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‘‘General Insurance Fund’’ and inserting ‘‘Mutual 
Mortgage Insurance Fund’’. 
(c) CONFORMING AMENDMENTS.—The National Hous-
ing Act is amended— 
(1) in section 205 (12 U.S.C. 1711), by striking 
subsections (g) and (h); and 
(2) in section 519(e) (12 U.S.C. 1735c(e)), by 
striking ‘‘203(b)’’ and all that follows through 
‘‘203(i)’’ and inserting ‘‘203, except as determined by 
the Secretary’’. 
SEC. 2119. HAWAIIAN HOME LANDS AND INDIAN RESERVA-
TIONS. 
(a) HAWAIIAN HOME LANDS.—Section 247(c) of the 
National Housing Act (12 U.S.C. 1715z–12(c)) is amend-
ed— 
(1) by striking ‘‘General Insurance Fund estab-
lished in section 519’’ and inserting ‘‘Mutual Mort-
gage Insurance Fund’’; and 
(2) in the second sentence, by striking ‘‘(1) all 
references’’ and all that follows through ‘‘and (2)’’. 
(b) INDIAN RESERVATIONS.—Section 248(f) of the Na-
tional Housing Act (12 U.S.C. 1715z–13(f)) is amended— 
(1) by striking ‘‘General Insurance Fund’’ the 
first place it appears through ‘‘519’’ and inserting 
‘‘Mutual Mortgage Insurance Fund’’; and
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(2) in the second sentence, by striking ‘‘(1) all 
references’’ and all that follows through ‘‘and (2)’’. 
SEC. 2120. CONFORMING AND TECHNICAL AMENDMENTS. 
(a) REPEALS.—The following provisions of the Na-
tional Housing Act are repealed: 
(1) Subsection (i) of section 203 (12 U.S.C. 
1709(i)). 
(2) Subsection (o) of section 203 (12 U.S.C. 
1709(o)). 
(3) Subsection (p) of section 203 (12 U.S.C. 
1709(p)). 
(4) Subsection (q) of section 203 (12 U.S.C. 
1709(q)). 
(5) Section 222 (12 U.S.C. 1715m). 
(6) Section 237 (12 U.S.C. 1715z–2). 
(7) Section 245 (12 U.S.C. 1715z–10). 
(b) DEFINITION OF AREA.—Section 203(u)(2)(A) of 
the National Housing Act (12 U.S.C. 1709(u)(2)(A)) is 
amended by striking ‘‘shall’’ and all that follows and insert-
ing ‘‘means a metropolitan statistical area as established 
by the Office of Management and Budget;’’. 
(c) DEFINITION OF STATE.—Section 201(d) of the Na-
tional Housing Act (12 U.S.C. 1707(d)) is amended by 
striking ‘‘the Trust Territory of the Pacific Islands’’ and
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inserting ‘‘the Commonwealth of the Northern Mariana Is-
lands’’. 
SEC. 2121. INSURANCE OF MORTGAGES. 
Subsection (n)(2) of section 203 of the National Hous-
ing Act (12 U.S.C. 1709(n)(2)) is amended— 
(1) in subparagraph (A), by inserting ‘‘or subor-
dinate mortgage or’’ before ‘‘lien given’’; and 
(2) in subparagraph (C), by inserting ‘‘or subor-
dinate mortgage or’’ before ‘‘lien’’. 
SEC. 2122. HOME EQUITY CONVERSION MORTGAGES. 
(a) IN GENERAL.—Section 255 of the National Hous-
ing Act (12 U.S.C. 1715z–20) is amended— 
(1) in subsection (b)(2), insert ‘‘ ‘real estate,’ ’’ 
after ‘‘ ‘mortgagor’,’’; 
(2) by amending subsection (d)(1) to read as fol-
lows: 
‘‘(1) have been originated by a mortgagee ap-
proved by the Secretary;’’; 
(3) by amending subsection (d)(2)(B) to read as 
follows: 
‘‘(B) has received adequate counseling, as 
provided in subsection (f), by an independent 
third party that is not, either directly or indi-
rectly, associated with or compensated by a 
party involved in—
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‘‘(i) originating or servicing the mort-
gage; 
‘‘(ii) funding the loan underlying the 
mortgage; or 
‘‘(iii) the sale of annuities, invest-
ments, long-term care insurance, or any 
other type of financial or insurance prod-
uct;’’; 
(4) in subsection (f)— 
(A) by striking ‘‘(f) INFORMATION SERVICES 
FOR MORTGAGORS.—’’ and inserting ‘‘(f) COUN-
SELING SERVICES AND INFORMATION FOR MORT-
GAGORS.—’’; and 
(B) by amending the matter preceding 
paragraph (1) to read as follows: ‘‘The Secretary 
shall provide or cause to be provided adequate 
counseling for the mortgagor, as described in 
subsection (d)(2)(B). Such counseling shall be 
provided by counselors that meet qualification 
standards and follow uniform counseling proto-
cols. The qualification standards and counseling 
protocols shall be established by the Secretary 
within 12 months of the date of enactment of the 
Building American Homeownership Act of 2008. 
The protocols shall require a qualified counselor
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to discuss with each mortgagor information 
which shall include—’’ 
(5) in subsection (g), by striking ‘‘established 
under section 203(b)(2)’’ and all that follows through 
‘‘located’’ and inserting ‘‘limitation established under 
section 305(a)(2) of the Federal Home Loan Mortgage 
Corporation Act for a 1-family residence’’; 
(6) by striking subsection (l); 
(7) by redesignating subsection (m) as subsection 
(l); 
(8) by amending subsection (l), as so redesig-
nated, to read as follows: 
‘‘(l) FUNDING FOR COUNSELING.—The Secretary may 
use a portion of the mortgage insurance premiums collected 
under the program under this section to adequately fund 
the counseling and disclosure activities required under sub-
section (f), including counseling for those homeowners who 
elect not to take out a home equity conversion mortgage, 
provided that the use of such funds is based upon accepted 
actuarial principles.’’; and 
(9) by adding at the end the following new sub-
section: 
‘‘(m) AUTHORITY
TO
INSURE
HOME
PURCHASE 
MORTGAGE.—