IB 

Union Calendar No. 390 

112TH CONGRESS 

2D SESSION H. R. 4264 

[Report No. 112–544] 

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 

JUNE 20, 2012 

Additional sponsors: Mr. BISHOP of Georgia, Mrs. CAPITO, Mr. JONES, Mr. 

RENACCI, Mr. SCHWEIKERT, Mr. STIVERS, Mr. DUFFY, Mr. ROYCE, Mr. 

DOLD, and Mr. MANZULLO

JUNE 20, 2012 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 


rfrederick on DSK5VPTVN1PROD with BILLS
2 

•HR 4264 RH

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. 


rfrederick on DSK5VPTVN1PROD with BILLS
3 

•HR 4264 RH

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. 

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. 

8 SEC. 2. FHA ANNUAL MORTGAGE INSURANCE PREMIUMS. 

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

10 203(c)(2) of the National Housing Act (12 U.S.C. 

11 1709(c)(2)(B)) is amended— 

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

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

14 ‘‘shall’’; 


rfrederick on DSK5VPTVN1PROD with BILLS
4 

•HR 4264 RH

1 (B) by striking ‘‘not exceeding 1.5 per2 cent’’ and inserting ‘‘not less than 0.55 per3 cent’’; and 

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

5 percent of such remaining insured principal bal6 ance’’ before ‘‘for the following periods:’’; and 

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

8 and inserting ‘‘2.05 percent’’. 

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

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

11 month period beginning on the date of the enactment of 

12 this Act. 

13 SEC. 3. INDEMNIFICATION BY FHA MORTGAGEES. 

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

15 1708) is amended by adding at the end the following new 

16 subsection: 

17 ‘‘(i) INDEMNIFICATION BY MORTGAGEES.— 

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

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

20 a serious or material violation of the requirements 

21 established by the Secretary with respect to a mort22 gage executed by a mortgagee approved by the Sec23 retary under the direct endorsement program or in24 sured by a mortgagee pursuant to the delegation of 

25 authority under section 256 such that the mortgage 


rfrederick on DSK5VPTVN1PROD with BILLS
5 

•HR 4264 RH

1 loan should not have been approved and endorsed by 

2 the mortgagee, and the Secretary pays an insurance 

3 claim with respect to the mortgage within a reason4 able period specified by the Secretary, the Secretary 

5 may require the mortgagee approved by the Sec6 retary under the direct endorsement program or the 

7 mortgagee delegated authority under section 256 to 

8 indemnify the Secretary for the loss, irrespective of 

9 whether the violation caused the mortgage default. 

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

11 fraud or misrepresentation was involved in connec12 tion with the origination or underwriting and the 

13 Secretary determines that the mortgagee knew or 

14 should have known of the fraud or misrepresenta15 tion, the Secretary shall require the mortgagee ap16 proved by the Secretary under the direct endorse17 ment program or the mortgagee delegated authority 

18 under section 256 to indemnify the Secretary for the 

19 loss regardless of when an insurance claim is paid. 

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

21 by regulation, establish an appeals process for mort22 gagees to appeal indemnification determinations 

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

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

25 Secretary shall issue regulations establishing approVerDate Mar 15 2010 00:34 Jun 21, 2012 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H4264.RH H4264

rfrederick on DSK5VPTVN1PROD with BILLS
6 

•HR 4264 RH

1 priate requirements and procedures governing the 

2 indemnification of the Secretary by the mortgagee, 

3 including public reporting on— 

4 ‘‘(A) the number of loans that— 

5 ‘‘(i) were not originated or under6 written in accordance with the require7 ments established by the Secretary; and 

8 ‘‘(ii) involved fraud or misrepresenta9 tion in connection with the origination or 

10 underwriting; and 

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

12 Mortgage Insurance Fund when indemnification 

13 is required.’’. 

