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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 ex-
pand the community investment program and 
affordable housing program of the bank estab-
lished 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 
mortgage 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; 
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‘‘(7) describe any actions taken under section 
1325(5) with respect to originators found to violate 
fair lending procedures; 
‘‘(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 enter-
prise is involved in mortgage purchases and sec-
ondary market activities involving subprime loans 
(as identified in accordance with the regulations 
issued pursuant 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 pur-
chased 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 sec-
tion 1322, the Director shall conduct, on a monthly 
basis, a survey of mortgage markets in accordance 
with this subsection. 
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‘‘(2) DATA POINTS.—Each monthly survey con-
ducted by the Director under paragraph (1) shall 
collect data on— 
‘‘(A) the characteristics of individual mort-
gages that are eligible for purchase by the en-
terprises and the characteristics of individual 
mortgages that are not eligible for purchase by 
the enterprises including, in both cases, infor-
mation concerning— 
‘‘(i) the price of the house that se-
cures the mortgage; 
‘‘(ii) the loan-to-value ratio of the 
mortgage, which shall reflect any sec-
ondary 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 pur-
chased by an enterprise; and 
‘‘(B) such other matters as the Director 
determines to be appropriate. 
‘‘(3) PUBLIC
AVAILABILITY.—The Director 
shall make any data collected by the Director in con-
nection with the conduct of a monthly survey avail-
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able 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-
resentation of information that permits the identity 
of a borrower to which the information relates to be 
reasonably inferred by either direct or indirect 
means.’’. 
(b) STANDARDS FOR SUBPRIME LOANS.—The Direc-
tor 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, establish standards by which mortgages pur-
chased and mortgages 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: 
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‘‘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 con-
duct, or provide for the conducting of, a study on an an-
nual basis to determine the levels of affordable housing 
inventory, and the changes in such levels, in communities 
throughout the United States. 
‘‘(b) CONTENTS.—The annual study under this sec-
tion shall determine, for the United States, each State, 
and each community within each State— 
‘‘(1) the level of affordable housing inventory, 
including 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-
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tions (including abandonment, demolition, or 
upgrade to market-rate housing); 
‘‘(C) the number of new affordable dwell-
ing 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 
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 hous-
ing 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 
pursuant to this section, the regulated entities shall sub-
mit 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 reports under this section, including deadlines for the 
submission of such annual reports and standards for de-
termining affordable housing.’’. 
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SEC. 136. MORTGAGOR IDENTIFICATION REQUIREMENTS 
FOR MORTGAGES OF REGULATED ENTITIES. 
(a) IN GENERAL.—Subpart A of part 2 of subtitle 
A of title XIII of the Housing and Community Develop-
ment Act of 1992 (12 U.S.C. 4541 et seq.), as amended 
by the preceding provisions of this Act, is further amended 
by adding at the end the following new section: 
‘‘SEC. 1330. MORTGAGOR IDENTIFICATION REQUIREMENTS 
FOR MORTGAGES OF REGULATED ENTITIES. 
‘‘(a) LIMITATION.—The Director shall by regulation 
establish standards, and shall enforce compliance with 
such standards, that— 
‘‘(1) prohibit the enterprises from the purchase, 
service, holding, selling, lending on the security of, 
or otherwise dealing with any mortgage on a one- to 
four-family residence that will be used as the prin-
cipal residence of the mortgagor that does not meet 
the requirements under subsection (b); and 
‘‘(2) prohibit the Federal home loan banks from 
providing any advances to a member for use in fi-
nancing, and from accepting as collateral for any ad-
vance to a member, any mortgage on a one- to four- 
family residence that will be used as the principal 
residence of the mortgagor that does not meet the 
requirements under subsection (b). 
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‘‘(b) IDENTIFICATION
REQUIREMENTS.—The re-
quirements under this subsection with respect to a mort-
gage are that the mortgagor have, at the time of settle-
ment on the mortgage, a Social Security account num-
ber.’’. 
