the Federal Home Loan Mortgage Corporation 
(as provided in the amendments made by sub-
sections (a)(2) and (b)(2) of this section) will re-
sult in an increase in the cost to borrowers for 
mortgages on housing in such high-cost areas. 
(B) ORDER.—If such determination is that 
costs to borrowers on housing in such high-cost 
areas will be increased by such restrictions, the 
Director may issue an order terminating such 
restrictions, in whole or in part. 
(4) PUBLICATION.—Not later than the expiration 
of the six-month period specified in paragraph (1), 
the Director of the Federal Housing Finance Agency 
shall cause to be published in the Federal Register— 
(A) a report that— 
(i) describes the study under this sub-
section; and 
(ii) sets forth the conclusions of the 
study regarding the issues to be determined 
under paragraph (2); and 
(B) notice of the determination of the Direc-
tor under paragraph (3); and 
(C) the order of the Director under para-
graph (3). 
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(5) DEFINITION.—For purposes of this sub-
section, the term ‘‘conforming loan limits for high-cost 
areas’’ means the dollar amount limitations applica-
ble under the section 302(b)(2) of the Federal Na-
tional Mortgage Association Charter Act and section 
305(a)(2) of the Federal Home Loan Mortgage Cor-
poration Act (as amended by subsections (a) and (b) 
of this section) for areas described in the last sentence 
of such sections (as so amended). 
SEC. 134. ANNUAL HOUSING REPORT REGARDING REGU-
LATED ENTITIES. 
(a) IN GENERAL.—The Housing and Community De-
velopment Act of 1992 is amended by striking section 1324 
(12 U.S.C. 4544) and inserting the following new section: 
‘‘SEC. 1324. ANNUAL HOUSING REPORT REGARDING REGU-
LATED ENTITIES. 
‘‘(a) IN GENERAL.—After reviewing and analyzing the 
reports submitted under section 309(n) of the Federal Na-
tional Mortgage Association Charter Act, section 307(f) of 
the Federal Home Loan Mortgage Corporation Act, and sec-
tion 10(j)(11) of the Federal Home Loan Bank Act (12 
U.S.C. 1430(j)(11)), the Director shall submit a report, not 
later than October 30 of each year, to the Committee on 
Financial Services of the House of Representatives and the 
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Committee on Banking, Housing, and Urban Affairs of the 
Senate, on the activities of each regulated entity. 
‘‘(b) CONTENTS.—The report shall— 
‘‘(1) discuss the extent to which— 
‘‘(A) each enterprise is achieving the annual 
housing goals established under subpart B of this 
part; 
‘‘(B) each enterprise is complying with sec-
tion 1337; 
‘‘(C) each Federal home loan bank is com-
plying with section 10(j) of the Federal Home 
Loan Bank Act; and 
‘‘(D) each regulated entity is achieving the 
purposes of the regulated entity established by 
law; 
‘‘(2) aggregate and analyze relevant data on in-
come to assess the compliance by each enterprise with 
the housing goals established under subpart B; 
‘‘(3) aggregate and analyze data on income, race, 
and gender by census tract and other relevant classi-
fications, and compare such data with larger demo-
graphic, housing, and economic trends; 
‘‘(4) examine actions that— 
‘‘(A) each enterprise has undertaken or 
could undertake to promote and expand the an-
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nual goals established under subpart B and the 
purposes of the enterprise established by law; and 
‘‘(B) each Federal home loan bank has 
taken or could undertake to promote and expand 
the community investment program and afford-
able housing program of the bank established 
under section subsections (i) and (j) of section 10 
of the Federal Home Loan Bank Act; 
‘‘(5) examine the primary and secondary multi-
family housing mortgage markets and describe— 
‘‘(A) the availability and liquidity of mort-
gage credit; 
‘‘(B) the status of efforts to provide stand-
ard credit terms and underwriting guidelines for 
multifamily housing and to securitize such mort-
gage products; and 
‘‘(C) any factors inhibiting such standard-
ization and securitization; 
‘‘(6) examine actions each regulated entity has 
undertaken and could undertake to promote and ex-
pand opportunities for first-time homebuyers, includ-
ing the use of alternative credit scoring; 
‘‘(7) describe any actions taken under section 
1325(5) with respect to originators found to violate 
fair lending procedures; 
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‘‘(8) discuss and analyze existing conditions and 
trends, including conditions and trends relating to 
pricing, in the housing markets and mortgage mar-
kets; and 
‘‘(9) identify the extent to which each enterprise 
is involved in mortgage purchases and secondary 
market activities involving subprime loans (as identi-
fied in accordance with the regulations issued pursu-
ant to section 134(b) of the Federal Housing Finance 
Reform Act of 2007) and compare the characteristics 
of subprime loans purchased and securitized by the 
enterprises to other loans purchased and securitized 
by the enterprises. 
