304 
the public, any information required to be sub-
mitted under this subsection that the Director 
determines is proprietary or that would provide 
personally identifiable information and that is 
not otherwise publicly accessible through other 
forms, unless the Director determines that it is 
in the public interest to provide such informa-
tion.’’. 
SEC. 213. SEMIANNUAL REPORTS. 
Section 21B of the Federal Home Loan Bank Act 
is amended in subsection (f)(2)(C), by adding at the end 
the following: 
‘‘(v) 
SEMIANNUAL
REPORTS.—The 
Director shall report semiannually to the 
Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House 
of Representatives on the projected date 
for the completion of contributions re-
quired by this section.’’. 
SEC. 214. LIQUIDATION OR REORGANIZATION OF A FED-
ERAL HOME LOAN BANK. 
Section 26 of the Federal Home Loan Bank Act (12 
U.S.C. 1446) is amended by adding at the end the fol-
lowing: ‘‘At least 30 days prior to liquidating or reorga-
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305 
nizing any Bank under this section, the Director shall no-
tify the Bank of its determination and the facts and cir-
cumstances upon which such determination is based. The 
Bank may contest that determination in a hearing before 
the Director, in which all issues shall be determined on 
the record pursuant to section 554 of title 5, United 
States Code.’’. 
SEC. 
215. 
STUDY 
AND 
REPORT 
TO 
CONGRESS 
ON 
SECURITIZATION OF ACQUIRED MEMBER AS-
SETS. 
(a) STUDY.—The Director shall conduct a study on 
securitization of home mortgage loans purchased or to be 
purchased from member financial institutions under the 
Acquired Member Assets programs. In conducting the 
study, the Director shall establish a process for the formal 
submission of comments. 
(b) ELEMENTS.—The study shall encompass— 
(1) the benefits and risks associated with 
securitization of Acquired Member Assets; 
(2) the potential impact of securitization upon 
liquidity in the mortgage and broader credit mar-
kets; 
(3) the ability of the Federal Home Loan Bank 
or Banks in question to manage the risks associated 
with such a program; 
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306 
(4) the impact of such a program on the exist-
ing activities of the Banks, including their mortgage 
portfolios and advances; and 
(5) the joint and several liability of the Banks 
and the cooperative structure of the Federal Home 
Loan Bank System. 
(c) CONSULTATIONS.—In conducting the study under 
this section, the Director shall consult with the Federal 
Home Loan Banks, the Banks’ fiscal agent, representa-
tives of the mortgage lending industry, practitioners in the 
structured finance field, and other experts as needed. 
(d) REPORT.—Not later than 1 year after the date 
of enactment of this Act, the Director shall submit a re-
port to Congress on the results of the study conducted 
under subsection (a), including policy recommendations 
based on the analysis of the Director of the feasibility of 
mortgage-backed securities issuance by a Federal Home 
Loan Bank or Banks and the risks and benefits associated 
with such program or programs. 
(e) DEFINITIONS.—As used in this section, the terms 
‘‘member’’, ‘‘Bank’’, and ‘‘Federal Home Loan Bank’’ 
have the same meanings as in section 2 of the Federal 
Home Loan Bank Act (12 U.S.C. 1422). 
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307 
SEC. 216. TECHNICAL AND CONFORMING AMENDMENTS. 
(a) RIGHT TO FINANCIAL PRIVACY ACT OF 1978.— 
Section 1113(o) of the Right to Financial Privacy Act of 
1978 (12 U.S.C. 3413(o)) is amended— 
(1) by striking ‘‘Federal Housing Finance 
Board’’ and inserting ‘‘Federal Housing Finance 
Agency’’; and 
(2) by striking ‘‘Federal Housing Finance 
Board’s’’ and inserting ‘‘Federal Housing Finance 
Agency’s’’. 
(b) RIEGLE COMMUNITY DEVELOPMENT AND REGU-
LATORY IMPROVEMENT ACT OF 1994.—Section 117(e) of 
the Riegle Community Development and Regulatory Im-
provement Act of 1994 (12 U.S.C. 4716(e)) is amended 
by striking ‘‘Federal Housing Finance Board’’ and insert-
ing ‘‘Federal Housing Finance Agency’’. 
(c) TITLE 18, UNITED STATES CODE.—Title 18, 
United States Code, is amended by striking ‘‘Federal 
Housing Finance Board’’ each place such term appears 
in each of sections 212, 657, 1006, and 1014, and insert-
ing ‘‘Federal Housing Finance Agency’’. 
