(iii) $645,300 for a mortgage secured 
by a 3-family residence, and 
(iv) $801,950 for a mortgage secured 
by a 4-family residence, 
and such limits shall be adjusted effective each 
January 1 thereafter in accordance with such 
sections 302(b)(2) and 305(a)(2). 
(F) PROHIBITION OF PURCHASE OF MORT-
GAGES
EXCEEDING
MEDIAN
AREA
HOME 
PRICE.— 
(i) FANNIE MAE.—Section 302(b)(2) 
of the Federal National Mortgage Associa-
tion Charter Act (12 U.S.C. 1717(b)(2)) is 
amended by adding at the end the fol-
lowing new sentence: ‘‘Notwithstanding 
any other provision of this title, the cor-
poration may not purchase any mortgage 
for a property having a principal obligation 
that exceeds the median home price, for 
properties of the same size, for the area in 
which such property subject to the mort-
gage is located.’’. 
(ii) 
FREDDIE
MAC.—Section 
305(a)(2) of the Federal Home Loan 
Mortgage Corporation Act (12 U.S.C. 
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1454(a)(2)) is amended by adding at the 
end the following new sentence: ‘‘Notwith-
standing any other provision of this title, 
the Corporation may not purchase any 
mortgage for a property having a principal 
obligation that exceeds the median home 
price, for properties of the same size, for 
the area in which such property subject to 
the mortgage is located.’’. 
(4) REQUIREMENT TO PAY STATE AND LOCAL 
TAXES.— 
(A) FANNIE MAE.—Paragraph (2) of sec-
tion 309(c) of the Federal National Mortgage 
Association 
Charter 
Act 
(12 
U.S.C. 
1723a(c)(2)) is amended— 
(i) by striking ‘‘shall be exempt from’’ 
and inserting ‘‘shall be subject to’’; and 
(ii) by striking ‘‘except that any’’ and 
inserting ‘‘and any’’. 
(B) FREDDIE MAC.—Section 303(e) of the 
Federal Home Loan Mortgage Corporation Act 
(12 U.S.C. 1452(e)) is amended— 
(i) by striking ‘‘shall be exempt from’’ 
and inserting ‘‘shall be subject to’’; and 
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(ii) by striking ‘‘except that any’’ and 
inserting ‘‘and any’’. 
(5) REPEALS RELATING TO REGISTRATION OF 
SECURITIES.— 
(A) FANNIE MAE.— 
(i) 
MORTGAGE-BACKED
SECURI-
TIES.—Section 304(d) of the Federal Na-
tional Mortgage Association Charter Act 
(12 U.S.C. 1719(d)) is amended by strik-
ing the fourth sentence. 
(ii) SUBORDINATE
OBLIGATIONS.— 
Section 304(e) of the Federal National 
Mortgage Association Charter Act (12 
U.S.C. 1719(e)) is amended by striking the 
fourth sentence. 
(B) FREDDIE
MAC.—Section 306 of the 
Federal Home Loan Mortgage Corporation Act 
(12 U.S.C. 1455) is amended by striking sub-
section (g). 
(6) RECOUPMENT
OF
COSTS
FOR
FEDERAL 
GUARANTEE.— 
(A) ASSESSMENTS.—The Director of the 
Federal Housing Finance Agency shall establish 
and collect from each enterprise assessments in 
the amount determined under subparagraph 
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(B). In determining the method and timing for 
making such assessments, the Director shall 
take into consideration the determinations and 
conclusions of the study under subsection (b) of 
this section. 
(B) DETERMINATION OF COSTS OF GUAR-
ANTEE.—Assessments under subparagraph (A) 
with respect to an enterprise shall be in such 
amount as the Director determines necessary to 
recoup to the Federal Government the full value 
of the benefit the enterprise receives from the 
guarantee provided by the Federal Government 
for the obligations and financial viability of the 
enterprise, based upon the dollar value of such 
benefit in the market to such enterprise when 
not operating under conservatorship or receiver-
ship. To determine such amount, the Director 
shall establish a risk-based pricing mechanism 
as the Director considers appropriate, taking 
into consideration the determinations and con-
clusions of the study under subsection (b) of 
this section. 
(C) 
TREATMENT
OF
RECOUPED 
AMOUNTS.—The Director shall cover into the 
general fund of the Treasury any amounts re-
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ceived from assessments made under this para-
graph. 
(b) GAO STUDY
REGARDING
RECOUPMENT
OF 
COSTS FOR FEDERAL GOVERNMENT GUARANTEE.—The 
Comptroller General of the United States shall conduct 
a study to determine a risk-based pricing mechanism to 
accurately determine the value of the benefit the enter-
prises receive from the guarantee provided by the Federal 
Government for the obligations and financial viability of 
the enterprises. Such study shall establish a dollar value 
of such benefit in the market to each enterprise when not 
operating under conservatorship or receivership, shall ana-
lyze various methods of the Federal Government assessing 
a charge for such value received (including methods involv-
ing an annual fee or a fee for each mortgage purchased 
or securitized), and shall make a recommendation of the 
best such method for assessing such charge. Not later 
than 12 months after the date of the enactment of this 
Act, the Comptroller General shall submit to the Congress 
a report setting forth the determinations and conclusions 
of such study. 
SEC. 205. REQUIREMENT TO PERIODICALLY RENEW CHAR-
TER UNTIL WIND DOWN AND DISSOLUTION. 
(a) REQUIRED RENEWAL; WIND DOWN AND DIS-
SOLUTION UPON NON-RENEWAL.—Upon the expiration of 
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the 3-year period that begins upon the expiration of the 
period referred to in section 203(b), unless the charter of 
an enterprise is renewed pursuant to subsection (b) of this 
section, section 206 (relating to wind down of operations 
and dissolution of enterprise) shall apply to the enterprise. 
(b) RENEWAL PROCEDURE.— 
(1) APPLICATION; TIMING.—The Director shall 
provide for each enterprise to apply to the Director, 
before the expiration of the 3-year period under sub-
section (a), for renewal of the charter of the enter-
prise. 
(2) STANDARD.—The Director shall approve 
the application of an enterprise for the renewal of 
the charter of the enterprise if— 
(A) the application includes a certification 
by the enterprise that the enterprise is finan-
cially sound and is complying with all provisions 
of, and amendments made by, section 204 of 
this title applicable to such enterprise; and 
(B) the Director verifies that the certifi-
cation made pursuant to subparagraph (A) is 
accurate. 
(c) OPTION TO REAPPLY.—Nothing in this section 
may be construed to require an enterprise to apply under 
this section for renewal of the charter of the enterprise. 
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