‘‘(c) DATA COLLECTION AND REPORTING.— 
‘‘(1) IN
GENERAL.—To assist the Director in 
analyzing the matters described in subsection (b) and 
establishing the methodology described in section 
1322, the Director shall conduct, on a monthly basis, 
a survey of mortgage markets in accordance with this 
subsection. 
‘‘(2) DATA POINTS.—Each monthly survey con-
ducted by the Director under paragraph (1) shall col-
lect data on— 
‘‘(A) the characteristics of individual mort-
gages that are eligible for purchase by the enter-
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prises and the characteristics of individual mort-
gages that are not eligible for purchase by the en-
terprises including, in both cases, information 
concerning— 
‘‘(i) the price of the house that secures 
the mortgage; 
‘‘(ii) the loan-to-value ratio of the 
mortgage, which shall reflect any secondary 
liens on the relevant property; 
‘‘(iii) the terms of the mortgage; 
‘‘(iv) the creditworthiness of the bor-
rower or borrowers; and 
‘‘(v) whether the mortgage, in the case 
of a conforming mortgage, was purchased 
by an enterprise; and 
‘‘(B) such other matters as the Director de-
termines to be appropriate. 
‘‘(3) PUBLIC AVAILABILITY.—The Director shall 
make any data collected by the Director in connection 
with the conduct of a monthly survey available to the 
public in a timely manner, provided that the Director 
may modify the data released to the public to ensure 
that the data is not released in an identifiable form. 
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘identifiable form’ means any rep-
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resentation of information that permits the identity of 
a borrower to which the information relates to be rea-
sonably inferred by either direct or indirect means.’’. 
(b) STANDARDS FOR SUBPRIME LOANS.—The Director 
shall, not later than one year after the effective date under 
section 185, by regulations issued under section 1316G of 
the Housing and Community Development Act of 1992, es-
tablish standards by which mortgages purchased and mort-
gages purchased and securitized shall be characterized as 
subprime for the purpose of, and only for the purpose of, 
complying with the reporting requirement under section 
1324(b)(9) of such Act. 
SEC. 135. ANNUAL REPORTS BY REGULATED ENTITIES ON 
AFFORDABLE HOUSING STOCK. 
The Housing and Community Development Act of 
1992 is amended by inserting after section 1328 (12 U.S.C. 
4548) the following new section: 
‘‘SEC. 1329. ANNUAL REPORTS ON AFFORDABLE HOUSING 
STOCK. 
‘‘(a) IN GENERAL.—To obtain information helpful in 
applying the formula under section 1337(c)(2) for the af-
fordable housing program under such section and for other 
appropriate uses, the regulated entities shall conduct, or 
provide for the conducting of, a study on an annual basis 
to determine the levels of affordable housing inventory, and 
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the changes in such levels, in communities throughout the 
United States. 