(b) FANNIE MAE.—Section 304 of the Federal Na-
tional Mortgage Association Charter Act (12 U.S.C. 1719) 
is amended by adding at the end the following new sub-
section: 
‘‘(g) PROHIBITION REGARDING MORTGAGOR IDENTI-
FICATION REQUIREMENT.—Nothing in this Act may be 
construed to authorize the corporation to purchase, serv-
ice, hold, sell, lend on the security of, or otherwise deal 
with any mortgage that the corporation is prohibited from 
so dealing with under the standards issued under section 
1330 of the Housing and Community Development Act 
of 1992 by the Director of the Federal Housing Finance 
Agency.’’. 
(c) FREDDIE MAC.—Section 305 of the Federal 
Home Loan Mortgage Corporation Act (12 U.S.C. 1454) 
is amended by adding at the end the following new sub-
section: 
‘‘(d) PROHIBITION REGARDING MORTGAGOR IDENTI-
FICATION REQUIREMENTS.—Nothing in this Act may be 
construed to authorize the Corporation to purchase, serv-
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ice, hold, sell, lend on the security of, or otherwise deal 
with any mortgage that the Corporation is prohibited from 
so dealing with under the standards issued under section 
1330 of the Housing and Community Development Act 
of 1992 by the Director of the Federal Housing Finance 
Agency.’’. 
(d) FEDERAL HOME LOAN BANKS.—Section 10(a) of 
the Federal Home Loan Bank Act (12 U.S.C. 1430(a)) 
is amended— 
(1) by redesignating paragraph (6) as para-
graph (7); and 
(2) by inserting after paragraph (5) the fol-
lowing new paragraph: 
‘‘(6) PROHIBITION
REGARDING
MORTGAGOR 
IDENTIFICATION REQUIREMENTS.—Nothing in this 
Act may be construed to authorize a Federal Home 
Loan Bank to provide any advance to a member for 
use in financing, or accept as collateral for an ad-
vance under this section, any mortgage that a Bank 
is prohibited from so accepting under the standards 
issued under section 1330 of the Housing and Com-
munity Development Act of 1992 by the Director of 
the Federal Housing Finance Agency.’’. 
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SEC. 137. 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, ef-
fective for the first year that begins after the effective date 
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 en-
terprises, as follows: 
‘‘(1) SINGLE FAMILY HOUSING GOALS.—Three 
single-family housing goals under section 1332. 
‘‘(2) 
MULTIFAMILY
SPECIAL
AFFORDABLE 
HOUSING GOALS.—A multifamily special affordable 
housing 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. 
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‘‘(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— 
‘‘(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 lend-
ers, as appropriate and to the extent prac-
ticable, to the Director who shall submit any 
such additional data to the regulatory or en-
forcement agency for appropriate action; and 
‘‘(C) require the enterprise to undertake 
remedial actions, as appropriate, pursuant to 
section 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 
Committee 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 
subsection. No such report shall identify any lender 
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or lenders who have not been found to have engaged 
in discriminatory lending practices pursuant to a 
final adjudication on the record, and after oppor-
tunity for an administrative hearing, in accordance 
with subchapter II of chapter 5 of title 5, United 
States Code. 
‘‘(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 ad-
vance, 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. 
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‘‘(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-
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 
complied with the subgoal under this subsection in 
the same manner provided under this section for de-
termining 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 section 1336 or under any provision of the 
Federal National Mortgage Association Charter Act 
or the Federal Home Loan Mortgage Corporation 
Act. 
‘‘(c) DETERMINATION OF COMPLIANCE.—The Direc-
tor shall determine, for each year that the housing goals 
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under this section are in effect pursuant to section 
1331(a), whether each enterprise has complied with the 
single-family housing 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 or rental, as applicable, pur-
chase money mortgages purchased by each enterprise in 
such year that serve such families, meets or exceeds the 
target for the year for such type of family that is estab-
lished 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 
Disclosure Act of 1975 is publicly available, of the 
number of conventional, conforming, single-family, 
owner-occupied or rental, as applicable, purchase 
money mortgages originated in such year that serves 
such type of family, as determined by the Director 
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using the information obtained and determined pur-
suant to paragraphs (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 
market performance related to such information 
under the Home Mortgage Disclosure Act of 
1975. 
‘‘(B) FACTORS.—In establishing any tar-
gets pursuant to subparagraph (A), the Direc-
tor 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 hous-
ing goals under this section in previous 
years. 
