(4) RULE OF CONSTRUCTION.—No provision in 
this section shall be construed as permitting Ginnie 
Mae or the FSOC to lower any other requirement 
related to the requirements set forth under the defi-
nition of an eligible mortgage loan. 
SEC. 204. SERVICING RIGHTS; REPRESENTATIONS AND 
WARRANTIES. 
(a) SERVICING RIGHTS.—The servicing rights for 
mortgage-backed securities issued by the Issuing Platform 
shall be controlled by— 
(1) the reinsurance company reinsuring the 
first 5 percent loss position on such securities; or 
(2) in the case of securities that do not have a 
reinsurance company reinsuring the first 5 percent 
loss position or with respect to which the such rein-
surance company is insolvent, Ginnie Mae. 
(b) ADVANCING OF PAYMENTS.—The party control-
ling the servicing rights described under subsection (a) 
shall also control the advancing of payments. 
(c) REPRESENTATIONS AND WARRANTIES.— 
(1) COLLATERAL MANAGER.—With respect to 
each pool securitized by the Issuing Platform, there 
shall be a collateral manager who shall— 
(A) oversee representations and warran-
ties; 
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(B) act for the benefit of investors; and 
(C) in the case of a mortgage loan that is 
in breach of the representations and warranties, 
facilitate the repurchase or replacement of such 
mortgage loan with a mortgage loan that is in 
compliance with representations and warranties. 
(2) FIDUCIARY DUTY STUDY.— 
(A) IN
GENERAL.—Ginnie Mae and the 
Secretary of the Treasury shall, jointly, conduct 
a study to determine— 
(i) the proper roles and responsibil-
ities with respect to fiduciary duty for each 
participant in a private label security; 
(ii) the appropriate compensation for 
such a fiduciary duty; and 
(iii) the proper placement for such a 
fiduciary duty role. 
(B) STAKEHOLDER EFFORTS.—In carrying 
out the study required under subparagraph (A), 
Ginnie Mae and the Secretary shall take into 
account stakeholder efforts to conclude which 
party (if any) should have a fiduciary duty at-
tached to it. 
(C) REPORT.—Upon completion of the 
study required under subparagraph (A), Ginnie 
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Mae and the Secretary shall issue a report to 
the Congress containing all findings and deter-
minations made in carrying out such study. 
(d) MANDATORY ARBITRATION.—Disputes between 
parties to a security issued by the Issuing Platform shall 
be subject to mandatory arbitration. 
SEC. 205. FEDERAL HOME LOAN BANKS. 
(a) MEMBERSHIP OF LENDERS.—Section 4 of the 
Federal Home Loan Bank Act (12 U.S.C. 1424) is 
amended by adding at the end the following: 
‘‘(d) LENDERS.— 
‘‘(1) IN GENERAL.—Any lender that satisfies 
the requirements of subparagraphs (A) and (C) of 
subsection (a)(1) shall be eligible to become a mem-
ber of a Federal Home Loan Bank. 
‘‘(2) STOCK REQUIREMENT.—Ginnie Mae shall 
issue regulations specifying that a separate class of 
stock shall be issued by Federal Home Loan Banks 
to lenders who become a member of a Federal Home 
Loan Bank pursuant to this subsection, and Ginnie 
Mae shall determine the applicable restrictions and 
requirements for such stock.’’. 
(b) POOLING
SERVICES
FOR
ELIGIBLE
MORT-
GAGES.—Section 11 of the Federal Home Loan Bank Act 
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(12 U.S.C. 1431) is amended by adding at the end the 
following: 
‘‘(m) POOLING SERVICES
FOR ELIGIBLE MORT-
GAGES.— 
‘‘(1) POOLING SERVICES.— 
‘‘(A) IN GENERAL.—Each Federal Home 
Loan Bank shall provide pooling services to 
both members and non-members who wish to 
pool 
eligible 
mortgages 
for 
purposes 
of 
securitizing such mortgages through the Issuing 
Platform established by title II of the Partner-
ship to Strengthen Homeownership Act of 
2015. 
‘‘(B) 
MULTI-LENDER
REQUIREMENT.— 
Pooling services described under subparagraph 
(A) may only be offered for a pool of eligible 
mortgages if the eligible mortgages in the pool 
were made by more than one lender. 
‘‘(2) ELIGIBLE
MORTGAGES
DEFINED.—For 
purposes of this subsection, the term ‘eligible mort-
gage’ has the meaning given that term under section 
2 of the Partnership to Strengthen Homeownership 
Act of 2015.’’. 
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TITLE III—WIND DOWN OF 
FANNIE MAE AND FREDDIE MAC 
SEC. 301. LIMITATION ON BUSINESS. 
The Director of the Government National Mortgage 
Association shall provide that, after the certification 
date— 
(1) the enterprises may not issue, guarantee, or 
purchase any security backed by mortgages on 1- to 
4-family residences except as specifically authorized 
by this Act; 
(2) an enterprise may act as a participating 
aggregator of eligible mortgages for securitization 
pursuant to section 201 if such eligible mortgages 
are originated by originators whose volume of such 
business is insufficient to allow for such originators 
to aggregate and securitize such mortgages, until 
the earlier of— 
(A) such time as the Director determines 
that any other qualified entity or entities pro-
vide sufficient market access to such originators 
under competitive rates and terms and requires 
the enterprises to cease such business; or 
(B) the commencement of the receivership 
under section 304(a); and 
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(3) an enterprise may act as a reinsurer for a 
mortgage-backed security in accordance with the re-
quirements under section 202(b) until the com-
mencement of the receivership under section 304(a). 
SEC. 302. RISK-SHARING PILOT PROGRAMS. 
Not later than the expiration of the 12-month period 
beginning on the date of the enactment of this Act, each 
enterprise shall establish a risk-sharing pilot program to 
develop private sector first-loss positions on mortgage- 
backed securities. Such first-loss positions shall be a per-
centage of the principal or face value of a mortgage- 
backed security, as determined from time-to-time by the 
Director, taking into consideration market conditions and 
the capability of the private sector to assume credit risk. 
