SEC. 2. QUARTERLY REPORTS DURING CONSERVATORSHIP. 
(a) REPORTING REQUIREMENT.—For each reporting 
period, the Inspector General of the Federal Housing Fi-
nance Agency shall submit to the Congress a report for 
each enterprise that summarizes the activities of the In-
spector General with respect to such enterprise, and the 
activities and condition of such enterprise, during such re-
porting period. 
(b) CONTENTS.—Each report required under this 
section for an enterprise for a reporting period shall in-
clude the following information: 
(1) A description, including dollar amount, of 
total liabilities of the enterprise as of the reporting 
date, with a detailed breakdown of the potential level 
of risk to the Federal Government inherent in the 
dollar amount of each separate type of liability and 
a quantification as to how the risk to the Federal 
Government has changed from the previous report-
ing period, distinguishing between changes attrib-
utable to volume and changes attributable to 
changes in risk levels. 
(2) An explanation of, including rationale for, 
all compensation and bonuses paid to any executive 
officer (as such term is defined in section 1303 of 
the Housing and Community Development Act of 
1992 (12 U.S.C. 4502)) of the enterprise, and any 
VerDate Mar 15 2010 
21:26 Jan 12, 2011
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H31.IH
H31
emcdonald on DSK2BSOYB1PROD with BILLS
retention decisions made, by the enterprise during 
such period regarding its executive officers. 
(3) A description of foreclosure mitigation ac-
tivities of the enterprise during such period, includ-
ing any related data, a list of law firms and attor-
neys approved or retained by the enterprise for han-
dling foreclosure and bankruptcy matters relating to 
mortgages held or securitized by the enterprise, and 
the eligibility criteria used for such approval or re-
tention and reasons for limiting such list, and the 
number of mortgage loans held by the enterprise 
that were refinanced in 2008, 2009, and 2010 
through foreclosure mitigation activities of the enter-
prise that have, during such period, entered into de-
fault. 
(4) A description of any mortgage fraud preven-
tion activities undertaken by the enterprise during 
such period and data describing the extent of mort-
gage fraud during such period, including descrip-
tions of the efforts of the enterprise to prevent or 
detect mortgage fraud, of the pervasiveness of mort-
gage fraud, and of the most prevalent types of mort-
gage fraud detected. 
(5) A listing with description of any formal or 
informal communication between Governors and 
VerDate Mar 15 2010 
21:26 Jan 12, 2011
Jkt 099200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H31.IH
H31
emcdonald on DSK2BSOYB1PROD with BILLS
staff of the Board of Governors of the Federal Re-
serve System and executives in the enterprise and 
any formal or informal communication between offi-
cials and staff of the Department of the Treasury 
and the Governors and staff of the Board of Gov-
ernors of the Federal Reserve System and executives 
in the enterprise regarding the purchase or sale of 
any enterprise-related securities. 
(6) A description of any investments, holdings, 
and activities of the enterprise during such period 
that are not consistent with the mission of the enter-
prise as provided under Federal law. 
(7) A description of the reasons for any equity 
investments in the enterprise by the Department of 
the Treasury during such period and any increase 
during such period in the authorized amount of eq-
uity investments by such Department. 
(8) An analysis of the capital levels and port-
folio size of the enterprise during such period and 
their impacts on the safety and soundness of the en-
terprise. 
(9) A description and analysis of the under-
writing standards of the enterprise applicable during 
such period, including the criteria for safety and 
soundness of mortgage loans for single-family, multi- 
VerDate Mar 15 2010 
21:26 Jan 12, 2011
Jkt 099200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H31.IH
H31
emcdonald on DSK2BSOYB1PROD with BILLS
family, 
and 
condominium 
residential 
homes 
securitized by the enterprise and the ability of such 
criteria to ensure such safety and soundness. 
(10) An analysis of actions taken by the enter-
prise that had a beneficial or harmful effect on hold-
ers of enterprise-related securities, in particular, pre-
ferred stock issued prior to September 6, 2008. 
(11) Any other information that the Inspector 
General considers relevant or important with respect 
to the enterprise, and the activities and condition of 
the enterprise. 
(c) REPORTING PERIODS; TIMING OF REPORTS.— 
(1) INITIAL PERIOD.—The first reporting pe-
riod for each enterprise shall be the period that 
began upon the commencement of the conservator-
ship period for the enterprise and that ends upon 
the date of the enactment of this Act. The reports 
required under this section for such period shall be 
submitted not later than the expiration of the 60- 
day period beginning on the date of the enactment 
of this Act. 