‘‘(iv) The size of the conventional 
mortgage market serving each of the types 
of families described in subsection (a) rel-
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ative to the size of the overall conventional 
mortgage market. 
‘‘(v) The ability of the enterprise to 
lead the industry in making mortgage 
credit available. 
‘‘(vi) The need to maintain the sound 
financial condition of the enterprises. 
‘‘(3) 
HMDA 
INFORMATION.—The 
Director 
shall annually obtain information submitted in com-
pliance with the Home Mortgage Disclosure Act of 
1975 regarding conventional, conforming, single- 
family, owner-occupied or rental, as applicable, pur-
chase money mortgages originated and purchased 
for the previous year. 
‘‘(4) CONFORMING
MORTGAGES.—In deter-
mining whether a mortgage is a conforming mort-
gage for purposes of this paragraph, the Director 
shall consider the original principal balance of the 
mortgage loan to be the principal balance as re-
ported in the information referred to in paragraph 
(3), as rounded to the nearest thousand dollars. 
‘‘(e) NOTICE OF DETERMINATION AND ENTERPRISE 
COMMENT.— 
‘‘(1) NOTICE.—Within 30 days of making a de-
termination under subsection (c) regarding a compli-
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ance of an enterprise for a year with a housing goal 
established under this section and before any public 
disclosure thereof, the Director shall provide notice 
of the determination to the enterprise, which shall 
include an analysis and comparison, by the Director, 
of the performance of the enterprise for the year and 
the targets for the year under subsection (d). 
‘‘(2) COMMENT
PERIOD.—The Director shall 
provide each enterprise an opportunity to comment 
on the determination during the 30-day period be-
ginning upon receipt by the enterprise of the notice. 
‘‘(f) USE OF BORROWER INCOME.—In monitoring 
the performance of each enterprise pursuant to the hous-
ing goals under this section and evaluating such perform-
ance (for purposes of section 1336), the Director shall 
consider a mortgagor’s income to be such income at the 
time of origination of the mortgage. 
‘‘(g) CONSIDERATION OF UNITS IN SINGLE-FAMILY 
RENTAL HOUSING.—In establishing any goal under this 
subpart, the Director may take into consideration the 
number of housing units financed by any mortgage on sin-
gle-family rental housing purchased by an enterprise. 
‘‘SEC. 1333. MULTIFAMILY SPECIAL AFFORDABLE HOUSING 
GOAL. 
‘‘(a) ESTABLISHMENT.— 
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‘‘(1) IN GENERAL.—The Director shall estab-
lish, by regulation, an annual goal for the purchase 
by each enterprise of each of the following types of 
mortgages on multifamily housing: 
‘‘(A) Mortgages that finance dwelling units 
for low-income families. 
‘‘(B) Mortgages that finance dwelling units 
for very low-income families. 
‘‘(C) Mortgages that finance dwelling units 
assisted by the low-income housing tax credit 
under section 42 of the Internal Revenue Code 
of 1986. 
‘‘(2) ADDITIONAL REQUIREMENTS FOR SMALL-
ER PROJECTS.—The Director shall establish, within 
the goal under this section, additional requirements 
for the purchase by each enterprise of mortgages de-
scribed in paragraph (1) for multifamily housing 
projects of a smaller or limited size, which may be 
based on the number of dwelling units in the project 
or the amount of the mortgage, or both, and shall 
include multifamily housing projects of such smaller 
sizes as are typical among such projects that serve 
rural areas. 
‘‘(3) FACTORS.—In establishing the goal under 
this section relating to mortgages on multifamily 
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housing for an enterprise for a year, the Director 
shall consider— 
‘‘(A) national multifamily mortgage credit 
needs; 
‘‘(B) the performance and effort of the en-
terprise in making mortgage credit available for 
multifamily housing in previous years; 
‘‘(C) the size of the multifamily mortgage 
market; 
‘‘(D) the ability of the enterprise to lead 
the industry in making mortgage credit avail-
able, especially for underserved markets, such 
as for small multifamily projects of 5 to 50 
units, multifamily properties in need of rehabili-
tation, and multifamily properties located in 
rural areas; and 
‘‘(E) the need to maintain the sound finan-
cial condition of the enterprise. 
