I 
114TH CONGRESS 
1ST SESSION 
H. R. 574 
To prohibit contributions by Fannie Mae and Freddie Mac to the Housing 
Trust Fund and the Capital Market Fund while such enterprises are 
in conservatorship or receivership, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 27, 2015 
Mr. ROYCE (for himself, Mr. LUCAS, Mr. GARRETT, Mr. NEUGEBAUER, Mr. 
WESTMORELAND, Mr. HUIZENGA
of Michigan, Mr. FINCHER, Mr. 
STUTZMAN, Mr. MULVANEY, Mr. HULTGREN, Mr. PITTENGER, Mr. 
BARR, and Mr. WILLIAMS) introduced the following bill; which was re-
ferred to the Committee on Financial Services 
A BILL 
To prohibit contributions by Fannie Mae and Freddie Mac 
to the Housing Trust Fund and the Capital Market 
Fund while such enterprises are in conservatorship or 
receivership, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Pay Back the Tax-
payers Act of 2015’’. 
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SEC. 2. PROHIBITION OF CONTRIBUTIONS TO HOUSING 
TRUST FUND AND CAPITAL MAGNET FUND 
WHILE ENTERPRISES ARE IN CONSERVATOR-
SHIP OR RECEIVERSHIP. 
(a) IN GENERAL.—Notwithstanding section 1337 of 
the Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992 (12 U.S.C. 4567) or any other 
provision of law, after the date of the enactment of this 
Act, the Federal National Mortgage Association and the 
Federal Home Loan Mortgage Corporation shall not, dur-
ing the term of any conservatorship or receivership of such 
an enterprise pursuant to section 1367 of such Act (12 
U.S.C. 4617), make any contribution or transfer to, or 
allocate or set aside any amounts for, the Housing Trust 
Fund established under section 1338 of such Act (12 
U.S.C. 4568) or the Capital Magnet Fund established 
under section 1339 of such Act (12 U.S.C. 4569). 
(b) TREATMENT
OF AMOUNTS PREVIOUSLY SET 
ASIDE.—Any amounts that, before the date of the enact-
ment of this Act, have been set aside by the Federal Na-
tional Mortgage Association or the Federal Home Loan 
Mortgage Corporation for the Housing Trust Fund or the 
Capital Magnet Fund referred to in subsection (a) of this 
section but not yet allocated or transferred to such a Fund 
shall not be so allocated or transferred but shall be covered 
into the General Fund of the Treasury and shall be used 
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only for reducing the budget deficit of the Federal Govern-
ment. 
SEC. 3. USE OF ENTERPRISE REPAYMENTS TO REDUCE 
BUDGET DEFICIT. 
After the date of the enactment of this Act, any 
amounts paid or repaid to the Secretary of the Treasury 
by the Federal National Mortgage Association or the Fed-
eral Home Loan Mortgage Corporation, during the term 
of any conservatorship or receivership of such enterprise 
pursuant to section 1367 of such Act (12 U.S.C. 4617) 
and in any form, including any dividends paid pursuant 
to the Amended and Restated Senior Preferred Stock Pur-
chase Agreements, dated September 26, 2008, amended 
May 6, 2009, further amended December 24, 2009, and 
further amended August 17, 2012, between the United 
States Department of the Treasury and the Federal Na-
tional Mortgage Association, and between such Depart-
ment and the Federal Home Loan Mortgage Corporation, 
shall be covered into the General Fund of the Treasury 
and shall be used only for reducing the budget deficit of 
the Federal Government. 
Æ 
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