SEC. 303. CONTINUED CONSERVATORSHIP. 
(a) TIMING.—The conservatorships of the enterprises 
in effect upon the enactment of this Act shall continue 
in effect until the commencement of the receivership of 
the enterprises pursuant to subsection (d), subject to the 
transfer under section 102(a)(1)(B). 
(b) ALIGNING PURPOSES OF CONSERVATORSHIP.— 
Notwithstanding section 1367(b)(2)(D) of the Federal 
Housing Enterprises Financial Safety and Soundness Act 
of 1992 (12 U.S.C. 4617(b)(2)(D)), after the date of the 
enactment of this Act, the Director shall, as conservator 
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of each enterprise, take such actions as are necessary to 
manage the affairs, assets, and obligations of each enter-
prise, and to operate each enterprise, in compliance with 
this section. 
(c) RETURN OF ENTERPRISES TO PRIVATE MAR-
KET.—During the term of the conservatorships of the en-
terprises, the Director shall— 
(1) carry out the conservatorship in a manner 
that furthers achievement of the goals and terms of 
the mandatory receiverships under subsection (d)(2); 
(2) identify any assets of the enterprises nec-
essary for Ginnie Mae to carry out its functions and 
responsibilities under sections 201, 202, and 401 of 
this Act; and 
(3) prepare for the transfer of the multifamily 
housing finance businesses of the enterprises in ac-
cordance with section 401 of this Act. 
SEC. 304. MANDATORY RECEIVERSHIP. 
(a) COMMENCEMENT.—The Director shall, with re-
spect to each enterprise, immediately appoint the Ginnie 
Mae as receiver under section 1367 of the Federal Hous-
ing Enterprises Financial Safety and Soundness Act of 
1992 (12 U.S.C. 4617) upon the later of the following: 
(1) 5-YEAR PERIOD.—The expiration of the 60- 
month period beginning on the date of the enact-
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ment of this Act, as the duration of such period may 
be adjusted pursuant to subsection (c). 
(2) PLATFORM
CERTIFIED
AS
FUNCTIONAL; 
COMPETITIVE ACCESS FOR SMALL LENDERS; FHLB 
CAPACITY.—The certification date has occurred and 
the Director has determined— 
(A) that a competitive private housing fi-
nance market has been established; 
(B) that competitive and equitable access 
to the Platform for smaller mortgage lenders is 
available; 
(C) in consultation with relevant partici-
pants and stakeholders in the housing finance 
market, that the Platform and the procedures 
and structures established by title II have been 
thoroughly and sufficiently tested and such 
tests indicate that they will facilitate the contin-
ued functioning of the market for ‘‘to be an-
nounced’’ mortgage-backed securities; 
(D) the pooling services offered by Federal 
Home Loan Banks pursuant to section 11(m) 
of the Federal Home Loan Bank Act are com-
petitive with services made available by the en-
terprises before the certification date; and 
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(E) the Federal Home Loan Banks are ca-
pable of meeting the cash window needs of cred-
it unions, community and mid-sized depository 
institutions, and non-depository mortgage origi-
nators with competitive rates and terms. 
(b) GOALS AND TERMS.—Ginnie Mae shall carry out 
the receivership referred to in subsection (a) for the enter-
prise under the authority of such section 1367, subject 
to the following requirements: 
(1) GOALS.—In carrying out the receivership of 
each enterprise, Ginnie Mae shall strive to achieve 
both of the following goals: 
(A) RETURN
TO
TAXPAYERS.—Obtaining 
an adequate return of taxpayer investment in 
the enterprise, taking into consideration the 
total cost to the taxpayers, the value provided 
to the enterprise, and the risk and exposure to 
the Federal Government involved, together with 
interest on such investment at a rate deter-
mined by the Director, in consultation with the 
Board of Governors of the Federal Reserve Sys-
tem and the Secretary of the Treasury. 
(B) COMPETITIVE
PRIVATE
HOUSING
FI-
NANCE MARKET.—Removing barriers to private 
sector competition in the housing finance mar-
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ket by providing for the transfer of the assets 
of the enterprise into the private sector to com-
pete in a functioning housing finance market. 
(2) FULL PRIVATIZATION.—Any entities emerg-
ing from such receivership shall be fully private and 
any obligations and securities of such entities shall 
not constitute a debt or obligation of the United 
States nor or any agency or instrumentality thereof. 
(3) MULTIFAMILY HOUSING BUSINESSES.—The 
receivership shall provide, notwithstanding any other 
provision of this Act, for the transfer of the multi-
family housing mortgage guarantee businesses of the 
enterprises in accordance with section 401 of this 
Act. 
(4) AVAILABILITY
OF
ASSETS.—The receiver-
ship shall provide for— 
(A) the identification of any assets of the 
enterprise that are not necessary for the oper-
ation of the limited-life entities established pur-
suant to paragraph (6); and 
(B) making such assets available at auc-
tion for acquisition at competitive rates by any 
private entities, which shall include the private 
entities established pursuant to paragraph 
(6)(C). 
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(5) RESTRUCTURING OF SPSPA.—The receiver-
ship shall provide for the restructuring of the Senior 
Preferred Stock Purchase Agreements entered into 
between the Department of the Treasury and the en-
terprise on September 26, 2008, as amended and re-
stated thereafter, to— 
(A) permit the redemption of senior pre-
ferred shares of the Department of the Treas-
ury; 
(B) provide for the cancellation of the war-
rants for the purchase of common stock of the 
enterprises issued to the Department of the 
Treasury; and 
(C) provide for the appropriate level of 
compensation to the Federal Government for 
the financial support and commitment provided 
to the enterprise. 
