I 

112TH CONGRESS 

2D SESSION H. R. 4264 

To help ensure the fiscal solvency of the FHA mortgage insurance programs 

of the Secretary of Housing and Urban Development, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 27, 2012 

Mrs. BIGGERT introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To help ensure the fiscal solvency of the FHA mortgage 

insurance programs of the Secretary of Housing and 

Urban Development, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE AND TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘FHA Emergency Fiscal Solvency Act of 2012’’. 

6 (b) TABLE OF CONTENTS.—The table of contents for 

7 this Act is as follows: 

Sec. 1. Short title and table of contents. 

Sec. 2. FHA annual mortgage insurance premiums. 

Sec. 3. Indemnification by FHA mortgagees. 

Sec. 4. Early period delinquencies. 


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Sec. 5. Semiannual actuarial studies of MMIF during periods of capital depletion. 

Sec. 6. Delegation of FHA insuring authority. 

Sec. 7. Authority to terminate FHA mortgagee origination and underwriting 

approval. 

Sec. 8. Authorization to participate in the origination of FHA-insured loans. 

Sec. 9. Reporting of mortgagee actions taken against other mortgagees. 

Sec. 10. Default and origination information by loan servicer and originating 

direct endorsement lender. 

Sec. 11. Deputy Assistant Secretary of FHA for Risk Management and Regulatory Affairs. 

Sec. 12. Establishment of Chief Risk Officer for GNMA. 

Sec. 13. Report on mortgage servicers. 

Sec. 14. FHA emergency capital plan. 

Sec. 15. FHA safety and soundness review. 

Sec. 16. FHA disclosure standards. 

Sec. 17. Report on streamlining FHA programs. 

1 SEC. 2. FHA ANNUAL MORTGAGE INSURANCE PREMIUMS. 

2 (a) IN GENERAL.—Subparagraph (B) of section 

3 203(c)(2) of the National Housing Act (12 U.S.C. 

4 1709(c)(2)(B)) is amended— 

5 (1) in the matter preceding clause (i)— 

6 (A) by striking ‘‘may’’ and inserting 

7 ‘‘shall’’; 

8 (B) by striking ‘‘not exceeding 1.5 per9 cent’’ and inserting ‘‘not less than 0.55 per10 cent’’; and 

11 (C) by inserting ‘‘and not exceeding 2.0 

12 percent of such remaining insured principal bal13 ance’’ before ‘‘for the following periods:’’; and 

14 (2) in clause (ii), by striking ‘‘1.55 percent’’ 

15 and inserting ‘‘2.05 percent’’. 

16 (b) EFFECTIVE DATE.—The amendments made by 

17 subsection (a) take effect upon the expiration of the 6- 


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1 month period beginning on the date of the enactment of 

2 this Act. 

3 SEC. 3. INDEMNIFICATION BY FHA MORTGAGEES. 

4 Section 202 of the National Housing Act (12 U.S.C. 

5 1708) is amended by adding at the end the following new 

6 subsection: 

7 ‘‘(i) INDEMNIFICATION BY MORTGAGEES.— 

8 ‘‘(1) IN GENERAL.—If the Secretary determines 

9 that the mortgagee knew, or should have known, of 

10 a serious or material violation of the requirements 

11 established by the Secretary with respect to a mort12 gage executed by a mortgagee approved by the Sec13 retary under the direct endorsement program or in14 sured by a mortgagee pursuant to the delegation of 

15 authority under section 256 such that the mortgage 

16 loan should not have been approved and endorsed by 

17 the mortgagee, and the Secretary pays an insurance 

18 claim with respect to the mortgage within a reason19 able period specified by the Secretary, the Secretary 

20 may require the mortgagee approved by the Sec21 retary under the direct endorsement program or the 

22 mortgagee delegated authority under section 256 to 

23 indemnify the Secretary for the loss, irrespective of 

24 whether the violation caused the mortgage default. 