14 SEC. 4. EARLY PERIOD DELINQUENCIES. 

15 Subsection (a) of section 202 of the National Hous16 ing Act (12 U.S.C. 1708(a)) is amended by adding at the 

17 end the following new paragraphs: 

18 ‘‘(8) PROGRAMMATIC REVIEW OF EARLY PE19 RIOD DELINQUENCIES.—The Secretary shall estab20 lish and maintain a program— 

21 ‘‘(A) to review the cause of each early pe22 riod delinquency on a mortgage that is an obli23 gation of the Mutual Mortgage Insurance Fund; 

24 ‘‘(B) to require indemnification of the Sec25 retary for a loss associated with any such early 


rfrederick on DSK5VPTVN1PROD with BILLS
7 

•HR 4264 RH

1 period delinquency that is the result of a mate2 rial violation, as determined by the Secretary, 

3 of any provision, regulation, or other guideline 

4 established or promulgated pursuant to this 

5 title; and 

6 ‘‘(C) to publicly report— 

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

8 early period delinquencies reviewed under 

9 subparagraph (A); 

10 ‘‘(ii) any indemnifications required 

11 under subparagraph (B); and 

12 ‘‘(iii) the financial impact on the Mu13 tual Mortgage Insurance Fund of any such 

14 indemnifications. 

15 ‘‘(9) DEFINITION OF EARLY PERIOD DELIN16 QUENCY.—For purposes of this section, the term 

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

18 mortgage, that the mortgage becomes 90 or more 

19 days delinquent within 24 months of the origination 

20 of such mortgage.’’. 

21 SEC. 5. SEMIANNUAL ACTUARIAL STUDIES OF MMIF DUR22 ING PERIODS OF CAPITAL DEPLETION. 

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

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

25 amended— 


rfrederick on DSK5VPTVN1PROD with BILLS
8 

•HR 4264 RH

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

2 provided in subparagraph (B),’’ after ‘‘to be con3 ducted annually,’’; 

4 (2) in the second sentence, by inserting ‘‘, ex5 cept as provided in subparagraph (B),’’ after ‘‘annu6 ally’’; 

7 (3) by striking the paragraph designation and 

8 heading and all that follows through ‘‘The Secretary 

9 shall provide’’ and inserting the following: 

10 ‘‘(4) INDEPENDENT ACTUARIAL STUDY.— 

11 ‘‘(A) ANNUAL STUDY.—The Secretary 

12 shall provide’’; and 

13 (4) by adding at the end the following new sub14 paragraph: 

15 ‘‘(B) SEMIANNUAL STUDIES DURING PERI16 ODS OF CAPITAL DEPLETION.—During any pe17 riod that the Fund fails to maintain sufficient 

18 capital to comply with the capital ratio require19 ment under section 205(f)(2)— 

20 ‘‘(i) the independent study required by 

21 subparagraph (A) shall be conducted semi22 annually and shall analyze the financial po23 sition of the Fund as of September 30 and 

24 March 31 of each fiscal year during such 

25 period; and 


rfrederick on DSK5VPTVN1PROD with BILLS
9 

•HR 4264 RH

1 ‘‘(ii) the Secretary shall submit a re2 port meeting the requirements of subpara3 graph (A) for each such semiannual 

4 study.’’. 

5 (b) ANALYSIS OF QUARTERLY ACTUARIAL STUD6 IES.—The Secretary of Housing and Urban Development 

7 shall conduct an analysis of the cost and feasibility of pro8 viding for an independent actuarial study of the Mutual 

9 Mortgage Insurance Fund on a calendar quarterly basis, 

10 which shall compare the cost and feasibility of conducting 

11 such a study on a quarterly basis as compared to a semi12 annual basis and shall determine whether such an actu13 arial study can be conducted on a quarterly basis without 

14 substantial additional costs to the taxpayers. Not later 

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

16 date of the enactment of this Act, the Secretary shall sub17 mit a report to the Congress setting forth the findings and 

18 conclusion of the analysis conducted pursuant to this sub19 section. 