(6) WIND-DOWN; LIMITED-LIFE ENTERPRISES; 
RESTRUCTURING.—Under the receivership— 
(A) the receiver shall organize a limited-life 
regulated entity for the enterprise in accordance 
with section 1367(i) of the Federal Housing 
Enterprises Financial Safety and Soundness 
Act of 1992 (12 U.S.C. 4617(i)), except that— 
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insurer under section 202(b)(2)(A) of this Act 
or a participating aggregator of eligible mort-
gages for securitization pursuant to section 201 
if such eligible mortgages are originated by 
originators whose volume of such business is in-
sufficient to allow for such originators to aggre-
gate and securitize such mortgages. 
(c) ADJUSTMENT OF TIMING.—Ginnie Mae may ad-
just the duration of the period referred to in subsection 
(a)(1) by establishing requirements to be met by market 
participants before such period may be considered to be 
concluded. Such requirements may include requirements 
regarding— 
(1) ensuring that there is an adequate level of 
private capital available for efficient financing of sin-
gle-family 
and 
multifamily 
housing 
mortgages 
through— 
(A) the market for initial public offerings; 
and 
(B) retained earnings of market partici-
pants; and 
(2) ensuring that any anticompetitive liquidity 
advantages in mortgage-backed securities are ade-
quately protected against. 
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SEC. 305. REPEAL OF ENTERPRISE CHARTERS. 
Section 1367 of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 (12 U.S.C. 
4617) is amended by striking subsection (k) and inserting 
the following new subsection: 
‘‘(k) REPEAL OF ENTERPRISE CHARTERS.— 
‘‘(1) FANNIE MAE.—Effective upon the certifi-
cation date (as such term is defined in section 2 of 
the Partnership to Strengthen Homeownership Act 
of 2015), the charter of the Federal National Mort-
gage Association is repealed and the Federal Na-
tional Mortgage Association shall have no authority 
to conduct new business under such charter, except 
that the provisions of such charter in effect imme-
diately before such repeal shall continue to apply 
with respect to the rights and obligations of any 
holders of— 
‘‘(A) outstanding debt obligations of the 
Federal National Mortgage Association, includ-
ing any— 
‘‘(i) bonds, debentures, notes, or other 
similar instruments; 
‘‘(ii) capital lease obligations; or 
‘‘(iii) obligations in respect of letters 
of credit, bankers’ acceptances, or other 
similar instruments; or 
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‘‘(B) mortgage-backed securities guaran-
teed by the Federal National Mortgage Associa-
tion that are not eligible mortgage-backed secu-
rities insured by Ginnie Mae pursuant to sec-
tion 202 of the Partnership to Strengthen 
Homeownership Act of 2015. 
‘‘(2) FREDDIE MAC.—Effective upon the certifi-
cation date, the charter of the Federal Home Loan 
Mortgage Corporation is repealed and the Federal 
Home Loan Mortgage Corporation shall have no au-
thority to conduct new business under such charter, 
except that the provisions of such charter in effect 
immediately before such repeal shall continue to 
apply with respect to the rights and obligations of 
any holders of— 
‘‘(A) outstanding debt obligations of the 
Federal Home Loan Mortgage Corporation, in-
cluding any— 
‘‘(i) bonds, debentures, notes, or other 
similar instruments; 
‘‘(ii) capital lease obligations; or 
‘‘(iii) obligations in respect of letters 
of credit, bankers’ acceptances, or other 
similar instruments; or 
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‘‘(B) mortgage-backed securities guaran-
teed by the Federal Home Loan Mortgage Cor-
poration that are not eligible mortgage-backed 
securities insured by Ginnie Mae pursuant to 
section 202 of the Partnership to Strengthen 
Homeownership Act of 2015. 
‘‘(3) EXISTING GUARANTEE OBLIGATIONS.— 
‘‘(A) EXPLICIT
GUARANTEE.—The full 
faith and credit of the United States is pledged 
to the payment of all amounts which may be re-
quired to be paid under any obligation de-
scribed in paragraph (1) or (2). 
‘‘(B) CONTINUED DIVIDEND PAYMENTS.— 
Notwithstanding any other provision of law, 
provision 2(a) (relating to Dividend Payment 
Dates and Dividend Periods) and provision 2(c) 
(relating to Dividend Rates and Dividend 
Amount) of the Senior Preferred Stock Pur-
chase Agreement, or any provision of any cer-
tificate in connection with such Agreement cre-
ating or designating the terms, powers, pref-
erences, privileges, limitations, or any other 
conditions of the Variable Liquidation Pref-
erence Senior Preferred Stock of an enterprise 
issued pursuant to such Agreement— 
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‘‘(i) shall not be amended, restated, or 
otherwise changed to reduce the rate or 
amount of dividends in effect pursuant to 
such Agreement as of the Third Amend-
ment to such Agreement dated August 17, 
2012, except that any amendment to such 
Agreement to facilitate the sale of assets of 
the enterprises shall be permitted; and 
‘‘(ii) shall remain in effect until the 
guarantee 
obligations 
described 
under 
paragraphs (1)(B) and (2)(B) of this sub-
section are fully extinguished. 
‘‘(C) APPLICABILITY.—All guarantee fee 
amounts derived from the single-family mort-
gage guarantee business of the enterprises in 
existence as of the certification date shall be 
subject to the Senior Preferred Stock Purchase 
Agreement. 
‘‘(D) SENIOR
PREFERRED
STOCK
PUR-
CHASE
AGREEMENT.—For purposes of this 
paragraph, the term ‘Senior Preferred Stock 
Purchase Agreement’ means— 
‘‘(i) the Amended and Restated Senior 
Preferred 
Stock 
Purchase 
Agreement, 
dated September 26, 2008, as such Agree-
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ment has been amended on May 6, 2009, 
December 24, 2009, and August 17, 2012, 
respectively, and as such Agreement may 
be further amended and restated, entered 
into between the Department of the Treas-
ury and each enterprise, as applicable; and 
‘‘(ii) any provision of any certificate in 
connection with such Agreement creating 
or designating the terms, powers, pref-
erences, privileges, limitations, or any 
other conditions of the Variable Liquida-
tion Preference Senior Preferred Stock of 
an enterprise issued or sold pursuant to 
such Agreement. 