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1 ‘‘(2) FRAUD OR MISREPRESENTATION.—If 

2 fraud or misrepresentation was involved in connec3 tion with the origination or underwriting and the 

4 Secretary determines that the mortgagee knew or 

5 should have known of the fraud or misrepresenta6 tion, the Secretary shall require the mortgagee ap7 proved by the Secretary under the direct endorse8 ment program or the mortgagee delegated authority 

9 under section 256 to indemnify the Secretary for the 

10 loss regardless of when an insurance claim is paid. 

11 ‘‘(3) APPEALS PROCESS.—The Secretary shall, 

12 by regulation, establish an appeals process for mort13 gagees to appeal indemnification determinations 

14 made pursuant to paragraph (1) or (2). 

15 ‘‘(4) REQUIREMENTS AND PROCEDURES.—The 

16 Secretary shall issue regulations establishing appro17 priate requirements and procedures governing the 

18 indemnification of the Secretary by the mortgagee, 

19 including public reporting on— 

20 ‘‘(A) the number of loans that— 

21 ‘‘(i) were not originated or under22 written in accordance with the require23 ments established by the Secretary; and 


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1 ‘‘(ii) involved fraud or misrepresenta2 tion in connection with the origination or 

3 underwriting; and 

4 ‘‘(B) the financial impact on the Mutual 

5 Mortgage Insurance Fund when indemnification 

6 is required.’’. 

7 SEC. 4. EARLY PERIOD DELINQUENCIES. 

8 Subsection (a) of section 202 of the National Hous9 ing Act (12 U.S.C. 1708(a)) is amended by adding at the 

10 end the following new paragraphs: 

11 ‘‘(8) PROGRAMMATIC REVIEW OF EARLY PE12 RIOD DELINQUENCIES.—The Secretary shall estab13 lish and maintain a program— 

14 ‘‘(A) to review the cause of each early pe15 riod delinquency on a mortgage that is an obli16 gation of the Mutual Mortgage Insurance Fund; 

17 ‘‘(B) to require indemnification of the Sec18 retary for a loss associated with any such early 

19 period delinquency that is the result of a mate20 rial violation, as determined by the Secretary, 

21 of any provision, regulation, or other guideline 

22 established or promulgated pursuant to this 

23 title; and 

24 ‘‘(C) to publicly report— 


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1 ‘‘(i) a summary of the results of all 

2 early period delinquencies reviewed under 

3 subparagraph (A); 

4 ‘‘(ii) any indemnifications required 

5 under subparagraph (B); and 

6 ‘‘(iii) the financial impact on the Mu7 tual Mortgage Insurance Fund of any such 

8 indemnifications. 

9 ‘‘(9) DEFINITION OF EARLY PERIOD DELIN10 QUENCY.—For purposes of this section, the term 

11 ‘early period delinquency’ means, with respect to a 

12 mortgage, that the mortgage becomes 90 or more 

13 days delinquent within 24 months of the origination 

14 of such mortgage.’’. 

15 SEC. 5. SEMIANNUAL ACTUARIAL STUDIES OF MMIF DUR16 ING PERIODS OF CAPITAL DEPLETION. 

17 (a) IN GENERAL.—Paragraph (4) of section 202(a) 

18 of the National Housing Act (12 U.S.C. 1708(a)(4)) is 

19 amended— 

20 (1) in the first sentence, by inserting ‘‘except as 

21 provided in subparagraph (B),’’ after ‘‘to be con22 ducted annually,’’; 

23 (2) in the second sentence, by inserting ‘‘, ex24 cept as provided in subparagraph (B),’’ after ‘‘annu25 ally’’; 


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1 (3) by striking the paragraph designation and 

2 heading and all that follows through ‘‘The Secretary 

3 shall provide’’ and inserting the following: 

4 ‘‘(4) INDEPENDENT ACTUARIAL STUDY.— 

5 ‘‘(A) ANNUAL STUDY.—The Secretary 

6 shall provide’’; and 

7 (4) by adding at the end the following new sub8 paragraph: 

9 ‘‘(B) SEMIANNUAL STUDIES DURING PERI10 ODS OF CAPITAL DEPLETION.—During any pe11 riod that the Fund fails to maintain sufficient 

12 capital to comply with the capital ratio require13 ment under section 205(f)(2)— 

14 ‘‘(i) the independent study required by 

15 subparagraph (A) shall be conducted semi16 annually and shall analyze the financial po17 sition of the Fund as of September 30 and 

18 March 31 of each fiscal year during such 

19 period; and 

20 ‘‘(ii) the Secretary shall submit a re21 port meeting the requirements of subpara22 graph (A) for each such semiannual 

23 study.’’. 