20 SEC. 6. DELEGATION OF FHA INSURING AUTHORITY. 

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

22 1715z–21) is amended— 

23 (1) by striking subsection (c); 


rfrederick on DSK5VPTVN1PROD with BILLS
10 

•HR 4264 RH

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

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

3 and 

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

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

6 SEC. 7. AUTHORITY TO TERMINATE FHA MORTGAGEE 

7 ORIGINATION AND UNDERWRITING AP8 PROVAL. 

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

10 1735f–11) is amended— 

11 (1) in the first sentence of subsection (b), by in12 serting ‘‘or areas or on a nationwide basis’’ after 

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

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

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

16 sentence of paragraph (2) and inserting the fol17 lowing: 

18 ‘‘(c) TERMINATION OF MORTGAGEE ORIGINATION

19 AND UNDERWRITING APPROVAL.— 

20 ‘‘(1) TERMINATION AUTHORITY.—If the Sec21 retary determines, under the comparison provided in 

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

23 defaults and claims that is excessive, the Secretary 

24 may terminate the approval of the mortgagee to 

25 originate or underwrite single family mortgages for 


rfrederick on DSK5VPTVN1PROD with BILLS
11 

•HR 4264 RH

1 any area, or areas, or on a nationwide basis, not2 withstanding section 202(c) of this Act. 

3 ‘‘(2) PROCEDURE.—The Secretary’’. 

4 SEC. 8. AUTHORIZATION TO PARTICIPATE IN THE ORIGINA5 TION OF FHA-INSURED LOANS. 

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

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

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

9 paragraph: 

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

11 by the Secretary or to a person or entity authorized 

12 by the Secretary under section 202(d)(1) to partici13 pate in the origination of the mortgage, and be held 

14 by a mortgagee approved by the Secretary as re15 sponsible and able to service the mortgage prop16 erly.’’. 

17 (b) HOME EQUITY CONVERSION MORTGAGES.—Sec18 tion 255(d) of the National Housing Act (12 U.S.C. 

19 1715z–20(d)) is amended by striking paragraph (1) and 

20 inserting the following new paragraph: 

21 ‘‘(1) have been originated by a mortgagee ap22 proved by, or by a person or entity authorized under 

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

24 by, the Secretary;’’. 


rfrederick on DSK5VPTVN1PROD with BILLS
12 

•HR 4264 RH

1 SEC. 9. REPORTING OF MORTGAGEE ACTIONS TAKEN 

2 AGAINST OTHER MORTGAGEES. 

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

4 1708(e)), as amended by the preceding provisions of this 

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

6 new subsection: 

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

8 Secretary shall require each mortgagee, as a condition for 

9 approval by the Secretary to originate or underwrite mort10 gages on single family or multifamily housing that are in11 sured by the Secretary, if such mortgagee engages in the 

12 purchase of mortgages insured by the Secretary and origi13 nated by other mortgagees or in the purchase of the serv14 icing rights to such mortgages, and such mortgagee at any 

15 time takes action to terminate or discontinue such pur16 chases from another mortgagee based on any determina17 tion or evidence of fraud or material misrepresentation in 

18 connection with the origination of such mortgages, to no19 tify the Secretary of the action taken and the reasons for 

20 such action not later than 15 days after taking such ac21 tion.’’. 

22 SEC. 10. DEFAULT AND ORIGINATION INFORMATION BY 

23 LOAN SERVICER AND ORIGINATING DIRECT 

24 ENDORSEMENT LENDER. 

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

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


rfrederick on DSK5VPTVN1PROD with BILLS
13 

•HR 4264 RH

1 1712 U.S.C. 1735f–18(b)(2)) is amended by adding at the 

2 end the following new subparagraph: 

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

4 mortgages, data on the number of claims paid 

5 to each servicing mortgagee during each cal6 endar quarter occurring during the applicable 

7 collection period.’’. 

