117
811 of the Cranston-Gonzalez National Af-
fordable Housing Act; and 
‘‘(vi) the rural rental housing program 
under section 515 of the Housing Act of 
1949. 
‘‘(C) RURAL
AND
OTHER
UNDERSERVED 
MARKETS.—The enterprise shall lead the indus-
try in developing loan products and flexible un-
derwriting guidelines to facilitate a secondary 
market for mortgages on housing for very low-
, low-, and moderate-income families in rural 
areas, and for mortgages for housing for any 
other underserved market for very low-, low-, 
and moderate-income families that the Sec-
retary identifies as lacking adequate credit 
through conventional lending sources. Such un-
derserved markets may be identified by bor-
rower type, market segment, or geographic 
area.’’; and 
(5) by adding at the end the following new sub-
section: 
‘‘(c) EVALUATION
AND REPORTING
OF COMPLI-
ANCE.—
‘‘(1) IN GENERAL.—Not later than 6 months 
after the effective date under section 185 of the
118
Federal Housing Finance Reform Act of 2005, the 
Director shall establish a manner for evaluating 
whether, and the extent to which, the enterprises 
have complied with the duty under subsection (a) to 
serve underserved markets and for rating the extent 
of such compliance. Using such method, the Director 
shall, for each year, evaluate such compliance and 
rate the performance of each enterprise as to extent 
of compliance. The Director shall include such eval-
uation and rating for each enterprise for a year in 
the report for that year submitted pursuant to sec-
tion 1319B(a). 
‘‘(2) SEPARATE EVALUATIONS.—In determining 
whether an enterprise has complied with the duty re-
ferred to in paragraph (1), the Director shall sepa-
rately evaluate whether the enterprise has complied 
with such duty with respect to each of the under-
served markets identified in subsection (a), taking 
into consideration—
‘‘(A) the development of loan products and 
more flexible underwriting guidelines; 
‘‘(B) the extent of outreach to qualified 
loan sellers in each of such underserved mar-
kets; and
119
‘‘(C) the volume of loans purchased in each 
of such underserved markets. 
‘‘(3) MANUFACTURED
HOUSING
MARKET.—In 
determining whether an enterprise has complied with 
the duty under subparagraph (A) of subsection 
(a)(2), the Director may consider loans secured by 
both real and personal property.’’. 
(b) ENFORCEMENT.—Subsection (a) of section 1336 
of the Housing and Community Development Act of 1992 
(12 U.S.C. 4566(a)) is amended—
(1) in paragraph (1), by inserting ‘‘and with 
the duty under section 1335A of each enterprise 
with respect to underserved markets,’’ before ‘‘as 
provided in this section,’’; and 
(2) by adding at the end of such subsection, as 
amended by the preceding provisions of this title, the 
following new paragraph: 
‘‘(4) ENFORCEMENT
OF
DUTY
TO
PROVIDE 
MORTGAGE CREDIT TO UNDERSERVED MARKETS.—
The duty under section 1335(a) of each enterprise 
to serve underserved markets (as determined in ac-
cordance with section 1335(c)) shall be enforceable 
under this section to the same extent and under the 
same provisions that the housing goals established 
under sections 1332, 1333, and 1334 are enforce-
120
able. Such duty shall not be enforceable under any 
other provision of this title (including subpart C of 
this part) other than this section or under any provi-
sion of the Federal National Mortgage Association 
Charter Act or the Federal Home Loan Mortgage 
Corporation Act.’’. 
SEC. 127. MONITORING AND ENFORCING COMPLIANCE 
WITH HOUSING GOALS. 
Section 1336 of the Housing and Community Devel-
opment Act of 1992 (12 U.S.C. 4566) is amended—
(1) in subsection (b)—
(A) in the subsection heading, by inserting 
‘‘Preliminary’’ before ‘‘Determination’’; 
(B) by striking paragraph (1) and insert-
ing the following new paragraph: 
‘‘(1) NOTICE.—If the Director preliminarily de-
termines that an enterprise has failed, or that there 
is a substantial probability that an enterprise will 
fail, to meet any housing goal established under this 
subpart, the Director shall provide written notice to 
the enterprise of such a preliminary determination, 
the reasons for such determination, and the informa-
tion on which the Director based the determina-
tion.’’; 
(C) in paragraph (2)—
121
(i) in subparagraph (A), by inserting 
‘‘finally’’ before ‘‘determining’’; 
(ii) by striking subparagraphs (B) and 
(C) and inserting the following new sub-
paragraph: 
‘‘(B) EXTENSION OR SHORTENING OF PE-
RIOD.—The Director may—
‘‘(i) extend the period under subpara-
graph (A) for good cause for not more 
than 30 additional days; and 
‘‘(ii) shorten the period under sub-
paragraph (A) for good cause.’’; and 
(iii) by redesignating subparagraph 
(D) as subparagraph (C); and 
(D) in paragraph (3)—
(i) in subparagraph (A), by striking 
‘‘determine’’ and inserting ‘‘issue a final 
determination of’’; 
(ii) in subparagraph (B), by inserting 
‘‘final’’ before ‘‘determinations’’; and 
(iii) in subparagraph (C)—
(I) by striking ‘‘Committee on 
Banking, Finance and Urban Affairs’’ 
and inserting ‘‘Committee on Finan-
cial Services’’; and
122
(II) by inserting ‘‘final’’ before 
‘‘determination’’ each place such term 
appears; and 
(2) in subsection (c)—
(A) by striking the subsection designation 
and heading and all that follows through the 
end of paragraph (1) and inserting the fol-
lowing: 
‘‘(c) CEASE
AND DESIST ORDERS, CIVIL MONEY 
PENALTIES, 
AND
REMEDIES
INCLUDING
HOUSING 
PLANS.—
‘‘(1) REQUIREMENT.—If the Director finds, 
pursuant to subsection (b), that there is a substan-
tial probability that an enterprise will fail, or has ac-
tually failed, to meet any housing goal under this 
subpart and that the achievement of the housing 
goal was or is feasible, the Director may require that 
the enterprise submit a housing plan under this sub-
section. If the Director makes such a finding and 
the enterprise refuses to submit such a plan, sub-
mits an unacceptable plan, fails to comply with the 
plan or the Director finds that the enterprise has 
failed to meet any housing goal under this subpart, 
in addition to requiring an enterprise to submit a 
housing plan, the Director may issue a cease and de-