24 (b) ANALYSIS OF QUARTERLY ACTUARIAL STUD25 IES.—The Secretary of Housing and Urban Development 


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1 shall conduct an analysis of the cost and feasibility of pro2 viding for an independent actuarial study of the Mutual 

3 Mortgage Insurance Fund on a calendar quarterly basis, 

4 which shall compare the cost and feasibility of conducting 

5 such a study on a quarterly basis as compared to a semi6 annual basis and shall determine whether such an actu7 arial study can be conducted on a quarterly basis without 

8 substantial additional costs to the taxpayers. Not later 

9 than the expiration of the 90-day period beginning on the 

10 date of the enactment of this Act, the Secretary shall sub11 mit a report to the Congress setting forth the findings and 

12 conclusion of the analysis conducted pursuant to this sub13 section. 

14 SEC. 6. DELEGATION OF FHA INSURING AUTHORITY. 

15 Section 256 of the National Housing Act (12 U.S.C. 

16 1715z–21) is amended— 

17 (1) by striking subsection (c); 

18 (2) in subsection (e), by striking ‘‘, including’’ 

19 and all that follows through ‘‘by the mortgagee’’; 

20 and 

21 (3) by redesignating subsections (d) and (e) as 

22 subsections (c) and (d), respectively. 


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1 SEC. 7. AUTHORITY TO TERMINATE FHA MORTGAGEE 

2 ORIGINATION AND UNDERWRITING AP3 PROVAL. 

4 Section 533 of the National Housing Act (12 U.S.C. 

5 1735f–11) is amended— 

6 (1) in the first sentence of subsection (b), by in7 serting ‘‘or areas or on a nationwide basis’’ after 

8 ‘‘area’’ each place such term appears; and 

9 (2) in subsection (c), by striking ‘‘(c)’’ and all 

10 that follows through ‘‘The Secretary’’ in the first 

11 sentence of paragraph (2) and inserting the fol12 lowing: 

13 ‘‘(c) TERMINATION OF MORTGAGEE ORIGINATION

14 AND UNDERWRITING APPROVAL.— 

15 ‘‘(1) TERMINATION AUTHORITY.—If the Sec16 retary determines, under the comparison provided in 

17 subsection (b), that a mortgagee has a rate of early 

18 defaults and claims that is excessive, the Secretary 

19 may terminate the approval of the mortgagee to 

20 originate or underwrite single family mortgages for 

21 any area, or areas, or on a nationwide basis, not22 withstanding section 202(c) of this Act. 

23 ‘‘(2) PROCEDURE.—The Secretary’’. 


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1 SEC. 8. AUTHORIZATION TO PARTICIPATE IN THE ORIGINA2 TION OF FHA-INSURED LOANS. 

3 (a) SINGLE FAMILY MORTGAGES.—Section 203(b) of 

4 the National Housing Act (12 U.S.C. 1709(b)) is amended 

5 by striking paragraph (1) and inserting the following new 

6 paragraph: 

7 ‘‘(1) Have been made to a mortgagee approved 

8 by the Secretary or to a person or entity authorized 

9 by the Secretary under section 202(d)(1) to partici10 pate in the origination of the mortgage, and be held 

11 by a mortgagee approved by the Secretary as re12 sponsible and able to service the mortgage prop13 erly.’’. 

14 (b) HOME EQUITY CONVERSION MORTGAGES.—Sec15 tion 255(d) of the National Housing Act (12 U.S.C. 

16 1715z–20(d)) is amended by striking paragraph (1) and 

17 inserting the following new paragraph: 

18 ‘‘(1) have been originated by a mortgagee ap19 proved by, or by a person or entity authorized under 

20 section 202(d)(1) to participate in the origination 

21 by, the Secretary;’’. 

