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(3) all functions of the Resolution Adminis-
trator under the Single Family Mortgage Fore-
closure Act of 1994 (12 U.S.C. 3751 et seq.) and
the Multifamily Mortgage Foreclosure Act of 1981
(12 U.S.C. 3701 et seq.).
(b) TIMING.—The date under this subsection is the
earlier of—
(1) October 1, 2000; or
(2) the date specified by the Fund Adminis-
trator in a notice submitted to the Congress and the
Secretary of Housing and Urban Development cer-
tifying that the Fund Administrator has the admin-
istrative capacity to carry out the functions trans-
ferred by this section.
SEC. 555. DEFINITIONS.
For purposes of this subtitle, the following definitions
shall apply:
(1) 
DISPOSABLE.—The 
term 
‘‘disposable’’
means, with respect to FHA mortgage insurance in-
terests, such an interest—
(A) for which the underlying mortgage—
(i) has been purchased by the Govern-
ment National Mortgage Association or is
included in any trust or pool of mortgages
for which trust certificates or other securi-
180
ties have been issued which are guaranteed
by such Association; or
(ii) is owned or held by the Resolution
Administrator; or
(B) that is a property that is owned by the
Resolution Administrator.
(2) FHA MORTGAGE INSURANCE INTERESTS.—
The term ‘‘FHA mortgage insurance interests’’
means assets, interests, debts, and obligations of the
Resolution Administrator attributable to residential
mortgage insurance provided by the Resolution Ad-
ministrator or the Secretary of Housing and Urban
Development under any provision of title II of the
National Housing Act. The term includes any rights
and obligations of the Resolution Administrator or
such Secretary under mortgage insurance contracts
(including rights to payment of mortgage insurance
premiums), amounts in the mortgage insurance
funds under title II of the National Housing Act and
investments of such funds that are attributable to
such premiums collected, and properties and mort-
gages held by such Administrator or Secretary.
(3) FHA MULTIFAMILY MORTGAGE INSURANCE
INTERESTS.—The term ‘‘FHA multifamily mortgage
insurance interests’’ means FHA mortgage insur-
181
ance interests attributable to mortgage insurance
provided for a mortgage on a residence consisting of
5 or more dwelling units.
(4) FHA SINGLE
FAMILY
MORTGAGE
INSUR-
ANCE INTERESTS.—The term ‘‘FHA single family
mortgage insurance interests’’ means FHA mort-
gage insurance interests attributable to mortgage in-
surance for a mortgage on 1- to 4-family residences.
(5) RESOLUTION
ADMINISTRATOR.—The term
‘‘Resolution Administrator’’ means the Adminis-
trator of the Housing and Urban Development Pro-
grams Resolution Agency.
Subtitle D—General and
Miscellaneous Provisions
SEC. 571. AMENDMENTS TO TITLE 5, UNITED STATES CODE.
(a) COMPENSATION OF FUND ADMINISTRATOR AT
LEVEL IV OF EXECUTIVE SCHEDULE.—Section 5315 of
title 5, United States Code, is amended by inserting at
the end the following new item:
‘‘Administrator of the Federal Home Mortgage
Insurance Fund.’’.
182
SEC. 572. AUTHORITY OF DIRECTOR OF OFHEO TO MON-
ITOR SAFETY AND SOUNDNESS OF FUND.
(a) IN GENERAL.—Title XIII of the Housing and
Community Development Act of 1992 (Public Law 102–
550; 106 Stat. 4009) is amended—
(1) by redesignating sections 1391 through
1395 as sections 1385 through 1389, respectively;
and
(2) by adding at the end the following new sub-
title:
‘‘Subtitle F—Supervision and Regu-
lation of Federal Home Mort-
gage Insurance Fund
‘‘SEC. 1391. AUTHORITY OF DIRECTOR.
‘‘The Director of the Office of Federal Housing En-
terprise Oversight shall monitor and regulate the safety
and soundness of the Federal Home Mortgage Insurance
Fund established under section 501 of the Housing Op-
portunities and Empowerment Act (in this subtitle re-
ferred to as the ‘Fund’).
‘‘SEC. 1392. EXAMINATIONS, REPORTS, AND COST ESTI-
MATES.
‘‘(a) EXAMINATIONS.—The Director shall conduct
such examinations of the Fund as the Director determines
necessary to evaluate the safety and soundness of the
183
Fund. Such examinations shall be subject to and governed
by subsections (c) through (f) of section 1317.
‘‘(b) REPORTS.—The Director may require the Ad-
ministrator of the Federal Home Mortgage Insurance
Fund of the Department of the Treasury to submit, within
a reasonable period of time, any regular or special report,
data, or other information whenever, in the judgment of
the Director, such report, data, or information is nec-
essary to carry out the Director’s responsibilities under
this subtitle.
‘‘(c) ANNUAL REPORT
ON SAFETY
AND SOUND-
NESS.—The Director shall submit an annual report to the
Congress and the Director of the Office of Management
and Budget on the Fund’s financial safety and soundness,
as measured pursuant to this subtitle.
‘‘SEC. 1393. CAPITAL REQUIREMENTS.
‘‘The Director may establish and adjust capital ratio
requirements for the Fund based on consideration of such
factors as the Director considers appropriate.
‘‘SEC. 1394. REIMBURSEMENT OF COSTS.
‘‘(a) ASSESSMENT AND COLLECTION.—The Director
shall assess and collect from the Fund such amounts de-
termined by the Director as necessary to reimburse the
Office of Federal Housing Enterprise Oversight for the
reasonable costs and expenses of the activities undertaken