(b) of this section) for areas described in the last 
sentence of such sections (as so amended). 
SEC. 124. ANNUAL HOUSING REPORT REGARDING REGU-
LATED ENTITIES. 
(a) IN GENERAL.—The Housing and Community De-
velopment Act of 1992 is amended by striking section 
1324 (12 U.S.C. 4544) and inserting the following new 
section: 
‘‘SEC. 1324. ANNUAL HOUSING REPORT REGARDING REGU-
LATED ENTITIES. 
‘‘(a) IN GENERAL.—After reviewing and analyzing 
the reports submitted under section 309(n) of the Federal 
National Mortgage Association Charter Act, section 
307(f) of the Federal Home Loan Mortgage Corporation 
Act, and section 10(j)(11) of the Federal Home Loan 
Bank Act (12 U.S.C. 1430(j)(11)), the Director shall sub-
mit a report, not later than October 30 of each year, to 
the Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate, on the activities of each regu-
lated entity. 
‘‘(b) CONTENTS.—The report shall— 
‘‘(1) discuss the extent to which— 
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‘‘(A) each enterprise is achieving the an-
nual housing goals established under subpart B 
of this part; 
‘‘(B) each enterprise is complying with sec-
tion 1337; 
‘‘(C) each Federal home loan bank is com-
plying with section 10(j) of the Federal Home 
Loan Bank Act; and 
‘‘(D) each regulated entity is achieving the 
purposes of the regulated entity established by 
law; 
‘‘(2) aggregate and analyze relevant data on in-
come to assess the compliance by each enterprise 
with the housing goals established under subpart B; 
‘‘(3) aggregate and analyze data on income, 
race, and gender by census tract and other relevant 
classifications, and compare such data with larger 
demographic, housing, and economic trends; 
‘‘(4) examine actions that— 
‘‘(A) each enterprise has undertaken or 
could undertake to promote and expand the an-
nual goals established under subpart B and the 
purposes of the enterprise established by law; 
and 
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‘‘(B) each Federal home loan bank has 
taken or could undertake to promote and ex-
pand the community investment program and 
affordable housing program of the bank estab-
lished under section subsections (i) and (j) of 
section 10 of the Federal Home Loan Bank 
Act; 
‘‘(5) examine the primary and secondary multi-
family housing mortgage markets and describe— 
‘‘(A) the availability and liquidity of mort-
gage credit; 
‘‘(B) the status of efforts to provide stand-
ard credit terms and underwriting guidelines 
for multifamily housing and to securitize such 
mortgage products; and 
‘‘(C) any factors inhibiting such standard-
ization and securitization; 
‘‘(6) examine actions each regulated entity has 
undertaken and could undertake to promote and ex-
pand opportunities for first-time homebuyers, includ-
ing the use of alternative credit scoring; 
‘‘(7) describe any actions taken under section 
1325(5) with respect to originators found to violate 
fair lending procedures; 
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‘‘(8) discuss and analyze existing conditions and 
trends, including conditions and trends relating to 
pricing, in the housing markets and mortgage mar-
kets; and 
‘‘(9) identify the extent to which each enter-
prise is involved in mortgage purchases and sec-
ondary market activities involving subprime loans 
(as identified in accordance with the regulations 
issued pursuant to section 124(b) of the Federal 
Housing Finance Reform Act of 2007) and compare 
the characteristics of subprime loans purchased and 
securitized by the enterprises to other loans pur-
chased and securitized by the enterprises. 
‘‘(c) DATA COLLECTION AND REPORTING.— 
‘‘(1) IN GENERAL.—To assist the Director in 
analyzing the matters described in subsection (b) 
and establishing the methodology described in sec-
tion 1322, the Director shall conduct, on a monthly 
basis, a survey of mortgage markets in accordance 
with this subsection. 
‘‘(2) DATA POINTS.—Each monthly survey con-
ducted by the Director under paragraph (1) shall 
collect data on— 
‘‘(A) the characteristics of individual mort-
gages that are eligible for purchase by the en-
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terprises and the characteristics of individual 
mortgages that are not eligible for purchase by 
the enterprises including, in both cases, infor-
mation concerning— 
‘‘(i) the price of the house that se-
cures the mortgage; 
‘‘(ii) the loan-to-value ratio of the 
mortgage, which shall reflect any sec-
ondary liens on the relevant property; 
‘‘(iii) the terms of the mortgage; 
‘‘(iv) the creditworthiness of the bor-
rower or borrowers; and 
‘‘(v) whether the mortgage, in the 
case of a conforming mortgage, was pur-
chased by an enterprise; and 
‘‘(B) such other matters as the Director 
determines to be appropriate. 
‘‘(3) PUBLIC
AVAILABILITY.—The Director 
shall make any data collected by the Director in con-
nection with the conduct of a monthly survey avail-
able to the public in a timely manner, provided that 
the Director may modify the data released to the 
public to ensure that the data is not released in an 
identifiable form. 