‘‘(b) UNITS FINANCED BY HOUSING FINANCE AGEN-
CY BONDS.—The Director shall give credit toward the 
achievement of the multifamily special affordable housing 
goal under this section (for purposes of section 1336) to 
dwelling units in multifamily housing that otherwise quali-
fies under such goal and that is financed by tax-exempt 
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or taxable bonds issued by a State or local housing finance 
agency, but only if such bonds— 
‘‘(1) are secured by a guarantee of the enter-
prise; or 
‘‘(2) are not investment grade and are pur-
chased by the enterprise. 
‘‘(c) USE OF TENANT INCOME OR RENT.—The Di-
rector shall monitor the performance of each enterprise 
in meeting the goals established under this section and 
shall evaluate such performance (for purposes of section 
1336) based on— 
‘‘(1) the income of the prospective or actual 
tenants of the property, where such data are avail-
able; or 
‘‘(2) where the data referred to in paragraph 
(1) are not available, rent levels affordable to low- 
income and very low-income families. 
A rent level shall be considered to be affordable for pur-
poses of this subsection for an income category referred 
to in this subsection if it does not exceed 30 percent of 
the maximum income level of such income category, with 
appropriate adjustments for unit size as measured by the 
number of bedrooms. 
‘‘(d) DETERMINATION OF COMPLIANCE.—The Direc-
tor shall, for each year that the housing goal under this 
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section is in effect pursuant to section 1331(a), determine 
whether each enterprise has complied with such goal and 
the additional requirements under subsection (a)(2). 
‘‘SEC. 1334. DISCRETIONARY ADJUSTMENT OF HOUSING 
GOALS. 
‘‘(a) AUTHORITY.—An enterprise may petition the 
Director in writing at any time during a year to reduce 
the level of any goal for such year established pursuant 
to this subpart. 
‘‘(b) STANDARD
FOR REDUCTION.—The Director 
may reduce the level for a goal pursuant to such a petition 
only if— 
‘‘(1) market and economic conditions or the fi-
nancial condition of the enterprise require such ac-
tion; or 
‘‘(2) efforts to meet the goal would result in the 
constraint of liquidity, over-investment in certain 
market segments, or other consequences contrary to 
the intent of this subpart, or section 301(3) of the 
Federal National Mortgage Association Charter Act 
(12 U.S.C. 1716(3)) or section 301(3) of the Fed-
eral Home Loan Mortgage Corporation Act (12 
U.S.C. 1451 note), as applicable. 
‘‘(c) DETERMINATION.—The Director shall make a 
determination regarding any proposed reduction within 30 
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days of receipt of the petition regarding the reduction. The 
Director may extend such period for a single additional 
15-day period, but only if the Director requests additional 
information from the enterprise. A denial by the Director 
to reduce the level of any goal under this section may be 
appealed to the United States District Court for the Dis-
trict of Columbia or the United States district court in 
the jurisdiction in which the headquarters of an enterprise 
is located.’’. 
(b) CONFORMING AMENDMENTS.—The Housing and 
Community Development Act of 1992 is amended— 
(1) in section 1335(a) (12 U.S.C. 4565(a)), in 
the matter preceding paragraph (1), by striking 
‘‘low- and moderate-income housing goal’’ and all 
that follows through ‘‘section 1334’’ and inserting 
‘‘housing goals established under this subpart’’; and 
(2) 
in 
section 
1336(a)(1) 
(12 
U.S.C. 
4566(a)(1)), by striking ‘‘sections 1332, 1333, and 
1334,’’ and inserting ‘‘this subpart’’. 
(c) DEFINITIONS.—Section 1303 of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4502), 
as amended by the preceding provisions of this Act, is fur-
ther amended— 
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(1) in paragraph (22) (relating to the definition 
of ‘‘very low-income’’), by striking ‘‘60 percent’’ each 
place such term appears and inserting ‘‘50 percent’’; 
(2) by redesignating paragraphs (19) through 
(22) as paragraphs (23) through (26), respectively; 
(3) by inserting after paragraph (18) the fol-
lowing new paragraph: 
‘‘(22) RURAL AREA.—The term ‘rural area’ has 
the meaning given such term in section 520 of the 
Housing Act of 1949 (42 U.S.C. 1490), except that 
such term includes micropolitan areas and tribal 
trust lands.’’. 