‘‘(4) SWAP
OPTION
FOR
NEW
SECURITIES.— 
Notwithstanding any other provision of this sub-
section, Ginnie Mae shall provide that during the 
30-year period beginning upon the certification date, 
any securities described in paragraph (1)(B) or 
(2)(B) may be exchanged, at the request of the hold-
er of such security, for securities insured under sec-
tion 202 of the Partnership to Strengthen Home-
ownership Act of 2015, and Ginnie Mae shall ensure 
fungibility between such securities exchanged. Ginnie 
Mae may establish such terms and conditions for 
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such exchanges as Ginnie Mae considers appro-
priate, except that Ginnie Mae shall provide that in 
such exchanges such securities described in para-
graph (1)(B) or (2)(B) shall receive a risk weight of 
zero.’’. 
SEC. 306. GINNIE MAE AUTHORITY REGARDING TIMING. 
(a) AUTHORITY.—The Director may extend any 
deadline referred to in section 301, 303(a), 304(a), or the 
provisions amended by section 305, as provided in such 
subsection (b) of this section, but only if the Director— 
(1) makes a determination, after consultation 
with the Board of Governors of the Federal Reserve 
System, that such deadline is posing significant risk 
to the housing market; and 
(2) causes notice of such determination to be 
published in the Federal Register. 
(b) EXTENSIONS.— 
(1) FIRST EXTENSION.—The first extension of 
any deadline pursuant to subsection (a) shall be for 
a period of an additional 2 years. 
(2) SECOND EXTENSION.—If, after the expira-
tion of a first extension of a deadline of 2 years, the 
Director makes a determination as provided in sub-
section (a)(1), the Director may extend the deadline 
an additional 2 years. 
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(3) ADDITIONAL EXTENSIONS.—If, after the ex-
piration of the second extension of a deadline of 2 
years, the Director makes a determination as pro-
vided in subsection (a)(1), the Director may, upon 
the written agreement of the Chairman of the Board 
of Governors of the Federal Reserve System and the 
Secretary of the Treasury, and in consultation with 
the Secretary of the Housing and Urban Develop-
ment, extend the deadline an additional year, and 
annually thereafter utilizing the same process de-
scribed in this paragraph until such time as the Di-
rector makes a determination that such deadline 
does not pose a significant risk to the housing mar-
ket. 
(c) REPORTS.—If the Director extends any deadline 
period pursuant to the authority under subsection (a), the 
Director shall thereafter, until the expiration of the peri-
ods referred to in paragraphs (1) and (2) of section 
1367(k) of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (as such period may 
be extended pursuant to this section), submit a report to 
the Congress on a monthly basis regarding the transition 
of the enterprises pursuant to this section, the status of 
the businesses of the enterprises, and the market share 
of the enterprises. 
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SEC. 307. CONSULTATION. 
Throughout the wind-down of the enterprises under 
this title, the Director shall consult with relevant partici-
pants in the housing finance industry regarding— 
(1) carrying out this title, including the appro-
priate level of regulatory discretion to be exercised 
in carrying out this title; and 
(2) maintaining consistency, to the extent fea-
sible, among mortgage-backed securities issued 
through the various available platforms. 
TITLE IV—MULTIFAMILY 
HOUSING FINANCE 
SEC. 401. ESTABLISHMENT OF MULTIFAMILY SUBSIDI-
ARIES. 
(a) FORMATION AND GOVERNANCE OF MULTIFAMILY 
SUBSIDIARIES.— 
(1) FEDERAL NATIONAL MORTGAGE ASSOCIA-
TION.— 
(A) MULTIFAMILY
SUBSIDIARY
PLAN.— 
The Director of Ginnie Mae, in consultation 
with the Secretary of the Treasury, shall direct 
the Federal National Mortgage Association to 
develop a plan, not later than 180 days after 
the date of enactment of this Act, to establish 
a multifamily subsidiary for purposes of expedi-
tiously— 
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(i) providing sufficient multifamily fi-
nancing in the primary, secondary, and 
tertiary geographical markets, including in 
rural markets and through a diversity of 
experienced multifamily lenders; and 
(ii) establishing a competitive multi-
family market for multifamily housing 
guarantors engaging in multifamily covered 
securities. 
(B) ESTABLISHMENT
OF
MULTIFAMILY 
SUBSIDIARY.—The Director shall direct the 
Federal National Mortgage Association to es-
tablish a multifamily subsidiary not later than 
1 year after the date of enactment of this Act. 
(2) FEDERAL
HOME
LOAN
MORTGAGE
COR-
PORATION.— 
(A) MULTIFAMILY
SUBSIDIARY
PLAN.— 
The Director, in consultation with the Secretary 
of the Treasury, shall direct the Federal Home 
Loan Mortgage Corporation to develop a plan, 
not later than 180 days after the date of enact-
ment of this Act, to establish a multifamily sub-
sidiary for purposes of expeditiously— 
(i) providing sufficient multifamily fi-
nancing in the primary, secondary, and 
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tertiary geographical markets, including in 
rural markets and through a diversity of 
experienced multifamily lenders; and 
(ii) establishing a competitive multi-
family market for multifamily housing 
guarantors engaging in multifamily covered 
securities. 
(B) ESTABLISHMENT
OF
MULTIFAMILY 
SUBSIDIARY.—The Director shall direct the 
Federal Home Loan Mortgage Corporation to 
establish a multifamily subsidiary not later than 
1 year after the date of enactment of this Act. 