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‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘identifiable form’ means any rep-
resentation of information that permits the identity 
of a borrower to which the information relates to be 
reasonably inferred by either direct or indirect 
means.’’. 
(b) STANDARDS FOR SUBPRIME LOANS.—The Direc-
tor shall, not later than one year after the effective date 
under section 185, by regulations issued under section 
1316G of the Housing and Community Development Act 
of 1992, establish standards by which mortgages pur-
chased and mortgages purchased and securitized shall be 
characterized as subprime for the purpose of, and only for 
the purpose of, complying with the reporting requirement 
under section 1324(b)(9) of such Act. 
SEC. 125. REVISION OF HOUSING GOALS. 
(a) HOUSING GOALS.—The Housing and Community 
Development Act of 1992 is amended by striking sections 
1331 through 1334 (12 U.S.C. 4561–4) and inserting the 
following new sections: 
‘‘SEC. 1331. ESTABLISHMENT OF HOUSING GOALS. 
‘‘(a) IN GENERAL.—The Director shall establish, ef-
fective for the first year that begins after the effective date 
under section 185 of the Federal Housing Finance Reform 
Act of 2007 and each year thereafter, annual housing 
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goals, with respect to the mortgage purchases by the en-
terprises, as follows: 
‘‘(1) SINGLE FAMILY HOUSING GOALS.—Three 
single-family housing goals under section 1332. 
‘‘(2) 
MULTIFAMILY
SPECIAL
AFFORDABLE 
HOUSING GOALS.—A multifamily special affordable 
housing goal under section 1333. 
‘‘(b) ELIMINATING INTEREST RATE DISPARITIES.— 
‘‘(1) IN GENERAL.—In establishing and imple-
menting the housing goals under this subpart, the 
Director shall require the enterprises to disclose ap-
propriate information to allow the Director to assess 
if there are any disparities in interest rates charged 
on mortgages to borrowers who are minorities as 
compared with borrowers of similar creditworthiness 
who are not minorities, as evidenced in reports pur-
suant to the Home Mortgage Disclosure Act of 
1975. 
‘‘(2) REPORT AND REMEDY.—Upon a finding 
by the Director, pursuant to the information pro-
vided by an enterprise in paragraph (1), that a pat-
tern of disparities in interest rates exists, the Direc-
tor shall— 
‘‘(A) submit to the Committee on Finan-
cial Services of the House of Representatives 
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and the Committee on Banking, Housing, and 
Urban Affairs of the Senate a report detailing 
the disparities; and 
‘‘(B) require the enterprise to take such 
action as the Director deems appropriate pursu-
ant to this Act to remedy the interest rate dis-
parities identified. 
‘‘(3) PROTECTION OF IDENTITY.—In carrying 
out this subsection, the Director shall ensure that no 
information is made public that would reasonably 
allow identification, directly or indirectly, of an indi-
vidual borrower. 
‘‘(c) TIMING.—The Director shall establish an annual 
deadline by which the Director shall establish the annual 
housing goals under this subpart for each year, taking into 
consideration the need for the enterprises to reasonably 
and sufficiently plan their operations and activities in ad-
vance, including operations and activities necessary to 
meet such annual goals. 
‘‘SEC. 1332. SINGLE-FAMILY HOUSING GOALS. 
‘‘(a) IN GENERAL.—The Director shall establish an 
annual goal for the purchase by each enterprise of conven-
tional, conforming, single-family, owner-occupied, pur-
chase money mortgages financing housing for each of the 
following categories of families: 
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‘‘(1) Low-income families. 
‘‘(2) Families that reside in low-income areas. 
‘‘(3) Very low-income families. 
‘‘(b) REFINANCE SUBGOAL.— 
‘‘(1) IN GENERAL.—The Director shall establish 
a separate subgoal within the goal under subsection 
(a)(1) for the purchase by each enterprise of mort-
gages for low-income families on single family hous-
ing given to pay off or prepay an existing loan se-
cured by the same property. The Director shall, for 
each year, determine whether each enterprise has 
complied with the subgoal under this subsection in 
the same manner provided under this section for de-
termining compliance with the housing goal. 
‘‘(2) ENFORCEMENT.—For purposes of section 
1336, the subgoal established under paragraph (1) 
of this subsection shall be considered to be a housing 
goal established under this section. Such subgoal 
shall not be enforceable under any other provision of 
this title (including subpart C of this part) other 
than section 1336 or under any provision of the 
Federal National Mortgage Association Charter Act 
or the Federal Home Loan Mortgage Corporation 
Act. 
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‘‘(c) DETERMINATION OF COMPLIANCE.—The Direc-
tor shall determine, for each year that the housing goal 
under this section is in effect pursuant to section 1331(a), 
whether each enterprise has complied with the single-fam-
ily housing goal established under this section for such 
year. An enterprise shall be considered to be in compliance 
with such a goal for a year only if, for each of the types 
of families described in subsection (a), the percentage of 
the number of conventional, conforming, single-family, 
owner-occupied, purchase money mortgages purchased by 
each enterprise in such year that serve such families, 
meets or exceeds the target for the year for such type of 
family that is established under subsection (d). 