(2) QUARTERLY PERIODS.—After the first re-
porting period, the reporting periods for each enter-
prise shall be each calendar quarter that concludes 
after the date of the enactment of this Act. Each re-
VerDate Mar 15 2010 
21:26 Jan 12, 2011
Jkt 099200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H31.IH
H31
emcdonald on DSK2BSOYB1PROD with BILLS
port for each such reporting period shall be sub-
mitted not later than the expiration of the 60-day 
period beginning upon the conclusion of such report-
ing period. 
(3) 
RECEIVERSHIP.—Notwithstanding 
para-
graph (2), if at any time a receiver is appointed for 
an enterprise pursuant to section 1367 of the Hous-
ing and Community Development Act of 1992 (12 
U.S.C. 4617), the reporting periods for the enter-
prise during such receivership shall be each calendar 
month (or such shorter period as the Inspector Gen-
eral considers appropriate). Each report for each 
such reporting period shall be submitted not later 
than the expiration of the 30-day period beginning 
upon the conclusion of such reporting period. 
(4) NATIONALIZATION.—Notwithstanding para-
graph (2), if at any time the Federal Government or 
any agency or entity of the Federal Government ob-
tains control of an enterprise under law or through 
ownership of voting stock of the enterprise, or the 
Inspector General determines that the enterprise has 
otherwise been nationalized, the reporting periods 
for the enterprise after such nationalization occurs 
shall be the consecutive 6-month periods (the first 
such period beginning upon such nationalization (or 
VerDate Mar 15 2010 
21:26 Jan 12, 2011
Jkt 099200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H31.IH
H31
emcdonald on DSK2BSOYB1PROD with BILLS
such shorter period as the Inspector General con-
siders appropriate). Each report for each such re-
porting period shall be submitted not later than the 
expiration of the 60-day period beginning upon the 
conclusion of such reporting period. 
(d) PUBLIC AVAILABILITY.—The Inspector General 
shall— 
(1) make information regarding the activities of 
the Inspector General, including each report sub-
mitted to the Congress pursuant to this section, 
available to the public, including through a World 
Wide Web site of the Federal Housing Finance 
Agency; and 
(2) establish an electronic mail address and a 
toll-free telephone number, and shall publicize the 
availability of such address and number, by which 
the public may report waste, fraud, or abuse by an 
enterprise. 
(e) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) CONSERVATORSHIP
PERIOD.—The term 
‘‘conservatorship period’’ means, with respect to an 
enterprise, the period that— 
(A) began upon appointment of the Fed-
eral Housing Finance Agency as conservator for 
VerDate Mar 15 2010 
21:26 Jan 12, 2011
Jkt 099200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H31.IH
H31
emcdonald on DSK2BSOYB1PROD with BILLS
‘‘(C) DUAL
COMPENSATION
WAIVER
AU-
THORITY.— 
‘‘(i) WAIVER AUTHORITY.—Subject to 
subparagraph (B) and notwithstanding 
section 8468 of title 5, United States 
Code, or any other statute, rule, or regula-
tion prescribing the termination of retire-
ment annuities or the offset of such annu-
ities for annuitants who are re-employed 
by the Federal Government, if an annu-
itant receiving an annuity from the Civil 
Service Retirement and Disability Fund 
becomes employed in a position within the 
Office of the Inspector General of the 
Agency, the annuity of such annuitant 
shall continue without termination or off-
set. An annuitant so reemployed shall not 
be considered an employee for purposes of 
chapter 83 or 84 of title 5, United States 
Code. 
‘‘(ii) APPLICABILITY.—Subparagraph 
(A) shall apply with respect to any position 
within the Office of the Inspector General 
of the Agency, and the authority under 
such subparagraph shall be effective only 
VerDate Mar 15 2010 
21:26 Jan 12, 2011
Jkt 099200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H31.IH
H31
emcdonald on DSK2BSOYB1PROD with BILLS
during the 36-month period beginning 
upon the enactment of the Fannie Mae 
and Freddie Mac Accountability and 
Transparency for Taxpayers Act of 2011. 
‘‘(3) LAW
ENFORCEMENT
AUTHORITY.—The 
Office of the Inspector General of the Agency shall 
be treated as an office included under section 
6(e)(3) of the Inspector General Act of 1978 (5 
U.S.C. App.), relating to the exemption from the ini-
tial determination of eligibility by the Attorney Gen-
eral.’’. 
Æ 
VerDate Mar 15 2010 
21:26 Jan 12, 2011
Jkt 099200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6301
E:\BILLS\H31.IH
H31
emcdonald on DSK2BSOYB1PROD with BILLS