To extend the registration and reporting requirements of the Federal securities laws to certain housing-related Government-sponsored enterprises, and for other purposes.

Summary: Fannie Mae and Freddie Mac Full Disclosure Act - Amends the Federal National Mortgage Association Charter Act to declare that stock, obligations, securities, participations, or other instruments issued by the Federal National Mortgage Association (Fannie Mae) shall not be exempt securities within the meaning of the laws administered by the Securities and Exchange Commission (SEC) (thus subjecting such securities to SEC regulation).

Amends the Federal Home Loan Mortgage Corporation Act to declare that any securities issued or guaranteed by the Federal Home Loan Mortgage Corporation (Freddie Mac) shall not be exempt securities within the meaning of SEC-administered laws (thus subjecting such securities also to SEC regulation).

States that transactions involving the initial disposition by an approved seller of pooled certificates acquired by the seller from Fannie Mae or Freddie Mac upon the initial issuance of the pooled certificates shall be deemed to be transactions by a person other than as an issuer, underwriter, or dealer within the meaning of the laws administered by the SEC.

Defines pooled certificates as single class mortgage-backed securities guaranteed by Fannie Mae or Freddie Mac that have been issued by Fannie or Freddie directly to the approved seller in exchange for the mortgage loans underlying such mortgage-backed securities.

Amends the Securities Act of 1933 to exempt specified applicants filing a securities registration statement subject to a fee from being required to pay aggregate fees in excess of 5% of the target offsetting collection amount for the fiscal year.

States that fees paid in connection with registration statements relating to business combinations shall not be included in calculating the total fees paid by any applicant.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fannie Mae and Freddie Mac Full 
Disclosure Act''.

SEC. 2. REGISTRATION OF SECURITIES.

    (a) Fannie Mae.--
            (1) Mortgage-backed securities.--Section 304(d) of the 
        Federal National Mortgage Association Charter Act (12 U.S.C. 
        1719(d)) is amended by striking the fourth sentence and 
        inserting the following new sentence: ``Securities issued by 
        the corporation under this subsection shall not be exempt 
        securities within the meaning of the laws administered by the 
        Securities and Exchange Commission.''
            (2) Subordinate obligations.--Section 304(e) of the Federal 
        National Mortgage Association Charter Act (12 U.S.C. 1719(e)) 
        is amended by striking the fourth sentence and inserting the 
        following new sentence: ``Obligations issued by the corporation 
        under this subsection shall not be exempt securities within the 
        meaning of the laws administered by the Securities and Exchange 
        Commission.''
            (3) Securities.--Section 311 of the Federal National 
        Mortgage Association Charter Act (12 U.S.C. 1723c) is amended--
                    (A) in the section header, by striking 
                ``association'';
                    (B) by inserting ``(a) in general.--'' after ``sec. 
                311.'';
                    (C) in the second sentence, by inserting ``by the 
                Association'' after ``issued''; and
                    (D) by adding at the end the following new 
                subsection:
    ``(b) Treatment of Corporation Securities.--
            ``(1) In general.--Any stock, obligations, securities, 
        participations, or other instruments issued or guaranteed by 
        the corporation pursuant to this title shall not be exempt 
        securities within the meaning of the laws administered by the 
        Securities and Exchange Commission.
            ``(2) Exemption for approved sellers.--Notwithstanding any 
        other provision of this title or the Securities Act of 1933, 
        transactions involving the initial disposition by an approved 
        seller of pooled certificates that are acquired by that seller 
        from the corporation upon the initial issuance of the pooled 
        certificates shall be deemed to be transactions by a person 
        other than an issuer, underwriter, or dealer within the meaning 
        of the laws administered by the Securities and Exchange 
        Commission.
            ``(3) Definitions.--For purposes of this subsection:
                    ``(A) Approved seller.--The term `approved seller' 
                means an institution approved by the corporation to 
                sell mortgage loans to the corporation in exchange for 
                pooled certificates.
                    ``(B) Pooled certificates.--The term `pooled 
                certificates' means single class mortgage-backed 
                securities guaranteed by the corporation that have been 
                issued by the corporation directly to the approved 
                seller in exchange for the mortgage loans underlying 
                such mortgage-backed securities.
            ``(4) Mortgage related securities.--A single class 
        mortgage-backed security guaranteed by the corporation that has 
        been issued by the Corporation directly to the approved seller 
        in exchange for the mortgage loans underlying such mortgage-
        backed securities or directly by the corporation for cash shall 
        be deemed to be a mortgage related security as defined in 
        section 3(a) of the Securities Exchange Act of 1934.''.
    (b) Freddie Mac.--Subsection (g) of section 306 of the Federal Home 
Loan Mortgage Corporation Act (12 U.S.C. 1455(g)) is amended to read as 
follows:
    ``(g) Treatment of Securities.--
            ``(1) In general.--Any securities issued or guaranteed by 
        the Corporation shall not be exempt securities within the 
        meaning of the laws administered by the Securities and Exchange 
        Commission.''.
            ``(2) Exemption for approved sellers.--Notwithstanding any 
        other provision of this title or the Securities Act of 1933, 
        transactions involving the initial disposition by an approved 
        seller of pooled certificates that are acquired by that seller 
        from the Corporation upon the initial issuance of the pooled 
        certificates shall be deemed to be transactions by a person 
        other than as an issuer, underwriter, or dealer within the 
        meaning of the laws administered by the Securities and Exchange 
        Commission.
            ``(3) Definitions.--For purposes of this subsection:
                    ``(A) Approved seller.--The term `approved seller' 
                means an institution approved by the Corporation to 
                sell mortgage loans to the Corporation in exchange for 
                pooled certificates.
                    ``(B) Pooled certificates.--The term `pooled 
                certificates' means single class mortgage-backed 
                securities guaranteed by the Corporation that have been 
                issued by the Corporation directly to the approved 
                seller in exchange for the mortgage loans underlying 
                such mortgage-backed securities.''.
    (c) Regulations.--The Securities and Exchange Commission may issue 
any regulations as may be necessary or appropriate to carry out the 
purposes of this section and the amendments made by this section.
    (d) Effective Date.--The amendments under this section shall be 
made upon the expiration of the 180-day period beginning on the date of 
the enactment of this Act, but shall apply only with respect to fiscal 
years of the Federal National Mortgage Association and the Federal Home 
Loan Mortgage Corporation that begin after the expiration of such 180-
day period.

SEC. 3. LIMITATION ON REGISTRATION FEES.

    (a) In General.--Section 6(b)(2) of the Securities Act of 1933 (15 
U.S.C. 77f(b)(2)) is amended by adding at the end the following new 
sentence: ``Notwithstanding any other provision of this title, no 
applicant, or group of affiliated applicants that do not include any 
investment company registered under the Investment Company Act of 1940, 
filing a registration statement subject to a fee shall be required in 
any fiscal year with respect to all registration statements filed by 
such applicant in such fiscal year to pay an aggregate amount in fees 
to the Commission pursuant to subsection (b) in excess of five percent 
of the target offsetting collection amount for such fiscal year. Fees 
paid in connection with registration statements relating to business 
combinations shall not be included in calculating the total fees paid 
by any applicant.''.
    (b) Effective Date.--The amendment under subsection (a) shall be 
made and shall apply upon the expiration of the 180-day period 
beginning on the date of the enactment of this Act.