(4) by redesignating paragraphs (13) through 
(18) as paragraphs (16) through (21), respectively; 
(5) by inserting after paragraph (12) the fol-
lowing new paragraph: 
‘‘(15) LOW-INCOME AREA.—The term ‘low in-
come area’ means a census tract or block numbering 
area in which the median income does not exceed 80 
percent of the median income for the area in which 
such census tract or block numbering area is lo-
cated, and, for the purposes of section 1332(a)(2), 
shall include families having incomes not greater 
than 100 percent of the area median income who re-
side in minority census tracts.’’; 
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(6) by redesignating paragraphs (11) and (12) 
as paragraphs (13) and (14), respectively; 
(7) by inserting after paragraph (10) the fol-
lowing new paragraph: 
‘‘(12) EXTREMELY
LOW-INCOME.—The term 
‘extremely low-income’ means— 
‘‘(A) in the case of owner-occupied units, 
income not in excess of 30 percent of the area 
median income; and 
‘‘(B) in the case of rental units, income 
not in excess of 30 percent of the area median 
income, with adjustments for smaller and larger 
families, as determined by the Secretary.’’; 
(8) by redesignating paragraphs (7) through 
(10) as paragraphs (8) through (11), respectively; 
and 
(9) by inserting after paragraph (6) the fol-
lowing new paragraph: 
‘‘(7) CONFORMING MORTGAGE.—The term ‘con-
forming mortgage’ means, with respect to an enter-
prise, a conventional mortgage having an original 
principal obligation that does not exceed the dollar 
limitation, in effect at the time of such origination, 
under, as applicable— 
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‘‘(A) section 302(b)(2) of the Federal Na-
tional Mortgage Association Charter Act; or 
‘‘(B) section 305(a)(2) of the Federal 
Home Loan Mortgage Corporation Act.’’. 
SEC. 138. DUTY TO SERVE UNDERSERVED MARKETS. 
(a) ESTABLISHMENT
AND EVALUATION
OF PER-
FORMANCE.—Section 1335 of the Housing and Commu-
nity Development Act of 1992 (12 U.S.C. 4565) is amend-
ed— 
(1) in the section heading, by inserting ‘‘DUTY 
TO SERVE UNDERSERVED MARKETS AND’’ be-
fore ‘‘OTHER’’; 
(2) by striking subsection (b); 
(3) in subsection (a)— 
(A) in the matter preceding paragraph (1), 
by inserting ‘‘and to carry out the duty under 
subsection (a) of this section’’ before ‘‘, each 
enterprise shall’’; 
(B) in paragraph (3), by inserting ‘‘and’’ 
after the semicolon at the end; 
(C) in paragraph (4), by striking ‘‘; and’’ 
and inserting a period; 
(D) by striking paragraph (5); and 
(E) by redesignating such subsection as 
subsection (b); 
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(4) by inserting before subsection (b) (as so re-
designated by paragraph (3)(E) of this subsection) 
the following new subsection: 
‘‘(a) DUTY TO SERVE UNDERSERVED MARKETS.— 
‘‘(1) DUTY.—In accordance with the purpose of 
the enterprises under section 301(3) of the Federal 
National Mortgage Association Charter Act (12 
U.S.C. 1716) and section 301(b)(3) of the Federal 
Home Loan Mortgage Corporation Act (12 U.S.C. 
1451 note) to undertake activities relating to mort-
gages on housing for very low-, low-, and moderate- 
income families involving a reasonable economic re-
turn that may be less than the return earned on 
other activities, each enterprise shall have the duty 
to increase the liquidity of mortgage investments 
and improve the distribution of investment capital 
available for mortgage financing for underserved 
markets. 
‘‘(2) UNDERSERVED
MARKETS.—To meet its 
duty under paragraph (1), each enterprise shall com-
ply with the following requirements with respect to 
the following underserved markets: 
‘‘(A) MANUFACTURED HOUSING.—The en-
terprise shall lead the industry in developing 
loan products and flexible underwriting guide-
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lines to facilitate a secondary market for mort-
gages on manufactured homes for very low-, 
low-, and moderate-income families. 
