I 

112TH CONGRESS 

1ST SESSION H. R. 2441 

To terminate the Housing Trust Fund and the requirement that Fannie 

Mae and Freddie Mac make annual allocations for such Fund. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 7, 2011 

Mr. ROYCE (for himself, Mr. BACHUS, and Mr. GARRETT) introduced the 

following bill; which was referred to the Committee on Financial Services 

A BILL 

To terminate the Housing Trust Fund and the requirement 

that Fannie Mae and Freddie Mac make annual allocations for such Fund. 

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. 

4 This Act may be cited as the ‘‘Housing Trust Fund 

5 Elimination Act of 2011’’. 

6 SEC. 2. TERMINATION OF HOUSING TRUST FUND, CAPITAL 

7 MAGNET FUND, AND HOPE RESERVE FUND. 

8 (a) TERMINATION.—Immediately upon the enact9 ment of this Act— 


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1 (1) the Secretary of Housing and Urban Devel2 opment shall transfer any amounts in the Housing 

3 Trust Fund established under section 1338 of the 

4 Federal Housing Enterprises Financial Safety and 

5 Soundness Act of 1992 (12 U.S.C. 4568) to the Sec6 retary of the Treasury for use only under subsection 

7 (b) of this section; 

8 (2) any amounts in the Capital Magnet Fund 

9 established under section 1339 of the Federal Hous10 ing Enterprises Financial Safety and Soundness Act 

11 of 1992 (12 U.S.C. 4569) shall be available to the 

12 Secretary of the Treasury for use only under sub13 section (b) of this section; 

14 (3) any amounts in the HOPE Reserve Fund 

15 established under section 1337(e) of the Federal 

16 Housing Enterprises Financial Safety and Sound17 ness Act of 1992 (12 U.S.C. 4567(e)) shall be avail18 able to the Secretary of the Treasury for use only 

19 under subsection (b) of this section; and 

20 (4) sections 1337, 1338, and 1339 of the Fed21 eral Housing Enterprises Financial Safety and 

22 Soundness Act of 1992 (12 U.S.C. 4567–9) are re23 pealed and the HOPE Reserve Fund, Housing Trust 

24 Fund, and Capital Magnet Fund established under 

25 such sections are abolished. 


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1 (b) USE OF REMAINING AMOUNTS.—Amounts made 

2 available pursuant to paragraphs (1) and (2) of subsection 

3 (a) shall be used only for reducing the budget deficit of 

4 the Federal Government. 

5 (c) CONFORMING AMENDMENTS.— 

6 (1) FEDERAL HOUSING ENTERPRISES FINAN7 CIAL SAFETY AND SOUNDNESS ACT OF 1992.—The 

8 Federal Housing Enterprises Financial Safety and 

9 Soundness Act of 1992 is amended— 

10 (A) in section 1303(24) (12 U.S.C. 

11 4502(24)), by striking subparagraph (B); 

12 (B) in section 1324(b)(1)(A) (12 U.S.C. 

13 4544(b)(91)(A))— 

14 (i) by striking clause (iii); and 

15 (ii) by redesignating clauses (iv) and 

16 (v) as clauses (iii) and (iv), respectively; 

17 (C) in section 1335(d) (12 U.S.C. 

18 4565(d)), by striking paragraph (4); 

19 (D) in section 1345 (12 U.S.C. 4585), by 

20 striking subsection (f); and 

21 (E) in section 1371(a)(2) (12 U.S.C. 

22 4631(a)(2)), by striking ‘‘or 1337’’. 

23 (2) HOPE FOR HOMEOWNERS PROGRAM.—Sec24 tion 257(w) of the National Housing Act (12 U.S.C. 

25 1715z–23(w)) is amended— 


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1 (A) by striking paragraphs (2) and (3); 

2 and 

3 (B) by redesignating paragraph (4) as 

4 paragraph (2). 

Æ 


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