amended by inserting ‘‘No such purchase of a conventional 
mortgage secured by a property comprising one- to four- 
family dwelling units shall be made unless the mortgage 
is secured by real property and the priority of the lien 
of the mortgage is insured by a title insurance company 
licensed and authorized to do business in the State, terri-
tory, or district in which the property securing the mort-
gage is located.’’ after the first sentence. 
(b) APPROVAL OF NEW ACTIVITIES AND RISK.—Sec-
tion 302(b)(6) of the Federal National Mortgage Associa-
tion Charter Act (12 U.S.C. 1717(b)(6)) is amended to 
read as follows: 
‘‘(6) PRIOR APPROVAL OF DIRECTOR AND SEC-
RETARY FOR NEW PROGRAMS.— 
‘‘(A) IN GENERAL.—The corporation may 
not implement any new program, activity, prod-
uct, or type of risk unless the corporation first 
obtains the approval of the Director of the Fed-
eral Housing Finance Agency and the Secretary 
of the Treasury. 
‘‘(B) HEARINGS.—The Director of the 
Federal Housing Finance Agency shall appear 
before the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House of 
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Representatives on a semi-annual basis regard-
ing any new program, activity, product, or type 
of risk approved under subparagraph (A).’’. 
(c) SECONDARY
MARKET
OPERATIONS.—Section 
304(a) of the Federal National Mortgage Association 
Charter Act (12 U.S.C. 1719(a)) is amended— 
(1) in paragraph (1), in the first sentence, by 
inserting ‘‘and for which the priority of the lien of 
the mortgage is insured by a title insurance compa-
nies licensed and authorized to do business in the 
State, territory, or district in which the property se-
curing the mortgage is located’’ before the period at 
the end; and 
(2) in paragraph (2), in the second sentence, by 
striking ‘‘or (B) to originate mortgage loans’’ and 
inserting ‘‘(B) to originate mortgage loans; or (C) to 
purchase mortgages for which the priority of the lien 
of the mortgage is insured by a title insurance com-
pany licensed and authorized to do business in the 
State, territory, or district in which the property se-
curing the mortgage is located’’. 
SEC. 3. FREDDIE MAC CHARTER AMENDMENTS. 
(a) PURCHASE AND SALE OF CONVENTIONAL MORT-
GAGES.—Section 305(a)(2) of the Federal Home Loan 
Corporation Act (12 U.S.C. 1454(a)(2)) is amended by 
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inserting ‘‘The Corporation may not purchase a conven-
tional mortgage secured by a property comprising one- to 
four-family dwelling units unless the mortgage is secured 
by real property and the priority of the lien of the mort-
gage is insured by a title insurance company licensed and 
authorized to do business in the State in which the prop-
erty securing the mortgage is located.’’ after the second 
sentence. 
(b) APPROVAL OF NEW ACTIVITIES AND RISK.—Sec-
tion 305(c) of the Federal Home Loan Corporation Act 
(12 U.S.C. 1454(c)) is amended to read as follows: 
‘‘(c) PRIOR APPROVAL
OF DIRECTOR
AND SEC-
RETARY FOR NEW PROGRAMS.— 
‘‘(1) IN GENERAL.—The Corporation may not 
implement any new program, activity, product, or 
type of risk unless the Corporation first obtains the 
approval of the Director of the Federal Housing Fi-
nance Agency and the Secretary of the Treasury. 
‘‘(2) HEARINGS.—The Director of the Federal 
Housing Finance Agency shall appear before the 
Committee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on Financial Serv-
ices of the House of Representatives on a semi-an-
nual basis regarding any new program, activity, 
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product, or type of risk approved under paragraph 
(1).’’. 
(c) SECONDARY
MARKET
OPERATIONS.—Section 
305(a) of the Federal Home Loan Corporation Act (12 
U.S.C. 1454(a)) is amended— 
(1) in paragraph (1), in the first sentence, by 
inserting ‘‘for which the priority of the lien of the 
mortgage is insured by a title insurance companies 
licensed and authorized to do business in the State 
in which the property securing the mortgage is lo-
cated’’ before the period at the end; and 
(2) in paragraph (5), in the third sentence, by 
striking ‘‘or (B) to originate mortgage loans’’ and 
inserting ‘‘(B) to originate mortgage loans; or (C) to 
purchase mortgages for which the priority of the lien 
of the mortgage is insured by a title insurance com-
pany licensed and authorized to do business in the 
State in which the property securing the mortgage 
is located’’. 
SEC. 4. DEFINITION OF CONFORMING MORTGAGE. 
Section 1303(26) of the Federal Housing Enterprises 
Financial Safety and Soundness Act of 1992 (12 U.S.C. 
4502(26)) is amended— 
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(1) by redesignating subparagraphs (A) and 
(B) as clauses (i) and (ii), respectively, and adjust-
ing the margins accordingly; 
(2) by striking ‘‘mortgage having’’ and insert-
ing ‘‘mortgage— 
‘‘(A) having’’; 
(3) in subparagraph (A)(ii), as so redesignated, 
by striking the period at the end and inserting ‘‘; 
and’’; and 
(4) by adding at the end the following: 
‘‘(B) for which the priority of the lien of 
the mortgage is insured by a title insurance 
company licensed and authorized to do business 
in the State in which the property securing the 
mortgage is located.’’. 
Æ 
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