‘‘(d) ANNUAL TARGETS.— 
‘‘(1) IN GENERAL.—Except as provided in para-
graph (2), for each of the types of families described 
in subsection (a), the target under this subsection 
for a year shall be the average percentage, for the 
three years that most recently precede such year and 
for which information under the Home Mortgage 
Disclosure Act of 1975 is publicly available, of the 
number of conventional, conforming, single-family, 
owner-occupied, purchase money mortgages origi-
nated in such year that serves such type of family, 
as determined by the Director using the information 
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obtained and determined pursuant to paragraphs (3) 
and (4). 
‘‘(2) AUTHORITY TO INCREASE TARGETS.— 
‘‘(A) IN GENERAL.—The Director may, for 
any year, establish by regulation, for any or all 
of the types of families described in subsection 
(a), percentage targets that are higher than the 
percentages for such year determined pursuant 
to paragraph (1), to reflect expected changes in 
market performance related to such information 
under the Home Mortgage Disclosure Act of 
1975. 
‘‘(B) FACTORS.—In establishing any tar-
gets pursuant to subparagraph (A), the Direc-
tor shall consider the following factors: 
‘‘(i) National housing needs. 
‘‘(ii) Economic, housing, and demo-
graphic conditions. 
‘‘(iii) The performance and effort of 
the enterprises toward achieving the hous-
ing goals under this section in previous 
years. 
‘‘(iv) The size of the conventional 
mortgage market serving each of the types 
of families described in subsection (a) rel-
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ative to the size of the overall conventional 
mortgage market. 
‘‘(v) The need to maintain the sound 
financial condition of the enterprises. 
‘‘(3) 
HMDA 
INFORMATION.—The 
Director 
shall annually obtain information submitted in com-
pliance with the Home Mortgage Disclosure Act of 
1975 regarding conventional, conforming, single- 
family, owner-occupied, purchase money mortgages 
originated and purchased for the previous year. 
‘‘(4) CONFORMING
MORTGAGES.—In deter-
mining whether a mortgage is a conforming mort-
gage for purposes of this paragraph, the Director 
shall consider the original principal balance of the 
mortgage loan to be the principal balance as re-
ported in the information referred to in paragraph 
(3), as rounded to the nearest thousand dollars. 
‘‘(e) NOTICE OF DETERMINATION AND ENTERPRISE 
COMMENT.— 
‘‘(1) NOTICE.—Within 30 days of making a de-
termination under subsection (c) regarding a compli-
ance of an enterprise for a year with the housing 
goal established under this section and before any 
public disclosure thereof, the Director shall provide 
notice of the determination to the enterprise, which 
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100 
shall include an analysis and comparison, by the Di-
rector, of the performance of the enterprise for the 
year and the targets for the year under subsection 
(d). 
‘‘(2) COMMENT
PERIOD.—The Director shall 
provide each enterprise an opportunity to comment 
on the determination during the 30-day period be-
ginning upon receipt by the enterprise of the notice. 
‘‘(f) USE OF BORROWER INCOME.—In monitoring 
the performance of each enterprise pursuant to the hous-
ing goals under this section and evaluating such perform-
ance (for purposes of section 1336), the Director shall 
consider a mortgagor’s income to be such income at the 
time of origination of the mortgage. 
‘‘SEC. 1333. MULTIFAMILY SPECIAL AFFORDABLE HOUSING 
GOAL. 
‘‘(a) ESTABLISHMENT.— 
‘‘(1) IN GENERAL.—The Director shall estab-
lish, by regulation, an annual goal for the purchase 
by each enterprise of each of the following types of 
mortgages on multifamily housing: 
‘‘(A) Mortgages that finance dwelling units 
for low-income families. 
‘‘(B) Mortgages that finance dwelling units 
for very low-income families. 
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101 
‘‘(C) Mortgages that finance dwelling units 
assisted by the low-income housing tax credit 
under section 42 of the Internal Revenue Code 
of 1986. 
‘‘(2) ADDITIONAL REQUIREMENTS FOR SMALL-
ER PROJECTS.—The Director shall establish, within 
the goal under this section, additional requirements 
for the purchase by each enterprise of mortgages de-
scribed in paragraph (1) for multifamily housing 
projects of a smaller or limited size, which may be 
based on the number of dwelling units in the project 
or the amount of the mortgage, or both, and shall 
include multifamily housing projects of such smaller 
sizes as are typical among such projects that serve 
rural areas. 
‘‘(3) FACTORS.—In establishing the goal under 
this section relating to mortgages on multifamily 
housing for an enterprise for a year, the Director 
shall consider— 
‘‘(A) national multifamily mortgage credit 
needs; 
‘‘(B) the performance and effort of the en-
terprise in making mortgage credit available for 
multifamily housing in previous years; 
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