To require the Inspector General of the Federal Housing Finance Agency to submit quarterly reports to the Congress during the conservatorship of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.

Summary: Fannie Mae and Freddie Mac Accountability and Transparency for Taxpayers Act of 2010 - Directs the Inspector General (IG) of the Federal Housing Finance Agency to submit quarterly reports to Congress on the IG's activities with respect to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and their activities and condition while they are in conservatorship status.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fannie Mae and Freddie Mac 
Accountability and Transparency for Taxpayers Act of 2010''.

SEC. 2. QUARTERLY REPORTS DURING CONSERVATORSHIP.

    (a) Reporting Requirement.--For each reporting period, the covered 
officer shall submit to the Congress a report for each enterprise that 
summarizes the activities of the covered officer with respect to such 
enterprise, and the activities and condition of such enterprise, during 
such reporting period.
    (b) Contents.--Each report required under this section for an 
enterprise for a reporting period shall include the following 
information:
            (1) A description, including dollar amount, of total 
        liabilities of the enterprise as of the reporting date, with a 
        detailed breakdown of the potential level of risk to the 
        Federal Government inherent in the dollar amount of each 
        separate type of liability and a quantification as to how the 
        risk to the Federal Government has changed from the previous 
        reporting period, distinguishing between changes attributable 
        to volume and changes attributable to changes in risk levels.
            (2) An explanation of, including rationale for, all 
        compensation and bonuses paid to any executive officer (as such 
        term is defined in section 1303 of the Housing and Community 
        Development Act of 1992 (12 U.S.C. 4502)) of the enterprise, 
        and any retention decisions made, by the enterprise during such 
        period regarding its executive officers.
            (3) A description of foreclosure mitigation activities of 
        the enterprise during such period, including any related data, 
        a list of law firms and attorneys approved or retained by the 
        enterprise for handling foreclosure and bankruptcy matters 
        relating to mortgages held or securitized by the enterprise, 
        and the eligibility criteria used for such approval or 
        retention and reasons for limiting such list, and the number of 
        mortgage loans held by the enterprise that were refinanced in 
        2008 and 2009 through foreclosure mitigation activities of the 
        enterprise that have, during such period, entered into default.
            (4) A description of any mortgage fraud prevention 
        activities undertaken by the enterprise during such period and 
        data describing the extent of mortgage fraud during such 
        period, including descriptions of the efforts of the enterprise 
        to prevent or detect mortgage fraud, of the pervasiveness of 
        mortgage fraud, and of the most prevalent types of mortgage 
        fraud detected.
            (5) A listing with description of any formal or informal 
        communication between Governors and staff of the Board of 
        Governors of the Federal Reserve System and executives in the 
        enterprise and any formal or informal communication between 
        officials and staff of the Department of the Treasury and the 
        Governors and staff of the Board of Governors of the Federal 
        Reserve System and executives in the enterprise regarding the 
        purchase or sale of any enterprise-related securities.
            (6) A description of any investments, holdings, and 
        activities of the enterprise during such period that are not 
        consistent with the mission of the enterprise as provided under 
        Federal law.
            (7) A description of the reasons for any equity investments 
        in the enterprise by the Department of the Treasury during such 
        period and any increase during such period in the authorized 
        amount of equity investments by such Department.
            (8) An analysis of the capital levels and portfolio size of 
        the enterprise during such period and their impacts on the 
        safety and soundness of the enterprise.
            (9) A description and analysis of the underwriting 
        standards of the enterprise applicable during such period, 
        including the criteria for safety and soundness of mortgage 
        loans for single-family, multi-family, and condominium 
        residential homes securitized by the enterprise and the ability 
        of such criteria to ensure such safety and soundness.
            (10) An analysis of actions taken by the enterprise that 
        had a beneficial or harmful effect on holders of enterprise-
        related securities, in particular, preferred stock issued prior 
        to September 6, 2008.
            (11) Any other information that the covered officer 
        considers relevant or important with respect to the enterprise, 
        and the activities and condition of the enterprise.
    (c) Reporting Periods; Timing of Reports.--
            (1) Initial period.--The first reporting period for each 
        enterprise shall be the period that began upon the commencement 
        of the conservatorship period for the enterprise and that ends 
        upon the date of the enactment of this Act. The reports 
        required under this section for such period shall be submitted 
        not later than the expiration of the 60-day period beginning on 
        the date of the enactment of this Act.
            (2) Quarterly periods.--After the first reporting period, 
        the reporting periods for each enterprise shall be each 
        calendar quarter that concludes after the date of the enactment 
        of this Act. Each report for each such reporting period shall 
        be submitted not later than the expiration of the 60-day period 
        beginning upon the conclusion of such reporting period.
            (3) Receivership.--Notwithstanding paragraph (2), if at any 
        time a receiver is appointed for an enterprise pursuant to 
        section 1367 of the Housing and Community Development Act of 
        1992 (12 U.S.C. 4617), the reporting periods for the enterprise 
        during such receivership shall be each calendar month (or such 
        shorter period as the covered officer considers appropriate). 
        Each report for each such reporting period shall be submitted 
        not later than the expiration of the 30-day period beginning 
        upon the conclusion of such reporting period.
            (4) Nationalization.--Notwithstanding paragraph (2), if at 
        any time the Federal Government or any agency or entity of the 
        Federal Government obtains control of an enterprise under law 
        or through ownership of voting stock of the enterprise, or the 
        covered officer determines that the enterprise has otherwise 
        been nationalized, the reporting periods for the enterprise 
        after such nationalization occurs shall be the consecutive 6-
        month periods (the first such period beginning upon such 
        nationalization (or such shorter period as the covered officer 
        considers appropriate). Each report for each such reporting 
        period shall be submitted not later than the expiration of the 
        60-day period beginning upon the conclusion of such reporting 
        period.
    (d) Public Availability.--The covered officer shall--
            (1) make information regarding the activities of the 
        covered officer, including each report submitted to the 
        Congress pursuant to this section, available to the public, 
        including through a World Wide Web site of the Federal Housing 
        Finance Agency; and
            (2) establish an electronic mail address and a toll-free 
        telephone number, and shall publicize the availability of such 
        address and number, by which the public may report waste, 
        fraud, or abuse by an enterprise.
    (e) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Conservatorship period.--The term ``conservatorship 
        period'' means, with respect to an enterprise, the period 
        that--
                    (A) began upon appointment of the Federal Housing 
                Finance agency as conservator for the enterprise on 
                September 6, 2008, pursuant to section 1367 of the 
                Housing and Community Development Act of 1992 (12 
                U.S.C. 4617); and
                    (B) ends upon the termination of such 
                conservatorship of the enterprise.
            (2) Covered officer.--The term ``covered officer'' means--
                    (A) the Inspector General of the Federal Housing 
                Finance Agency, if one has been appointed pursuant to 
                section 1317(d) of the Housing and Community 
                Development Act of 1992 (12 U.S.C. 4517);
                    (B) if the officer referred to in subparagraph (A) 
                has not been appointed, any interim inspector general 
                for the Federal Housing Finance Agency appointed 
                pursuant to any provision of law providing for such 
                office; or
                    (C) if the officer referred to in subparagraph (A) 
                has not been appointed and an officer referred to in 
                subparagraph (B) has not been appointed, the Associate 
                Director for Internal Audit of the Federal Housing 
                Finance Agency.
            (3) Enterprise.--The term ``enterprise'' means the Federal 
        National Mortgage Association and the Federal Home Loan 
        Mortgage Corporation.
            (4) Reporting period.--The term ``reporting period'' means 
        a period described in paragraph (1), (2), (3), or (4) of 
        subsection (c).