification of this Act to the Code, see section 1421 of this title and Tables. Statutory Notes and Related Subsidiaries SHORT TITLE OF 2008 AMENDMENT Pub. L. 110–289, § 1(a), July 30, 2008, 122 Stat. 2654, pro- vided that: ‘‘This Act [see Tables for classification] may be cited as the ‘Housing and Economic Recovery Act of 2008’.’’ Pub. L. 110–289, div. A, § 1001, July 30, 2008, 122 Stat. 2659, provided that: ‘‘This division [see Tables for clas- sification] may be cited as the ‘Federal Housing Fi- nance Regulatory Reform Act of 2008’.’’ SHORT TITLE Pub. L. 102–550, title XIII, § 1301, Oct. 28, 1992, 106 Stat. 3941, provided that: ‘‘This title [enacting this chapter, amending sections 1422a, 1430, 1430b, 1451 to 1456, 1716 to 1719, 1723, 1723a, and 1723c of this title, sections 3132 and 5313 of Title 5, Government Organization and Employ- ees, section 1905 of Title 18, Crimes and Criminal Proce- dure, and section 3534 of Title 42, The Public Health and Welfare, enacting provisions set out as notes under sec- tions 1451, 1452, 1723, and 4562 of this title, and amend- ing provisions set out as a note under section 1451 of this title] may be cited as the ‘Federal Housing Enter- prises Financial Safety and Soundness Act of 1992’.’’ § 4502. Definitions For purposes of this chapter: (1) Affiliate Except as provided by the Director, the term ‘‘affiliate’’ means any entity that controls, is controlled by, or is under common control with, an enterprise. (2) Agency The term ‘‘Agency’’ means the Federal Housing Finance Agency established under section 4511 of this title. (3) Authorizing statutes The term ‘‘authorizing statutes’’ means— (A) the Federal National Mortgage Asso- ciation Charter Act; (B) the Federal Home Loan Mortgage Cor- poration Act; and (C) the Federal Home Loan Bank Act. (4) Board The term ‘‘Board’’ means the Federal Hous- ing Finance Oversight Board established under section 4513a of this title. (5) Capital distribution (A) In general The term ‘‘capital distribution’’ means— (i) any dividend or other distribution in cash or in kind made with respect to any