(b) TRANSFER OF FUNCTIONS.— 
(1) FANNIE MAE MULTIFAMILY SUBSIDIARY.— 
(A) IN
GENERAL.—Notwithstanding the 
provisions under title III or any other provision 
of law, effective on the date on which the multi-
family subsidiary is established under sub-
section (a)(1)(B), all employees, functions, ac-
tivities, infrastructure, property, including the 
Delegated Underwriting and Servicing Lender 
Program and other intellectual property, plat-
forms, technology, or any other object or service 
of the Federal National Mortgage Association 
necessary to the support, maintenance, and op-
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eration of the multifamily business of the Fed-
eral National Mortgage Association shall be 
transferred and contributed, without cost, to 
the multifamily subsidiary. 
(B) CAPITAL CONTRIBUTION.—In connec-
tion with the transfer required under subpara-
graph (A), the Federal National Mortgage As-
sociation shall contribute, in any form or man-
ner the Director may determine, subject to the 
approval right of the Secretary of the Treasury 
in the Senior Preferred Stock Purchase Agree-
ment, any capital necessary to ensure that the 
multifamily subsidiary established under sub-
section (a)(1)(B) has, in the determination of 
the Director, sufficient capital to carry out its 
multifamily business, including the ability to ob-
tain warehouse lines of credit. 
(C) ENSURING CONTINUATION OF ONGO-
ING OPERATION OF MULTIFAMILY BUSINESS.— 
(i) IN GENERAL.—In carrying out the 
multifamily business transferred pursuant 
to subparagraph (A), the multifamily sub-
sidiary 
established 
under 
subsection 
(a)(1)(B) shall ensure that any such busi-
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ness continues to operate, as applicable, 
consistent with— 
(I) the Delegated Underwriting 
and Servicing Lender Program estab-
lished by the Federal National Mort-
gage Association; 
(II) any other programs, activi-
ties, and contractual agreements of 
the enterprises that support the enter-
prises’ provision of liquidity to the 
multifamily housing market; and 
(III) the provisions of this title. 
(2) FREDDIE MAC MULTIFAMILY SUBSIDIARY.— 
(A) IN
GENERAL.—Notwithstanding the 
provisions under title VI or any other provision 
of law, effective on the date on which the multi-
family subsidiary is established under sub-
section (a)(2)(B), all employees, functions, ac-
tivities, infrastructure, property, including the 
Capital Market Execution Program Series K 
Structured 2Pass-Through Certificates origi-
nated and offered under the Program Plus 
Lender Program and other intellectual prop-
erty, platforms, technology, or any other object 
or service of the Federal Home Loan Mortgage 
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Corporation necessary to the support, mainte-
nance, and operation of the multifamily busi-
ness of the Federal Home Loan Mortgage Cor-
poration shall be transferred and contributed, 
without cost, to the multifamily subsidiary. 
(B) CAPITAL CONTRIBUTION.—In connec-
tion with the transfer required under subpara-
graph (A), the Federal Home Loan Mortgage 
Corporation shall contribute, in any form or 
manner the Director may determine, subject to 
the approval right of the Secretary of the 
Treasury in the Senior Preferred Stock Pur-
chase Agreement, any capital necessary to en-
sure that the multifamily subsidiary established 
under subsection (a)(2)(B) has, in the deter-
mination of the Director, sufficient capital to 
carry out its multifamily business, including the 
ability to obtain warehouse lines of credit. 
(C) ENSURING CONTINUATION OF ONGO-
ING OPERATION OF MULTIFAMILY BUSINESS.— 
(i) IN GENERAL.—In carrying out the 
multifamily business transferred pursuant 
to subparagraph (A), the multifamily sub-
sidiary 
established 
under 
subsection 
(a)(2)(B) shall ensure that any such busi-
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ness continues to operate, as applicable, 
consistent with— 
(I) the Capital Market Execution 
Program Series K Structured 2Pass- 
Through Certificates originated and 
offered under the Program Plus 
Lender Program established by the 
Federal Home Loan Mortgage Cor-
poration; 
(II) any other programs, activi-
ties, and contractual agreements of 
the enterprises that support the enter-
prises’ provision of liquidity to the 
multifamily housing market; and 
(III) the provisions of this title. 
(c) MULTIFAMILY SUBSIDIARIES.— 
(1) IN GENERAL.—The multifamily subsidiaries 
established by the Federal National Mortgage Asso-
ciation and the Federal Home Loan Mortgage Cor-
poration under subsection (a) may retain a limited 
multifamily mortgage loan portfolio to— 
(A) aggregate mortgage loans for pooled 
securities executions; 
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(B) implement pilot mortgage loan pro-
grams and other risk-sharing transactions and 
product modification testing; 
(C) engage in the financing of properties 
with rent-regulatory restrictions, off-campus 
student housing, and senior and assisted living 
developments; and 
(D) perform additional activities as may be 
established by the Director for the purpose of 
facilitating the continuation of existing multi-
family activities. 
(2) PORTFOLIO REDUCTION APPLICABILITY.— 
For purposes of expeditiously meeting the criteria 
under clauses (i) and (ii) of paragraphs (1)(A) and 
(2)(A) of subsection (a), the multifamily subsidiaries 
established under subsection (a) shall not be subject 
to any portfolio reduction required under title III. 
SEC. 402. DISPOSITION OF MULTIFAMILY BUSINESSES. 
(a) AUTHORITY TO MANAGE DISPOSITION OF MUL-
TIFAMILY BUSINESSES.—Except to the extent necessary 
to provide for guarantees under section 403 and to carry 
out this title and the amendments made by this title and 
notwithstanding any provision of title III or any other law, 
the Director may, on or before the certification date, man-
age the sale, transfer, or disposition for value of property, 
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including intellectual property, technology, platforms, and 
legacy systems, infrastructure and processes of an enter-
prise relating to the operation and maintenance of the 
multifamily business of an enterprise. 