22 SEC. 9. REPORTING OF MORTGAGEE ACTIONS TAKEN 

23 AGAINST OTHER MORTGAGEES. 

24 Section 202 of the National Housing Act (12 U.S.C. 

25 1708(e)), as amended by the preceding provisions of this 


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1 Act, is further amended by adding at the end the following 

2 new subsection: 

3 ‘‘(j) NOTIFICATION OF MORTGAGEE ACTIONS.—The 

4 Secretary shall require each mortgagee, as a condition for 

5 approval by the Secretary to originate or underwrite mort6 gages on single family or multifamily housing that are in7 sured by the Secretary, if such mortgagee engages in the 

8 purchase of mortgages insured by the Secretary and origi9 nated by other mortgagees or in the purchase of the serv10 icing rights to such mortgages, and such mortgagee at any 

11 time takes action to terminate or discontinue such pur12 chases from another mortgagee based on any determina13 tion or evidence of fraud or material misrepresentation in 

14 connection with the origination of such mortgages, to no15 tify the Secretary of the action taken and the reasons for 

16 such action not later than 15 days after taking such ac17 tion.’’. 

18 SEC. 10. DEFAULT AND ORIGINATION INFORMATION BY 

19 LOAN SERVICER AND ORIGINATING DIRECT 

20 ENDORSEMENT LENDER. 

21 (a) COLLECTION OF INFORMATION.—Paragraph (2) 

22 of section 540(b) of the National Housing Act (12 U.S.C. 

23 1712 U.S.C. 1735f–18(b)(2)) is amended by adding at the 

24 end the following new subparagraph: 


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1 ‘‘(C) For each entity that services insured 

2 mortgages, data on the number of claims paid 

3 to each servicing mortgagee during each cal4 endar quarter occurring during the applicable 

5 collection period.’’. 

6 (b) APPLICABILITY.—Information described in sub7 paragraph (C) of section 540(b)(2) of the National Hous8 ing Act, as added by subsection (a) of this section, shall 

9 first be made available under such section 540 for the ap10 plicable collection period (as such term is defined in such 

11 section) relating to the first calendar quarter ending after 

12 the expiration of the 12-month period that begins on the 

13 date of the enactment of this Act. 

14 SEC. 11. DEPUTY ASSISTANT SECRETARY OF FHA FOR RISK 

15 MANAGEMENT AND REGULATORY AFFAIRS. 

16 (a) ESTABLISHMENT OF POSITION.—Subsection (b) 

17 of section 4 of the Department of Housing and Urban De18 velopment Act (42 U.S.C. 3533(b)) is amended— 

19 (1) by inserting ‘‘(1)’’ after ‘‘(b)’’; and 

20 (2) by adding at the end the following new 

21 paragraph: 

22 ‘‘(2) There shall be in the Department, within the 

23 Federal Housing Administration, a Deputy Assistant Sec24 retary for Risk Management and Regulatory Affairs, who 

25 shall be appointed by the Secretary and shall be responVerDate Mar 15 2010 20:09 Mar 28, 2012 Jkt 019200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\H4264.IH H4264

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1 sible to the Federal Housing Commissioner for all matters 

2 relating to managing and mitigating risk to the mortgage 

3 insurance funds of the Department and ensuring the per4 formance of mortgages insured by the Department.’’. 

5 (b) TERMINATION.—Upon the appointment of the 

6 initial Deputy Assistant Secretary for Risk Management 

7 and Regulatory Affairs pursuant to section 4(b)(2) of the 

8 Department of Housing and Urban Development Act, as 

9 amended by subsection (a) of this section, the position of 

10 chief risk officer within the Federal Housing Administra11 tion, filled by appointment by the Federal Housing Com12 missioner, is abolished. 