‘‘(B) AFFORDABLE
HOUSING
PRESERVA-
TION.—The enterprise shall lead the industry in 
developing loan products and flexible under-
writing guidelines to facilitate a secondary mar-
ket to preserve housing affordable to very low- 
, low-, and moderate-income families, including 
housing projects subsidized under— 
‘‘(i) the project-based and tenant- 
based rental assistance programs under 
section 8 of the United States Housing Act 
of 1937; 
‘‘(ii) the program under section 236 
of the National Housing Act; 
‘‘(iii) the below-market interest rate 
mortgage program under section 221(d)(4) 
of the National Housing Act; 
‘‘(iv) the supportive housing for the 
elderly program under section 202 of the 
Housing Act of 1959; 
‘‘(v) the supportive housing program 
for persons with disabilities under section 
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811 of the Cranston-Gonzalez National Af-
fordable Housing Act; 
‘‘(vi) the programs under title IV of 
the McKinney-Vento Homeless Assistance 
Act (42 U.S.C. 11361 et seq.), but only 
permanent supportive housing projects 
subsidized under such programs; and 
‘‘(vii) the rural rental housing pro-
gram under section 515 of the Housing 
Act of 1949. 
‘‘(C) RURAL
AND
OTHER
UNDERSERVED 
MARKETS.—The enterprise shall lead the indus-
try in developing loan products and flexible un-
derwriting guidelines to facilitate a secondary 
market for mortgages on housing for very low- 
, low-, and moderate-income families in rural 
areas, and for mortgages for housing for any 
other underserved market for very low-, low-, 
and moderate-income families that the Sec-
retary identifies as lacking adequate credit 
through conventional lending sources. Such un-
derserved markets may be identified by bor-
rower type, market segment, or geographic 
area.’’; and 
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(5) by adding at the end the following new sub-
section: 
‘‘(c) EVALUATION
AND REPORTING
OF COMPLI-
ANCE.— 
‘‘(1) IN GENERAL.—Not later than 6 months 
after the effective date under section 185 of the 
Federal Housing Finance Reform Act of 2007, the 
Director shall establish a manner for evaluating 
whether, and the extent to which, the enterprises 
have complied with the duty under subsection (a) to 
serve underserved markets and for rating the extent 
of such compliance. Using such method, the Director 
shall, for each year, evaluate such compliance and 
rate the performance of each enterprise as to extent 
of compliance. The Director shall include such eval-
uation and rating for each enterprise for a year in 
the report for that year submitted pursuant to sec-
tion 1319B(a). 
‘‘(2) SEPARATE EVALUATIONS.—In determining 
whether an enterprise has complied with the duty re-
ferred to in paragraph (1), the Director shall sepa-
rately evaluate whether the enterprise has complied 
with such duty with respect to each of the under-
served markets identified in subsection (a), taking 
into consideration— 
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‘‘(A) the development of loan products and 
more flexible underwriting guidelines; 
‘‘(B) the extent of outreach to qualified 
loan sellers in each of such underserved mar-
kets; and 
‘‘(C) the volume of loans purchased in each 
of such underserved markets. 
‘‘(3) MANUFACTURED
HOUSING
MARKET.—In 
determining whether an enterprise has complied with 
the duty under subparagraph (A) of subsection 
(a)(2), the Director may consider loans secured by 
both real and personal property.’’. 
(b) ENFORCEMENT.—Subsection (a) of section 1336 
of the Housing and Community Development Act of 1992 
(12 U.S.C. 4566(a)) is amended— 
(1) in paragraph (1), by inserting ‘‘and with 
the duty under section 1335(a) of each enterprise 
with respect to underserved markets,’’ before ‘‘as 
provided in this section’’; and 
(2) by adding at the end of such subsection, as 
amended by the preceding provisions of this title, the 
following new paragraph: 
‘‘(4) ENFORCEMENT
OF
DUTY
TO
PROVIDE 
MORTGAGE CREDIT TO UNDERSERVED MARKETS.— 
The duty under section 1335(a) of each enterprise 
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to serve underserved markets (as determined in ac-
cordance with section 1335(c)) shall be enforceable 
under this section to the same extent and under the 
same provisions that the housing goals established 
under this subpart are enforceable. Such duty shall 
not be enforceable under any other provision of this 
title (including subpart C of this part) other than 
this section or under any provision of the Federal 
National Mortgage Association Charter Act or the 
Federal Home Loan Mortgage Corporation Act.’’. 