‘‘(b) CONTENTS.—The annual study under this section 
shall determine, for the United States, each State, and each 
community within each State— 
‘‘(1) the level of affordable housing inventory, in-
cluding affordable rental dwelling units and afford-
able homeownership dwelling units; 
‘‘(2) any changes to the level of such inventory 
during the 12-month period of the study under this 
section, including— 
‘‘(A) any additions to such inventory, 
disaggregated by the category of such additions 
(including new construction or housing conver-
sion); 
‘‘(B) any subtractions from such inventory, 
disaggregated by the category of such subtrac-
tions (including abandonment, demolition, or 
upgrade to market-rate housing); 
‘‘(C) the number of new affordable dwelling 
units placed in service; and 
‘‘(D) the number of affordable housing 
dwelling units withdrawn from service; 
‘‘(3) the types of financing used to build any 
dwelling units added to such inventory level and the 
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100 
period during which such units are required to re-
main affordable; 
‘‘(4) any excess demand for affordable housing, 
including the number of households on rental housing 
waiting lists and the tenure of the wait on such lists; 
and 
‘‘(5) such other information as the Director may 
require. 
‘‘(c) REPORT.—For each annual study conducted pur-
suant to this section, the regulated entities shall submit to 
the Congress, and make publicly available, a report setting 
forth the findings of the study. 
‘‘(d) REGULATIONS AND TIMING.—The Director shall, 
by regulation, establish requirements for the studies and re-
ports under this section, including deadlines for the submis-
sion of such annual reports and standards for determining 
affordable housing.’’. 
SEC. 136. REVISION OF HOUSING GOALS. 
(a) HOUSING GOALS.—The Housing and Community 
Development Act of 1992 is amended by striking sections 
1331 through 1334 (12 U.S.C. 4561–4) and inserting the 
following new sections: 
‘‘SEC. 1331. ESTABLISHMENT OF HOUSING GOALS. 
‘‘(a) IN GENERAL.—The Director shall establish, effec-
tive for the first year that begins after the effective date 
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101 
under section 185 of the Federal Housing Finance Reform 
Act of 2007 and each year thereafter, annual housing goals, 
with respect to the mortgage purchases by the enterprises, 
as follows: 
‘‘(1) SINGLE
FAMILY
HOUSING
GOALS.—Three 
single-family housing goals under section 1332. 
‘‘(2) MULTIFAMILY SPECIAL AFFORDABLE HOUS-
ING GOALS.—A multifamily special affordable hous-
ing goal under section 1333. 
‘‘(b) ELIMINATING INTEREST RATE DISPARITIES.— 
‘‘(1) IN GENERAL.—Upon request by the Direc-
tor, an enterprise shall provide to the Director, in a 
form determined by the Director, data the Director 
may review to determine whether there exist dispari-
ties in interest rates charged on mortgages to bor-
rowers who are minorities as compared with com-
parable mortgages to borrowers of similar credit-
worthiness who are not minorities. 
‘‘(2) REMEDIAL
ACTIONS
UPON
PRELIMINARY 
FINDING.—Upon a preliminary finding by the Direc-
tor that a pattern of disparities in interest rates with 
respect to any lender or lenders exists pursuant to the 
data provided by an enterprise in paragraph (1), the 
Director shall— 
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102 
‘‘(A) refer the preliminary finding to the 
appropriate regulatory or enforcement agency for 
further review; 
‘‘(B) require the enterprise to submit addi-
tional data with respect to any lender or lenders, 
as appropriate and to the extent practicable, to 
the Director who shall submit any such addi-
tional data to the regulatory or enforcement 
agency for appropriate action; and 
‘‘(C) require the enterprise to undertake re-
medial actions, as appropriate, pursuant to sec-
tion 1325(5) (12 U.S.C. 4545(5)). 
‘‘(3) ANNUAL REPORT TO CONGRESS.—The Di-
rector shall submit to the Committee on Financial 
Services of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of 
the Senate a report describing the actions taken, and 
being taken, by the Director to carry out this sub-
section. No such report shall identify any lender or 
lenders who have not been found to have engaged in 
discriminatory lending practices pursuant to a final 
adjudication on the record, and after opportunity for 
an administrative hearing, in accordance with sub-
chapter II of chapter 5 of title 5, United States Code. 
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103 
‘‘(4) PROTECTION
OF
IDENTITY
OF
INDIVID-
UALS.—In carrying out this subsection, the Director 
shall ensure that no property-related or financial in-
formation that would enable a borrower to be identi-
fied shall be made public. 