(b) REQUIRED ESTABLISHMENT
OF WELL-FUNC-
TIONING MULTIFAMILY COVERED SECURITY MARKET.— 
In exercising the authority in subsection (a), the Director 
shall manage any disposition of the multifamily business 
of an enterprise in a manner consistent with— 
(1) the establishment of a well-functioning mul-
tifamily covered security market; 
(2) the provision of broad access to multifamily 
financing; and 
(3) facilitating competition in the multifamily 
covered security market by— 
(A) providing open access to performance 
information on the legacy multifamily business 
of an enterprise; 
(B) providing for reasonable licensing of 
the multifamily proprietary systems of an enter-
prise; and 
(C) setting market share limitations, fees, 
or additional capital standards on multifamily 
business assets that were sold, transferred, or 
disposed. 
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(c) CONTINUATION OF GUARANTEE FOR EXISTING 
MULTIFAMILY SECURITIES.—Nothing in this title may be 
construed to affect the guarantee for any security of enter-
prise backed my mortgages on multifamily housing that 
is provided pursuant to paragraph (1) or (2), and para-
graph (3)(A) of section 1367(k) of the Federal Housing 
Enterprises Financial Safety and Soundness Act of 1992 
(as added by section 305 of this Act). 
SEC. 403. GUARANTEE OF MULTIFAMILY SECURITIES. 
(a) IN GENERAL.—The Director shall develop, adopt, 
publish, and enforce standards for— 
(1) the approval by the Director of multifamily 
guarantors to issue securities collateralized by eligi-
ble multifamily mortgage loans; and 
(2) guarantee by Ginnie Mae of the timely pay-
ment of principal and interest on such securities 
collateralized by eligible multifamily mortgage loans 
and insured by Ginnie Mae. 
(b) REQUIRED STANDARDS.—The standards required 
under paragraph (1) shall include standards sufficient to 
ensure that— 
(1) each multifamily guarantor is well-capital-
ized, except that such standards regarding capital-
ization shall take into consideration the unique char-
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acteristics of financing for mortgages for multifamily 
housing; 
(2) guarantees provided pursuant to this section 
accommodate various business models for such fi-
nancing, which shall include providing guarantees 
for entire securities and for particular trances under 
such securities; and 
(3) credit risk-sharing levels under any such 
guarantees are commensurate with such levels under 
the Delegated Underwriting and Servicing Lender 
Program of the Federal National Mortgage Associa-
tion and the Capital Market Execution Program Se-
ries K Structured 2Pass-Through Certificates origi-
nated and offered under the Program Plus Lender 
Program of the Federal Home Loan Mortgage Cor-
poration. 
(c) PRICING.—Ginnie Mae shall charge a guarantee 
fee for guarantees provided pursuant to this section and 
such fee shall be determined by Ginnie Mae— 
(1) in the same manner and using the same 
procedures used pursuant to title II to determine 
guarantee fees for securities backed by single-family 
housing mortgages, with such changes as Ginnie 
Mae determines to be necessary to account for the 
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differences between the single-family guarantee busi-
ness and the multifamily guarantee business; and 
(2) taking into account the differences between 
the guarantee fees structures of the Federal Na-
tional Mortgage Association and the Federal Home 
Loan Mortgage Corporation. 
(d) DISTINCTIONS.—The Director shall take into ac-
count, in carrying out this section, in providing any 
issuing platform, and in establishing any requirements re-
lating to the guarantee of securities collateralized by eligi-
ble multifamily mortgage loans, the particular nature and 
characteristics of such securities and loans, as distin-
guished from eligible mortgages and securities guaranteed 
pursuant to title II, and as may be necessary to accommo-
date the multifamily housing financing market. 
(e) FULL FAITH AND CREDIT.—The full faith and 
credit of the United States is pledged to the payment of 
all amounts which may be required paid under any insur-
ance provided under this section. 
SEC. 404. OTHER FORMS OF MULTIFAMILY RISK-SHARING. 
The Director may establish such other methods and 
manner of risk-sharing and risk transfer relating eligible 
multifamily mortgage loans, in addition to the methods 
and manners authorized under this title, as may be appro-
priate taking into consideration the particular nature and 
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characteristics of the multifamily housing finance market, 
which may include any risk-sharing activities of the Fed-
eral National Mortgage Association and the Federal Home 
Loan Mortgage Corporation relating to the multifamily 
housing business. 
SEC. 405. GINNIE MAE SECURITIZATION OF FHA RISK-SHAR-
ING LOANS. 
(a) QUALIFIED
PARTICIPATING
ENTITIES
RISK- 
SHARING PROGRAM.—Paragraph (8) of section 542(b) of 
the Housing and Community Development Act of 1992 
(12 U.S.C. 1715z–22(b)(8)) is amended to read as follows: 
‘‘(8) GINNIE MAE SECURITIZATION.— 
‘‘(A) PROHIBITION.—The Government Na-
tional Mortgage Association shall not securitize 
any multifamily loans insured or reinsured 
under this subsection, except as provided in 
subparagraph (B). 
‘‘(B) AUTHORITY.—The Government Na-
tional Mortgage Association may, at the discre-
tion of the Director of Ginnie Mae, securitize 
any multifamily loan, provided that— 
‘‘(i) the Federal Housing Administra-
tion provides mortgage insurance based on 
the unpaid principal balance of the loan, as 
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shall be described in the risk-sharing 
agreement; 
‘‘(ii) the Federal Housing Administra-
tion shall not require an assignment fee for 
mortgage insurance claims related to the 
securitized mortgages; and 
‘‘(iii) any successors and assigns of 
the risk-sharing partner (including the 
holders of credit instruments issued under 
a trust mortgage or deed of trust pursuant 
to which such holders act by and through 
a trustee therein named) shall not assume 
any obligation under the risk-sharing 
agreement and may assign any defaulted 
loan to the Federal Housing Administra-
tion in exchange for payment of the mort-
gage insurance claim. 