SEC. 139. MONITORING AND ENFORCING COMPLIANCE 
WITH HOUSING GOALS. 
(a) ADDITIONAL
CREDIT
FOR
CERTAIN
MORT-
GAGES.—Section 1336(a) of the Housing and Community 
Development Act of 1992 (12 U.S.C. 4566(a)) is amend-
ed— 
(1) in paragraph (2), by inserting ‘‘, except as 
provided in paragraph (4),’’ after ‘‘which’’; and 
(2) by adding at the end the following new 
paragraph: 
‘‘(5) ADDITIONAL CREDIT.—The Director shall 
assign more than 125 percent credit toward achieve-
ment, under this section, of the housing goals for 
mortgage purchase activities of the enterprises that 
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comply with the requirements of such goals and sup-
port— 
‘‘(A) housing that meets energy efficiency 
or other environmental standards that are es-
tablished by a Federal, State, or local govern-
mental authority with respect to the geographic 
area where the housing is located or are other-
wise widely recognized; or 
‘‘(B) housing that includes a licensed 
childcare center. 
The availability of additional credit under this para-
graph shall not be used to increase any housing 
goal, subgoal, or target established under this sub-
part.’’. 
(b) MONITORING
AND
ENFORCEMENT.—Section 
1336 of the Housing and Community Development Act 
of 1992 (12 U.S.C. 4566) is amended— 
(1) in subsection (b)— 
(A) in the subsection heading, by inserting 
‘‘PRELIMINARY’’ before ‘‘DETERMINATION’’; 
(B) by striking paragraph (1) and insert-
ing the following new paragraph: 
‘‘(1) NOTICE.—If the Director preliminarily de-
termines that an enterprise has failed, or that there 
is a substantial probability that an enterprise will 
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fail, to meet any housing goal established under this 
subpart, the Director shall provide written notice to 
the enterprise of such a preliminary determination, 
the reasons for such determination, and the informa-
tion on which the Director based the determina-
tion.’’; 
(C) in paragraph (2)— 
(i) in subparagraph (A), by inserting 
‘‘finally’’ before ‘‘determining’’; 
(ii) by striking subparagraphs (B) and 
(C) and inserting the following new sub-
paragraph: 
‘‘(B) EXTENSION OR SHORTENING OF PE-
RIOD.—The Director may— 
‘‘(i) extend the period under subpara-
graph (A) for good cause for not more 
than 30 additional days; and 
‘‘(ii) shorten the period under sub-
paragraph (A) for good cause.’’; and 
(iii) by redesignating subparagraph 
(D) as subparagraph (C); and 
(D) in paragraph (3)— 
(i) in subparagraph (A), by striking 
‘‘determine’’ and inserting ‘‘issue a final 
determination of’’; 
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(ii) in subparagraph (B), by inserting 
‘‘final’’ before ‘‘determinations’’; and 
(iii) in subparagraph (C)— 
(I) by striking ‘‘Committee on 
Banking, Finance and Urban Affairs’’ 
and inserting ‘‘Committee on Finan-
cial Services’’; and 
(II) by inserting ‘‘final’’ before 
‘‘determination’’ each place such term 
appears; and 
(2) in subsection (c)— 
(A) by striking the subsection designation 
and heading and all that follows through the 
end of paragraph (1) and inserting the fol-
lowing: 
‘‘(c) CEASE
AND DESIST ORDERS, CIVIL MONEY 
PENALTIES, 
AND
REMEDIES
INCLUDING
HOUSING 
PLANS.— 
‘‘(1) REQUIREMENT.—If the Director finds, 
pursuant to subsection (b), that there is a substan-
tial probability that an enterprise will fail, or has ac-
tually failed, to meet any housing goal under this 
subpart and that the achievement of the housing 
goal was or is feasible, the Director may require that 
the enterprise submit a housing plan under this sub-
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section. If the Director makes such a finding and 
the enterprise refuses to submit such a plan, sub-
mits an unacceptable plan, fails to comply with the 
plan or the Director finds that the enterprise has 
failed to meet any housing goal under this subpart, 
in addition to requiring an enterprise to submit a 
housing plan, the Director may issue a cease and de-
sist order in accordance with section 1341, impose 
civil money penalties in accordance with section 