(d) MAHRA ACT OF 1997.—Section 517(b)(4) of the 
Multifamily Assisted Housing Reform and Affordability 
Act of 1997 (42 U.S.C. 1437f note) is amended by strik-
ing ‘‘Federal Housing Finance Board’’ and inserting 
‘‘Federal Housing Finance Agency’’. 
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308 
(e) TITLE 44, UNITED STATES CODE.—Section 
3502(5) of title 44, United States Code, is amended by 
striking ‘‘Federal Housing Finance Board’’ and inserting 
‘‘Federal Housing Finance Agency’’. 
(f) ACCESS TO LOCAL TV ACT OF 2000.—Section 
1004(d)(2)(D)(iii) of the Launching Our Communities’ 
Access to Local Television Act of 2000 (47 U.S.C. 
1103(d)(2)(D)(iii)) is amended by striking ‘‘Office of Fed-
eral Housing Enterprise Oversight, the Federal Housing 
Finance Board’’ and inserting ‘‘Federal Housing Finance 
Agency’’. 
(g) FIRREA.—Section 1216 of the Financial Institu-
tions Reform, Recovery, and Enhancement Act of 1989 
(12 U.S.C. 1833e) is amended— 
(1) in subsection (a), by striking paragraph (3) 
and inserting the following: 
‘‘(3) the Federal Housing Finance Agency;’’; 
(2) in subsection (b), by striking ‘‘Federal Na-
tional Mortgage Association’’ and inserting ‘‘Federal 
Home Loan Banks, the Federal National Mortgage 
Association,’’; and 
(3) in subsection (c), by striking ‘‘Finance 
Board’’ and inserting ‘‘Finance Agency’’. 
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309 
SEC. 217. STUDY ON FEDERAL HOME LOAN BANK AD-
VANCES. 
(a) IN GENERAL.—Not later than 1 year after the 
date of enactment of this Act, the Director shall conduct 
a study and submit a report to the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House or Representa-
tives on the extent to which loans and securities used as 
collateral to support Federal Home Loan Bank advances 
are consistent with the interagency guidance on nontradi-
tional mortgage products. 
(b) REQUIRED CONTENT.—The study required under 
subsection (a) shall— 
(1) consider and recommend any additional reg-
ulations, guidance, advisory bulletins, or other ad-
ministrative actions necessary to ensure that the 
Federal Home Loan Banks are not supporting loans 
with predatory characteristics; and 
(2) include an opportunity for the public to 
comment on any recommendations made under para-
graph (1). 
SEC. 218. FEDERAL HOME LOAN BANK REFINANCING AU-
THORITY FOR CERTAIN RESIDENTIAL MORT-
GAGE LOANS. 
Section 10(j)(2) of the Federal Home Loan Bank Act 
(12 U.S.C. 1430(j)(2)) is amended— 
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(1) in subparagraph (A), by striking ‘‘or’’ at 
the end; 
(2) in subparagraph (B), by striking the period 
at the end and inserting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(C) during the 2-year period beginning on 
the date of enactment of this subparagraph, re-
finance loans that are secured by a first mort-
gage on a primary residence of any family hav-
ing an income at or below 80 percent of the me-
dian income for the area.’’. 
TITLE III—TRANSFER OF FUNC-
TIONS, 
PERSONNEL, 
AND 
PROPERTY OF OFHEO AND 
THE FEDERAL HOUSING FI-
NANCE BOARD 
Subtitle A—OFHEO 
SEC. 301. ABOLISHMENT OF OFHEO. 
(a) IN GENERAL.—Effective at the end of the 1-year 
period beginning on the date of enactment of this Act, the 
Office of Federal Housing Enterprise Oversight of the De-
partment of Housing and Urban Development and the po-
sitions of the Director and Deputy Director of such Office 
are abolished. 
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311 
(b) DISPOSITION OF AFFAIRS.—During the 1-year 
period beginning on the date of enactment of this Act, the 
Director of the Office of Federal Housing Enterprise 
Oversight, solely for the purpose of winding up the affairs 
of the Office of Federal Housing Enterprise Oversight— 
(1) shall manage the employees of such Office 
and provide for the payment of the compensation 
and benefits of any such employee which accrue be-
fore the effective date of the transfer of such em-
ployee under section 303; and 
(2) may take any other action necessary for the 
purpose of winding up the affairs of the Office. 