‘‘(c) TIMING.—The Director shall establish an annual 
deadline by which the Director shall establish the annual 
housing goals under this subpart for each year, taking into 
consideration the need for the enterprises to reasonably and 
sufficiently plan their operations and activities in advance, 
including operations and activities necessary to meet such 
annual goals. 
‘‘SEC. 1332. SINGLE-FAMILY HOUSING GOALS. 
‘‘(a) IN GENERAL.—The Director shall establish an-
nual goals for the purchase by each enterprise of conven-
tional, conforming, single-family, purchase money mort-
gages financing owner-occupied and rental housing for each 
of the following categories of families: 
‘‘(1) Low-income families. 
‘‘(2) Families that reside in low-income areas. 
‘‘(3) Very low-income families. 
‘‘(b) REFINANCE SUBGOAL.— 
‘‘(1) IN GENERAL.—The Director shall establish 
a separate subgoal within each goal under subsection 
(a)(1) for the purchase by each enterprise of mort-
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104 
gages for low-income families on single family hous-
ing given to pay off or prepay an existing loan se-
cured by the same property. The Director shall, for 
each year, determine whether each enterprise has com-
plied with the subgoal under this subsection in the 
same manner provided under this section for deter-
mining compliance with the housing goals. 
‘‘(2) ENFORCEMENT.—For purposes of section 
1336, the subgoal established under paragraph (1) of 
this subsection shall be considered to be a housing 
goal established under this section. Such subgoal shall 
not be enforceable under any other provision of this 
title (including subpart C of this part) other than sec-
tion 1336 or under any provision of the Federal Na-
tional Mortgage Association Charter Act or the Fed-
eral Home Loan Mortgage Corporation Act. 
‘‘(c) DETERMINATION OF COMPLIANCE.—The Director 
shall determine, for each year that the housing goals under 
this section are in effect pursuant to section 1331(a), wheth-
er each enterprise has complied with the single-family hous-
ing goals established under this section for such year. An 
enterprise shall be considered to be in compliance with such 
a goal for a year only if, for each of the types of families 
described in subsection (a), the percentage of the number 
of conventional, conforming, single-family, owner-occupied 
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105 
or rental, as applicable, purchase money mortgages pur-
chased by each enterprise in such year that serve such fami-
lies, meets or exceeds the target for the year for such type 
of family that is established under subsection (d). 
‘‘(d) ANNUAL TARGETS.— 
‘‘(1) IN GENERAL.—Except as provided in para-
graph (2), for each of the types of families described 
in subsection (a), the target under this subsection for 
a year shall be the average percentage, for the three 
years that most recently precede such year and for 
which information under the Home Mortgage Disclo-
sure Act of 1975 is publicly available, of the number 
of conventional, conforming, single-family, owner-oc-
cupied or rental, as applicable, purchase money mort-
gages originated in such year that serves such type of 
family, as determined by the Director using the infor-
mation obtained and determined pursuant to para-
graphs (3) and (4). 
‘‘(2) AUTHORITY TO INCREASE TARGETS.— 
‘‘(A) IN GENERAL.—The Director may, for 
any year, establish by regulation, for any or all 
of the types of families described in subsection 
(a), percentage targets that are higher than the 
percentages for such year determined pursuant to 
paragraph (1), to reflect expected changes in 
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106 
market performance related to such information 
under the Home Mortgage Disclosure Act of 
1975. 
‘‘(B) FACTORS.—In establishing any targets 
pursuant to subparagraph (A), the Director shall 
consider the following factors: 
‘‘(i) National housing needs. 
‘‘(ii) Economic, housing, and demo-
graphic conditions. 
‘‘(iii) The performance and effort of the 
enterprises toward achieving the housing 
goals under this section in previous years. 
‘‘(iv) The size of the conventional mort-
gage market serving each of the types of 
families described in subsection (a) relative 
to the size of the overall conventional mort-
gage market. 
‘‘(v) The ability of the enterprise to 
lead the industry in making mortgage cred-
it available. 
‘‘(vi) The need to maintain the sound 
financial condition of the enterprises. 
‘‘(3) HMDA INFORMATION.—The Director shall 
annually obtain information submitted in compliance 
with the Home Mortgage Disclosure Act of 1975 re-
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