(1) in the second sentence of paragraph (4), by 
inserting before the period at the end the following: 
‘‘, any changes to the current or projected safety 
and soundness of the Fund since the most recent re-
port under this paragraph or paragraph (5), and 
any risks to the Fund’’; and 
(2) in paragraph (5)— 
(A) in subparagraph (D), by striking 
‘‘and’’ at the end; 
(B) in subparagraph (E), by striking the 
period at the end and inserting ‘‘; and’’; 
(C) by adding at the end the following: 
‘‘(F) any other factors that are likely to 
have an impact on the financial status of the 
Fund or cause any material changes to the cur-
rent or projected safety and soundness of the 
Fund since the most recent report under para-
graph (4). 
The Secretary may include in the report under this 
paragraph any recommendations not made in the 
most recent report under paragraph (4) that may be 
needed to ensure that the Fund remains financially 
sound’’. 
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SEC. 12. REVIEW OF DOWNPAYMENT REQUIREMENTS. 
Section 205 of the National Housing Act (12 U.S.C. 
1711) is amended by adding at the end the following new 
subsection: 
‘‘(g) REVIEW OF DOWNPAYMENT REQUIREMENTS.— 
If, at any time when the capital ratio (as such term is 
defined in subsection (f)) of the Mutual Mortgage Insur-
ance Fund does not comply with the requirement under 
subsection (f)(1), the Secretary establishes a cash invest-
ment requirement, for all mortgages or mortgagors or with 
respect to any group of mortgages or mortgagors, that ex-
ceeds the minimum percentage or amount required under 
section 203(b)(9), thereafter upon the capital ratio first 
complying with the requirement under subsection (f)(1) 
the Secretary shall review such cash investment require-
ment and, if the Secretary determines that such percent-
age or amount may be reduced while maintaining such 
compliance, the Secretary shall subsequently reduce such 
requirement by such percentage or amount as the Sec-
retary considers appropriate.’’. 
SEC. 13. DEFAULT AND ORIGINATION INFORMATION BY 
LOAN SERVICER AND ORIGINATING DIRECT 
ENDORSEMENT LENDER. 
(a) COLLECTION OF INFORMATION.—Paragraph (2) 
of section 540(b) of the National Housing Act (12 U.S.C. 
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1712 U.S.C. 1735f–18(b)(2)) is amended by adding at the 
end the following new subparagraph: 
‘‘(C) For each entity that services insured 
mortgages, data on the performance of mort-
gages originated during each calendar quarter 
occurring during the applicable collection pe-
riod, disaggregated by the direct endorsement 
mortgagee from whom such entity acquired 
such servicing.’’. 
(b) APPLICABILITY.—Information described in sub-
paragraph (C) of section 540(b)(2) of the National Hous-
ing Act, as added by subsection (a) of this section, shall 
first be made available under such section 540 for the ap-
plicable collection period (as such term is defined in such 
section) relating to the first calendar quarter ending after 
the expiration of the 12-month period that begins on the 
date of the enactment of this Act. 
SEC. 14. GAO REPORTS ON FHA AND GINNIE MAE. 
Not later than the expiration of the 12-month period 
beginning on the date of the enactment of this Act, the 
Comptroller General of the United States shall submit to 
the Congress the following reports: 
(1) FHA REPORT.—A report on the single fam-
ily mortgage insurance programs of the Secretary of 
Housing and Urban Development and the Mutual 
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Mortgage Insurance Fund established under section 
202(a) of the National Housing Act (12 U.S.C. 
1708(a)) that— 
(A) analyzes such Fund, the economic net 
worth, capital ratio, and unamortized insur-
ance-in-force (as such terms are defined in sec-
tion 
205(f)(4) 
of 
such 
Act 
(12 
U.S.C. 
1711(f)(4))) of such Fund, the risks to the 
Fund, how the capital ratio of the Fund affects 
the mortgage insurance programs under the 
Fund and the broader housing market, the ex-
tent to which the housing markets are more de-
pendent 
on 
mortgage 
insurance 
provided 
through the Fund since the financial crisis 
began in 2008, and the exposure of the tax-
payers for obligations of the Fund; 
(B) analyzes the methodology of the cap-
ital ratio for the Fund under section 205(f) of 
such Act and examines other alternative meth-
odologies with respect to which methodology is 
most appropriate to meet the operational goals 
of the Fund under section 202(a)(7); 
(C) analyzes the effects of the increases in 
the limits on the maximum principal obligation 
of mortgages made by the FHA Modernization 
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Act of 2008 (title I of division B of Public Law 
110–289), section 202 of the Economic Stim-
ulus Act of 2008 (Public Law 110–185; 122 
Stat. 620), section 1202 of division A of the 
American Recovery and Reinvestment Act of 
2009 (Public Law 111–5; 123 Stat. 225), and 
section 166 of the Continuing Appropriations 
Resolution, 2010 (as added by section 104 of 
division B of Public Law 111–88; 123 Stat. 
29723) on— 
(i) the risks to and safety and sound-
ness of the Fund; 
(ii) the impact on the affordability 
and availability of mortgage credit for bor-
rowers for loans authorized under such 
higher loan limits; 
(iii) the private market for residential 
mortgage loans that are not insured by the 
Secretary of Housing and Urban Develop-
ment; and 
(iv) the Federal National Mortgage 
Association and the Federal Home Loan 
Mortgage Corporation; and 
(D) analyzes the impact on affordability to 
FHA borrowers, and the impact to the Fund, 
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