13 SEC. 12. ESTABLISHMENT OF CHIEF RISK OFFICER FOR 

14 GNMA. 

15 Section 4 of the Department of Housing and Urban 

16 Development Act (42 U.S.C. 3533) is amended by adding 

17 after subsection (g), as added by section 1442 of the 

18 Dodd-Frank Wall Street Reform and Consumer Protec19 tion Act (Public Law 111–203; 124 Stat. 2163), the fol20 lowing new subsection: 

21 ‘‘(h) There shall be in the Department a Chief Risk 

22 Officer for the Government National Mortgage Associa23 tion, who shall— 

24 ‘‘(1) be designated by the Secretary; 


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1 ‘‘(2) be responsible to the President of the As2 sociation for all matters related to evaluating, man3 aging, and mitigating risk to the programs of the 

4 Association; 

5 ‘‘(3) be in the competitive service or the senior 

6 executive service; 

7 ‘‘(4) be a career appointee; 

8 ‘‘(5) be designated from among individuals who 

9 possess demonstrated ability in general management 

10 of, and knowledge of and extensive practical experi11 ence in risk evaluation practices in large govern12 mental or business entities; 

13 ‘‘(6) shall not be required to obtain the prior 

14 approval, comment, or review of any officer or agen15 cy of the United States before submitting to the 

16 Congress, or any committee or subcommittee there17 of, any reports, recommendations, testimony, or 

18 comments if such submission include a statement in19 dicating that the views expressed therein are those 

20 of the Chief Risk Officer of the Association and do 

21 not necessarily represent the views of the Sec22 retary.’’. 

23 SEC. 13. REPORT ON MORTGAGE SERVICERS. 

24 (a) EXAMINATION.—The Secretary of Housing and 

25 Urban Development shall conduct an examination into 


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1 mortgage servicer compliance with the loan servicing, loss 

2 mitigation, and insurance claim submission guidelines of 

3 the FHA mortgage insurance programs under the Na4 tional Housing Act (12 U.S.C. 1701 et seq.), and an esti5 mate of the annual costs to the Mutual Mortgage Insur6 ance Fund, since 2008, resulting from any failures by 

7 mortgage servicers to comply with such guidelines. 

8 (b) REPORT.—Not later than the expiration of the 

9 120-day period that begins upon the date of the enactment 

10 of this Act, the Secretary shall submit a report to the Con11 gress on the results of the examination conducted pursu12 ant to subsection (a), including recommendations for any 

13 administrative and legislative actions to improve mortgage 

14 servicer compliance with the guidelines referred to in sub15 section (a). 

16 SEC. 14. FHA EMERGENCY CAPITAL PLAN. 

17 (a) ESTABLISHMENT.—Not later than the expiration 

18 of the 30-day period beginning on the date of the enact19 ment of this Act, the Secretary of Housing and Urban 

20 Development shall develop, submit to the Congress, and 

21 commence implementation of an emergency capital plan 

22 for the restoration of the fiscal solvency of the Mutual 

23 Mortgage Insurance Fund (in this section referred to as 

24 the ‘‘Fund’’). 


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1 (b) CONTENTS.—The emergency capital plan devel2 oped pursuant to this section shall— 

3 (1) provide a detailed explanation of the proc4 esses and controls by which amounts of capital that 

5 are assets of the Fund are monitored and tracked; 

6 (2) establish a plan to ensure the financial safe7 ty and soundness of the Fund that avoids the need 

8 for borrowing amounts from the Treasury of the 

9 United States to meet obligations of the Fund; and 

10 (3) describe the procedure by which, if nec11 essary, any amounts from the Treasury needed to 

12 meet obligations of the Fund will be obtained from 

13 the Treasury. 

14 (c) MONTHLY REPORTS.— 

15 (1) REPORTS.—Subject to paragraph (3), upon 

16 the conclusion of each calendar month ending after 

17 the 14-day period that begins on the date of the en18 actment of this Act, the Secretary of Housing and 

19 Urban Development shall submit to the Congress a 

20 report assessing the financial status of the Fund at 

21 the conclusion of such month, setting forth the cap22 ital ratio (as such term is defined in section 

23 205(f)(3) of the National Housing Act (12 U.S.C. 

24 1711(f)(3))) of the Fund at the conclusion of such 

25 month, and describing any actions taken during such 


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1 month to help ensure the financial soundness of the 

2 Fund and compliance with section 205(f) of the Na3 tional Housing Act (relating to a capital ratio re4 quirement of 2.0 percent). 