(c) STATUS OF EMPLOYEES BEFORE TRANSFER.— 
The amendments made by title I and the abolishment of 
the Office of Federal Housing Enterprise Oversight under 
subsection (a) of this section may not be construed to af-
fect the status of any employee of such Office as an em-
ployee of an agency of the United States for purposes of 
any other provision of law before the effective date of the 
transfer of any such employee under section 303. 
(d) USE OF PROPERTY AND SERVICES.— 
(1) PROPERTY.—The Director may use the 
property of the Office of Federal Housing Enter-
prise Oversight to perform functions which have 
been transferred to the Director for such time as is 
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312 
reasonable to facilitate the orderly transfer of func-
tions transferred under any other provision of this 
Act or any amendment made by this Act to any 
other provision of law. 
(2) AGENCY
SERVICES.—Any agency, depart-
ment, or other instrumentality of the United States, 
and any successor to any such agency, department, 
or instrumentality, which was providing supporting 
services to the Office of Federal Housing Enterprise 
Oversight before the expiration of the period under 
subsection (a) in connection with functions that are 
transferred to the Director shall— 
(A) continue to provide such services, on a 
reimbursable basis, until the transfer of such 
functions is complete; and 
(B) consult with any such agency to co-
ordinate and facilitate a prompt and reasonable 
transition. 
(e) CONTINUATION OF SERVICES.—The Director may 
use the services of employees and other personnel of the 
Office of Federal Housing Enterprise Oversight, on a re-
imbursable basis, to perform functions which have been 
transferred to the Director for such time as is reasonable 
to facilitate the orderly transfer of functions pursuant to 
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313 
any other provision of this Act or any amendment made 
by this Act to any other provision of law. 
(f) SAVINGS PROVISIONS.— 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—Subsection (a) shall not af-
fect the validity of any right, duty, or obligation of 
the United States, the Director of the Office of Fed-
eral Housing Enterprise Oversight, or any other per-
son, which— 
(A) arises under— 
(i) the Federal Housing Enterprises 
Financial Safety and Soundness Act of 
1992; 
(ii) the Federal National Mortgage 
Association Charter Act; 
(iii) the Federal Home Loan Mort-
gage Corporation Act; or 
(iv) any other provision of law appli-
cable with respect to such Office; and 
(B) existed on the day before the date of 
abolishment under subsection (a). 
(2) CONTINUATION
OF
SUITS.—No action or 
other proceeding commenced by or against the Di-
rector of the Office of Federal Housing Enterprise 
Oversight in connection with functions that are 
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314 
transferred to the Director of the Federal Housing 
Finance Agency shall abate by reason of the enact-
ment of this Act, except that the Director of the 
Federal Housing Finance Agency shall be sub-
stituted for the Director of the Office of Federal 
Housing Enterprise Oversight as a party to any 
such action or proceeding. 
SEC. 302. CONTINUATION AND COORDINATION OF CERTAIN 
ACTIONS. 
(a) IN GENERAL.—All regulations, orders, and deter-
minations described in subsection (b) shall remain in ef-
fect according to the terms of such regulations, orders, 
and determinations, and shall be enforceable by or against 
the Director or the Secretary of Housing and Urban De-
velopment, as the case may be, until modified, terminated, 
set aside, or superseded in accordance with applicable law 
by the Director or the Secretary, as the case may be, any 
court of competent jurisdiction, or operation of law. 
(b) APPLICABILITY.—A regulation, order, or deter-
mination is described in this subsection if it— 
(1) was issued, made, prescribed, or allowed to 
become effective by— 
(A) the Office of Federal Housing Enter-
prise Oversight; 
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315 
(B) the Secretary of Housing and Urban 
Development, and relates to the authority of 
the Secretary under— 
(i) the Federal Housing Enterprises 
Financial Safety and Soundness Act of 
1992; 
(ii) the Federal National Mortgage 
Association Charter Act, with respect to 
the Federal National Mortgage Associa-
tion; or 
(iii) the Federal Home Loan Mort-
gage Corporation Act, with respect to the 
Federal Home Loan Mortgage Corpora-
tion; or 
(C) a court of competent jurisdiction, and 
relates to functions transferred by this Act; and 
(2) is in effect on the effective date of the abol-
ishment under section 301(a). 
SEC. 303. TRANSFER AND RIGHTS OF EMPLOYEES OF 
OFHEO. 
(a) TRANSFER.—Each employee of the Office of Fed-
eral Housing Enterprise Oversight shall be transferred to 
the Agency for employment, not later than the effective 
date of the abolishment under section 301(a), and such 
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