The risk-sharing agreement shall provide for re-
imbursement to Ginnie Mae by the risk-sharing 
partner or partners for either all or a portion 
of the losses incurred on the loans insured.’’. 
(b) AUTHORITY.—Paragraph (6) of section 542(c) of 
the Housing and Community Development Act of 1992 
(12 U.S.C. 1715z–22(c)) is amended to read as follows: 
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‘‘(6) GINNIE MAE SECURITIZATION.—The Gov-
ernment National Mortgage Association may, at the 
discretion of the Director of Ginnie Mae, securitize 
any multifamily loan insured under this subsection, 
provided that— 
‘‘(A) the Federal Housing Administration 
provides mortgage insurance based on the un-
paid principal balance of the loan, as shall be 
described by regulation; 
‘‘(B) the Federal Housing Administration 
shall not require an assignment fee for mort-
gage insurance claims related to the securitized 
mortgages; and 
‘‘(C) any successors and assigns of the 
risk-sharing partner (including the holders of 
credit instruments issued under a trust mort-
gage or deed of trust pursuant to which such 
holders act by and through a trustee therein 
named) shall not assume any obligation under 
the risk-sharing agreement and may assign any 
defaulted loan to the Federal Housing Adminis-
tration in exchange for payment of the mort-
gage insurance claim. 
The risk-sharing agreement shall provide for reim-
bursement to Ginnie Mae by the risk-sharing part-
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ner or partners for either all or a portion of the 
losses incurred on the loans insured.’’. 
(c) AMENDMENT TO GINNIE MAE CHARTER ACT.— 
Clause (ii) of the first sentence of section 306(g)(1) of 
the National Housing Act (12 U.S.C. 1721(g)(1)) is 
amended— 
(1) by striking the semicolon and inserting a 
comma; and 
(2) by inserting before the period at the end the 
following: ‘‘, or which are insured under subsection 
(b) or (c) of section 542 of the Housing and Com-
munity Development Act of 1992 (12 U.S.C. 1715z– 
22), subject to the terms of paragraph (8) or (6), re-
spectively, of such subsection’’. 
(d) IMPLEMENTATION.—The amendments made by 
this section shall be implemented in a manner that— 
(1) ensures that participants in the programs 
under subsections (b) and (c) of section 542 of the 
Housing and Community Development Act of 1992 
are subject to standards consistent with those appli-
cable to private sector lenders approved by the De-
partment of Housing and Urban Development, and 
(2) does not restrict participation, and provides 
equal opportunities for participation, in the pro-
grams under subsections (b) and (c) of section 542 
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of the Housing and Community Development Act of 
1992, of private sector lenders meeting the stand-
ards for such participation. 
SEC. 406. CONTINUATION OF CERTAIN PROGRAMS. 
Nothing in this title may be construed to affect the 
authority of Ginnie Mae, as in effect on the date of the 
enactment of this Act, to guarantee securities under sec-
tion 306 of the National Housing Act (12 U.S.C. 1721), 
including securities based on or backed by mortgages for 
multifamily housing insured under title II of the National 
Housing Act or for hospitals, nursing homes, intermediate 
care facilities, board and care homes, or assisted living fa-
cilities, insured under such title. 
TITLE V—AFFORDABLE 
HOUSING 
SEC. 501. AFFORDABLE HOUSING ALLOCATIONS. 
(a) FEE AND ALLOCATION OF AMOUNTS.—In addi-
tion to any fees for the provision of insurance established 
in accordance with title II, in each fiscal year the Platform 
shall— 
(1) charge and collect a fee in an amount equal 
to 10 basis points for each dollar of the outstanding 
principal balance of— 
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100 
(A) all eligible mortgage loans that 
collateralize securities insured under this Act; 
and 
(B) 
all 
other 
mortgage 
loans 
that 
collateralize securities on which Ginnie Mae 
guarantees the timely payment of principal and 
interest pursuant to title III of the National 
Housing Act (12 U.S.C. 1716 et seq.); and 
(2) allocate or otherwise transfer, on an annual 
basis— 
(A) 75 percent of such fee amounts to the 
Secretary of Housing and Urban Development 
to fund the Housing Trust Fund established 
under section 1338 of the Federal Housing En-
terprises Financial Safety and Soundness Act 
of 1992 (12 U.S.C. 4568); 
(B) 15 percent of such fee amounts to the 
Secretary of the Treasury to fund the Capital 
Magnet Fund established under section 1339 of 
the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (12 U.S.C. 
4569); and 
(C) 10 percent of such fee amounts to the 
Ginnie Mae to fund the Market Access Fund 
established under section 504 of this Act. 
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101 
(b) CONTINUING OBLIGATION.—The fee required to 
be charged under subsection (a) shall be collected for the 
life of the security. 
(c) SUSPENSION OF CONTRIBUTIONS.—The Director 
may temporarily suspend, for an initial period of one year, 
allocations under subsection (a)(2) upon the submission 
by the Director to the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Committee on 
Financial Services of the House of Representatives of a 
written determination by the Director that such alloca-
tions are contributing, or would contribute, to the finan-
cial instability of the insurance Fund established under 
section 202(g). The Director may continue such suspen-
sion for additional periods, each up to one year in length, 
pursuant to the same submission and determination re-
quirements. 
(d) RULE OF CONSTRUCTION.—The cost of the fee 
required to be charged under subsection (a) shall not be 
borne by eligible borrowers. 
SEC. 502. HOUSING TRUST FUND. 
Section 1338 of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 (12 U.S.C. 