8 (b) APPLICABILITY.—Information described in sub9 paragraph (C) of section 540(b)(2) of the National Hous10 ing Act, as added by subsection (a) of this section, shall 

11 first be made available under such section 540 for the ap12 plicable collection period (as such term is defined in such 

13 section) relating to the first calendar quarter ending after 

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

15 date of the enactment of this Act. 

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

17 MANAGEMENT AND REGULATORY AFFAIRS. 

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

19 of section 4 of the Department of Housing and Urban De20 velopment Act (42 U.S.C. 3533(b)) is amended— 

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

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

23 paragraph: 

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

25 Federal Housing Administration, a Deputy Assistant SecVerDate Mar 15 2010 00:34 Jun 21, 2012 Jkt 019200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\H4264.RH H4264

rfrederick on DSK5VPTVN1PROD with BILLS
14 

•HR 4264 RH

1 retary for Risk Management and Regulatory Affairs, who 

2 shall be appointed by the Secretary and shall be respon3 sible to the Federal Housing Commissioner for all matters 

4 relating to managing and mitigating risk to the mortgage 

5 insurance funds of the Department and ensuring the per6 formance of mortgages insured by the Department.’’. 

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

8 initial Deputy Assistant Secretary for Risk Management 

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

10 Department of Housing and Urban Development Act, as 

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

12 chief risk officer within the Federal Housing Administra13 tion, filled by appointment by the Federal Housing Com14 missioner, is abolished. 

15 SEC. 12. ESTABLISHMENT OF CHIEF RISK OFFICER FOR 

16 GNMA. 

17 Section 4 of the Department of Housing and Urban 

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

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

20 Dodd-Frank Wall Street Reform and Consumer Protec21 tion Act (Public Law 111–203; 124 Stat. 2163), the fol22 lowing new subsection: 

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

24 Officer for the Government National Mortgage Associa25 tion, who shall— 


rfrederick on DSK5VPTVN1PROD with BILLS
15 

•HR 4264 RH

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

2 ‘‘(2) be responsible to the President of the As3 sociation for all matters related to evaluating, man4 aging, and mitigating risk to the programs of the 

5 Association; 

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

7 executive service; 

8 ‘‘(4) be a career appointee; 

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

10 possess demonstrated ability in general management 

11 of, and knowledge of and extensive practical experi12 ence in risk evaluation practices in large govern13 mental or business entities; 

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

15 approval, comment, or review of any officer or agen16 cy of the United States before submitting to the 

17 Congress, or any committee or subcommittee there18 of, any reports, recommendations, testimony, or 

19 comments if such submission include a statement in20 dicating that the views expressed therein are those 

21 of the Chief Risk Officer of the Association and do 

22 not necessarily represent the views of the Sec23 retary.’’. 


rfrederick on DSK5VPTVN1PROD with BILLS
16 

•HR 4264 RH

1 SEC. 13. REPORT ON MORTGAGE SERVICERS. 

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

3 Urban Development shall conduct an examination into 

4 mortgage servicer compliance with the loan servicing, loss 

5 mitigation, and insurance claim submission guidelines of 

6 the FHA mortgage insurance programs under the Na7 tional Housing Act (12 U.S.C. 1701 et seq.), and an esti8 mate of the annual costs to the Mutual Mortgage Insur9 ance Fund, since 2008, resulting from any failures by 

10 mortgage servicers to comply with such guidelines. 

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

12 120-day period that begins upon the date of the enactment 

13 of this Act, the Secretary shall submit a report to the Con14 gress on the results of the examination conducted pursu15 ant to subsection (a), including recommendations for any 

16 administrative and legislative actions to improve mortgage 

17 servicer compliance with the guidelines referred to in sub18 section (a). 