5 (2) TERMINATION OF REPORTING REQUIRE6 MENT.—The requirement to submit reports under 

7 paragraph (1) shall terminate on the first date after 

8 the date of the enactment of this Act that the Fund 

9 attains a capital ratio (as such term is defined in 

10 section 205(f)(3) of the National Housing Act) of 

11 2.0 percent. 

12 SEC. 15. FHA SAFETY AND SOUNDNESS REVIEW. 

13 (a) REVIEW.—The Comptroller General of the United 

14 States shall provide for an independent third party to— 

15 (1) conduct a one-time review of the mortgage 

16 insurance programs and funds of the Secretary of 

17 Housing and Urban Development that shall deter18 mine, as of the time of such review— 

19 (A) the financial safety and soundness of 

20 such programs and funds; and 

21 (B) the extent of loan loss reserves and 

22 capital adequacy of such programs and funds; 

23 and 

24 (2) to submit a report under subsection (b). 


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1 Such review shall be conducted in accordance with gen2 erally accepted accounting principles applicable to the pri3 vate sector. 

4 (b) REPORT.—The report under this subsection shall 

5 describe the methodology and standards used to conduct 

6 the review under subsection (a)(1), set forth the results 

7 and findings of the review, including the extent of loan 

8 loss reserves and capital adequacy of the mortgage insur9 ance programs and funds of the Secretary of Housing and 

10 Urban Development, and include recommendations re11 garding restoring such reserves and capital to maintain 

12 such programs and funds in a safe and sound condition. 

13 (c) TIMING.—The review required under subsection 

14 (a) shall be completed, and the report required under sub15 section (b) shall be submitted, not later than the expira16 tion of the 60-day period beginning on the date of the en17 actment of this Act. 

18 (d) RULE OF CONSTRUCTION.—Nothing in this sec19 tion may be construed to alter or affect, or exempt the 

20 Secretary of Housing and Urban Development from com21 plying with, any laws, regulations, or guidance relating to 

22 preparation or submission of budgets or audits or financial 

23 or management statements or reports. 


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1 SEC. 16. FHA DISCLOSURE STANDARDS. 

2 Not later than the expiration of the 90-day period 

3 beginning on the date of the enactment of this Act, the 

4 Secretary of Housing and Urban Development shall review 

5 and revise all standards and requirements relating to dis6 closure of information regarding the mortgage insurance 

7 programs and funds, including actuarial studies conducted 

8 under section 202(a)(4) of the National Housing Act (12 

9 U.S.C. 1708(a)(4)), quarterly reports under section 

10 202(a)(5) of such Act, and annual audited financial state11 ments under section 538 of such Act (12 U.S.C. 1735f– 

12 16), to ensure that, after the date of the enactment of 

13 this Act, such disclosures— 

14 (1) provide meaningful financial and other in15 formation that is timely, comprehensive, and accu16 rate; 

17 (2) do not contain any material misstatements 

18 or misrepresentations; 

19 (3) make available all relevant information; and 

20 (4) prohibit material omissions that make the 

21 contents of the disclosure misleading. 

22 SEC. 17. REPORT ON STREAMLINING FHA PROGRAMS. 

23 (a) EXAMINATION.—The Secretary of Housing and 

24 Urban Development shall conduct an examination of the 

25 mortgage insurance and any other programs of the Fed26 eral Housing Administration to identify— 


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1 (1) the level of use and need for such programs; 

2 (2) any such programs that are unused or 

3 underused; and 

4 (3) methods for streamlining, consolidating, 

5 simplifying, increasing the efficiency of, and reduc6 ing the number of such programs. 

7 (b) REPORT.—Not later than the expiration of the 

8 12-month period that begins upon the date of the enact9 ment of this Act, the Secretary shall submit a report to 

10 the Congress on the results of the examination conducted 

11 pursuant to subsection (a), including recommendations for 

12 any administrative and legislative actions to streamline, 

13 consolidate, simplify, increase the efficiency of, and reduce 

14 the number of such programs. 

Æ 


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