month to help ensure the financial soundness of the 
Fund and compliance with section 205(f) of the Na-
tional Housing Act (relating to a capital ratio re-
quirement of 2.0 percent). 
(2) TERMINATION
OF
REPORTING
REQUIRE-
MENT.—The requirement to submit reports under 
paragraph (1) shall terminate on the first date after 
the date of the enactment of this Act that the Fund 
attains a capital ratio (as such term is defined in 
section 205(f)(3) of the National Housing Act) of 
2.0 percent. 
SEC. 15. FHA SAFETY AND SOUNDNESS REVIEW. 
(a) REVIEW.—The Comptroller General of the United 
States shall provide for an independent third party to— 
(1) conduct a one-time review of the mortgage 
insurance programs and funds of the Secretary of 
Housing and Urban Development that shall deter-
mine, as of the time of such review— 
(A) the financial safety and soundness of 
such programs and funds; and 
(B) the extent of loan loss reserves and 
capital adequacy of such programs and funds; 
and 
(2) to submit a report under subsection (b). 
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Such review shall be conducted in accordance with gen-
erally accepted accounting principles applicable to the pri-
vate sector. 
(b) REPORT.—The report under this subsection shall 
describe the methodology and standards used to conduct 
the review under subsection (a)(1), set forth the results 
and findings of the review, including the extent of loan 
loss reserves and capital adequacy of the mortgage insur-
ance programs and funds of the Secretary of Housing and 
Urban Development, and include recommendations re-
garding restoring such reserves and capital to maintain 
such programs and funds in a safe and sound condition. 
(c) TIMING.—The review required under subsection 
(a) shall be completed, and the report required under sub-
section (b) shall be submitted, not later than the expira-
tion of the 60-day period beginning on the date of the en-
actment of this Act. 
(d) RULE OF CONSTRUCTION.—Nothing in this sec-
tion may be construed to alter or affect, or exempt the 
Secretary of Housing and Urban Development from com-
plying with, any laws, regulations, or guidance relating to 
preparation or submission of budgets or audits or financial 
or management statements or reports. 
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SEC. 16. FHA DISCLOSURE STANDARDS. 
Not later than the expiration of the 90-day period 
beginning on the date of the enactment of this Act, the 
Secretary of Housing and Urban Development shall review 
and revise all standards and requirements relating to dis-
closure of information regarding the mortgage insurance 
programs and funds, including actuarial studies conducted 
under section 202(a)(4) of the National Housing Act (12 
U.S.C. 1708(a)(4)), quarterly reports under section 
202(a)(5) of such Act, and annual audited financial state-
ments under section 538 of such Act (12 U.S.C. 1735f– 
16), to ensure that, after the date of the enactment of 
this Act, such disclosures— 
(1) provide meaningful financial and other in-
formation that is timely, comprehensive, and accu-
rate; 
(2) do not contain any material misstatements 
or misrepresentations; 
(3) make available all relevant information; and 
(4) prohibit material omissions that make the 
contents of the disclosure misleading. 
SEC. 17. REPORT ON STREAMLINING FHA PROGRAMS. 
(a) EXAMINATION.—The Secretary of Housing and 
Urban Development shall conduct an examination of the 
mortgage insurance and any other programs of the Fed-
eral Housing Administration to identify— 
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(1) the level of use and need for such programs; 
(2) any such programs that are unused or 
underused; and 
(3) methods for streamlining, consolidating, 
simplifying, increasing the efficiency of, and reduc-
ing the number of such programs. 
(b) REPORT.—Not later than the expiration of the 
12-month period that begins upon the date of the enact-
ment of this Act, the Secretary shall submit a report to 
the Congress on the results of the examination conducted 
pursuant to subsection (a), including recommendations for 
any administrative and legislative actions to streamline, 
consolidate, simplify, increase the efficiency of, and reduce 
the number of such programs. 
Æ 
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