1345, or order other remedies as set forth in para-
graph (7) of this subsection.’’; 
(B) in paragraph (2)— 
(i) by striking ‘‘CONTENTS.—Each 
housing plan’’ and inserting ‘‘HOUSING 
PLAN.—If the Director requires a housing 
plan under this section, such a plan’’; and 
(ii) in subparagraph (B), by inserting 
‘‘and changes in its operations’’ after ‘‘im-
provements’’; 
(C) in paragraph (3)— 
(i) by inserting ‘‘comply with any re-
medial action or’’ before ‘‘submit a housing 
plan’’; and 
(ii) by striking ‘‘under subsection 
(b)(3) that a housing plan is required’’; 
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(D) in paragraph (4), by striking the first 
two sentences and inserting the following: ‘‘The 
Director shall review each submission by an en-
terprise, including a housing plan submitted 
under this subsection, and not later than 30 
days after submission, approve or disapprove 
the plan or other action. The Director may ex-
tend the period for approval or disapproval for 
a single additional 30-day period if the Director 
determines such extension necessary.’’; and 
(E) by adding at the end the following new 
paragraph: 
‘‘(7) ADDITIONAL REMEDIES FOR FAILURE TO 
MEET GOALS.—In addition to ordering a housing 
plan under this section, issuing cease and desist or-
ders under section 1341, and ordering civil money 
penalties under section 1345, the Director may seek 
other actions when an enterprise fails to meet a 
goal, and exercise appropriate enforcement authority 
available to the Director under this Act to prohibit 
the enterprise from initially offering any product (as 
such term is defined in section 1321(f)) or engaging 
in any new activities, services, undertakings, and of-
ferings and to order the enterprise to suspend prod-
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ucts and activities, services, undertakings, and offer-
ings pending its achievement of the goal.’’. 
SEC. 140. AFFORDABLE HOUSING FUND. 
(a) IN GENERAL.—The Housing and Community De-
velopment Act of 1992 is amended by striking sections 
1337 and 1338 (12 U.S.C. 4562 note) and inserting the 
following new section: 
‘‘SEC. 1337. AFFORDABLE HOUSING FUND. 
‘‘(a) ESTABLISHMENT AND PURPOSE.—The Direc-
tor, in consultation with the Secretary of Housing and 
Urban Development, shall establish and manage an af-
fordable housing fund in accordance with this section, 
which shall be funded with amounts allocated by the enter-
prises under subsection (b). The purpose of the affordable 
housing fund shall be to provide formula grants to grant-
ees for use— 
‘‘(1) to increase homeownership for extremely 
low-and very low-income families; 
‘‘(2) to increase investment in housing in low- 
income areas, and areas designated as qualified cen-
sus tracts or an area of chronic economic distress 
pursuant to section 143(j) of the Internal Revenue 
Code of 1986 (26 U.S.C. 143(j)); 
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‘‘(3) to increase and preserve the supply of 
rental and owner-occupied housing for extremely 
low- and very low-income families; 
‘‘(4) to increase investment in public infrastruc-
ture development in connection with housing assisted 
under this section; and 
‘‘(5) to leverage investments from other sources 
in affordable housing and in public infrastructure 
development in connection with housing assisted 
under this section. 
‘‘(b) ALLOCATION OF AMOUNTS BY ENTERPRISES.— 
‘‘(1) IN GENERAL.—In accordance with regula-
tions issued by the Director under subsection (m) 
and subject to paragraph (2) of this subsection and 
subsection (i)(5), each enterprise shall allocate to the 
affordable housing fund established under subsection 
(a), in each of the years 2007 through 2011, an 
amount equal to 1.2 basis points for each dollar of 
the average total mortgage portfolio of the enter-
prise during the preceding year. 
‘‘(2) SUSPENSION
OF
CONTRIBUTIONS.—The 
Director shall temporarily suspend the allocation 
under paragraph (1) by an enterprise to the afford-
able housing fund upon a finding by the Director 
that such allocations— 
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