19 SEC. 14. FHA EMERGENCY CAPITAL PLAN. 

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

21 of the 30-day period beginning on the date of the enact22 ment of this Act, the Secretary of Housing and Urban 

23 Development shall develop, submit to the Congress, and 

24 commence implementation of an emergency capital plan 

25 for the restoration of the fiscal solvency of the Mutual 


rfrederick on DSK5VPTVN1PROD with BILLS
17 

•HR 4264 RH

1 Mortgage Insurance Fund (in this section referred to as 

2 the ‘‘Fund’’). 

3 (b) CONTENTS.—The emergency capital plan devel4 oped pursuant to this section shall— 

5 (1) provide a detailed explanation of the proc6 esses and controls by which amounts of capital that 

7 are assets of the Fund are monitored and tracked; 

8 (2) establish a plan to ensure the financial safe9 ty and soundness of the Fund that avoids the need 

10 for borrowing amounts from the Treasury of the 

11 United States to meet obligations of the Fund; and 

12 (3) describe the procedure by which, if nec13 essary, any amounts from the Treasury needed to 

14 meet obligations of the Fund will be obtained from 

15 the Treasury. 

16 (c) MONTHLY REPORTS.— 

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

18 the conclusion of each calendar month ending after 

19 the 14-day period that begins on the date of the en20 actment of this Act, the Secretary of Housing and 

21 Urban Development shall submit to the Congress a 

22 report assessing the financial status of the Fund at 

23 the conclusion of such month, setting forth the cap24 ital ratio (as such term is defined in section 

25 205(f)(3) of the National Housing Act (12 U.S.C. 


rfrederick on DSK5VPTVN1PROD with BILLS
18 

•HR 4264 RH

1 1711(f)(3))) of the Fund at the conclusion of such 

2 month, and describing any actions taken during such 

3 month to help ensure the financial soundness of the 

4 Fund and compliance with section 205(f) of the Na5 tional Housing Act (relating to a capital ratio re6 quirement of 2.0 percent). 

7 (2) TERMINATION OF REPORTING REQUIRE8 MENT.—The requirement to submit reports under 

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

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

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

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

13 2.0 percent. 

14 SEC. 15. FHA SAFETY AND SOUNDNESS REVIEW. 

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

16 States shall provide for an independent third party to— 

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

18 insurance programs and funds of the Secretary of 

19 Housing and Urban Development that shall deter20 mine, as of the time of such review— 

21 (A) the financial safety and soundness of 

22 such programs and funds; and 

23 (B) the extent of loan loss reserves and 

24 capital adequacy of such programs and funds; 

25 and 


rfrederick on DSK5VPTVN1PROD with BILLS
19 

•HR 4264 RH

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

2 Such review shall be conducted in accordance with gen3 erally accepted accounting principles applicable to the pri4 vate sector. 

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

6 describe the methodology and standards used to conduct 

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

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

9 loss reserves and capital adequacy of the mortgage insur10 ance programs and funds of the Secretary of Housing and 

11 Urban Development, and include recommendations re12 garding restoring such reserves and capital to maintain 

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

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

15 (a) shall be completed, and the report required under sub16 section (b) shall be submitted, not later than the expira17 tion of the 60-day period beginning on the date of the en18 actment of this Act. 

19 (d) RULE OF CONSTRUCTION.—Nothing in this sec20 tion may be construed to alter or affect, or exempt the 

21 Secretary of Housing and Urban Development from com22 plying with, any laws, regulations, or guidance relating to 

23 preparation or submission of budgets or audits or financial 

24 or management statements or reports. 


rfrederick on DSK5VPTVN1PROD with BILLS
20 

•HR 4264 RH

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— 


rfrederick on DSK5VPTVN1PROD with BILLS
21 

•HR 4264 RH

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. 


rfrederick on DSK5VPTVN1PROD with BILLS
Union Calendar No. 390 

112TH CONGRESS 

2D SESSION H. R. 4264 

[Report No. 112–544] 

A BILL 

To help ensure the fiscal solvency of the FHA 

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

JUNE 20, 2012 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


rfrederick on DSK5VPTVN1PROD with BILLS