4568) is amended— 
(1) in subsection (a)(1)— 
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102 
(A) in the first sentence, by inserting ‘‘or 
pursuant to section 501 of the Partnership to 
Strengthen Homeownership Act of 2015’’ after 
‘‘section 1337’’; and 
(B) in the second sentence, by inserting 
‘‘federally recognized tribes and’’ after ‘‘grants 
to’’; 
(2) by striking subsection (b) and inserting the 
following: 
‘‘(b) [Reserved.]’’; 
(3) in subsection (c)— 
(A) in paragraph (1), by striking ‘‘Except 
as provided in subsection (b), the’’ and insert-
ing ‘‘The’’; 
(B) in paragraph (2)— 
(i) by striking ‘‘(as such term is de-
fined in section 4 of the Native American 
Housing Assistance and Self-Determina-
tion Act of 1997 (25 U.S.C. 4103))’’; and 
(ii) by adding at the end the fol-
lowing: ‘‘An Indian tribe receiving grant 
amounts under this subsection may des-
ignate a federally recognized tribe or a 
tribally designated housing entity to re-
ceive such grant amounts. Nothing in this 
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104 
under this subclause for a fiscal year 
shall be the greater of $20,000,000, 
or 2 percent of the total amount of 
amounts allocated for the Housing 
Trust Fund under this section. 
‘‘(III) USE OF AMOUNTS.—Com-
petitive grant amounts received by a 
federally recognized tribe or a tribally 
designated housing entity under this 
clause may be used, or committed to 
use, only for those activities that are 
identified as eligible affordable hous-
ing activities under section 202 of the 
Native American Housing Assistance 
and Self-Determination Act of 1996 
(25 U.S.C. 4132). 
‘‘(IV) EVALUATION OF APPLICA-
TIONS.— 
‘‘(aa) 
IN
GENERAL.—In 
evaluating any application for the 
receipt 
of 
competitive 
grant 
amounts authorized under this 
clause, 
the 
Secretary, 
acting 
through the Office of Native 
American Programs, shall con-
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105 
sider with respect to the federally 
recognized tribe applicant or trib-
ally designated housing entity ap-
plicant and to Indian reserva-
tions and other Indian areas as-
sociated with the federally recog-
nized tribe applicant or served by 
the tribally designated housing 
entity applicant evaluation cri-
teria, including the following: 
‘‘(AA) Level of poverty 
on the Indian reservation or 
in the Indian area. 
‘‘(BB) Level of unem-
ployment on the Indian res-
ervation or in the Indian 
area. 
‘‘(CC) 
Condition 
of 
housing stock on the Indian 
reservation or in the Indian 
area. 
‘‘(DD) Level of over-
crowded housing on the In-
dian reservation or in the 
Indian area, as measured by 
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106 
the number of households in 
which the number of persons 
per room is greater than 
one. 
‘‘(EE) 
Presence 
and 
prevalence of black mold on 
the Indian reservation or in 
the Indian area. 
‘‘(FF) 
Demonstrated 
experience, 
capacity, 
and 
ability of the applicant to 
manage affordable housing 
programs, including multi-
family rental housing pro-
grams, homeownership pro-
grams, and programs to as-
sist purchasers with down 
payments, closing costs, or 
interest rate buy-downs. 
‘‘(GG) 
Demonstrated 
ability of the applicant to 
meet the requirements under 
the Native American Hous-
ing Assistance and Self-De-
termination Act of 1996 (25 
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107 
U.S.C. 4101 et seq.), includ-
ing the timely and efficient 
expenditure of funds. 
‘‘(HH) Such other cri-
teria as may be specified by 
the Secretary in order to 
evaluate the overall quality 
of the proposed project, the 
feasibility of the proposed 
project, and whether the 
proposed project will address 
the housing needs on the In-
dian reservation or in the 
Indian area. 
‘‘(bb) REVIEW OF DATA.—In 
evaluating any application for the 
receipt 
of 
competitive 
grant 
amounts authorized under this 
clause, 
the 
Secretary, 
acting 
through the Office of Native 
American Programs, shall permit 
a federally recognized tribe appli-
cant or a tribally designated 
housing entity applicant to sup-
plement or replace, in whole or in 
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108 
part, any data compiled and pro-
duced by the Bureau of the Cen-
sus and upon which the Sec-
retary, acting through the Office 
of Native American Program, re-
lies, provided such tribally-col-
lected data meets the Depart-
ment of Housing and Urban De-
velopment’s standards for accu-
racy. 
‘‘(V) TREATMENT OF FUNDS.— 
Notwithstanding any other provision 
of law, competitive grant amounts re-
ceived under this clause shall not be 
considered Federal funds for purposes 
of matching other Federal sources of 
funds. 
‘‘(VI) 
RULE
OF
CONSTRUC-
TION.—The 
requirements 
under 
clause (ii), subparagraphs (B) and (C) 
of this paragraph, and paragraphs (4) 
through (8) and paragraph (10)(A) of 
this subsection shall not apply to any 
amounts distributed under this clause 
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to a federally recognized tribe or a 
tribally designated housing entity. 
‘‘(ii) STATE
DISTRIBUTIONS.—From 
any amounts remaining in the Housing 
Trust Fund after the distribution of the 
amounts required under clause (i), the Sec-
retary shall’’; 
(iii) in subparagraph (B), by striking 
‘‘subparagraph (A)’’ and inserting ‘‘sub-
paragraph (A)(ii)’’; and 
(iv) in subparagraph (C), by striking 
‘‘subparagraph (A)’’ and inserting ‘‘sub-
paragraph (A)(ii)’’; 
(D) in paragraph (4)— 
(i) in subparagraph (B), by striking 
‘‘other than fiscal year 2009’’; and 
(ii) by striking subparagraph (C), and 
inserting the following: 
‘‘(C) MINIMUM STATE ALLOCATIONS.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), if the formula amount 
determined under paragraph (3) for a fis-
cal 
year 
would 
allocate 
less 
than 
$10,000,000 to any of the 50 States of the 
United States or the District of Columbia, 
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the allocation for such State of the United 
States or the District of Columbia shall be 
the greater of $10,000,000, or 1 percent of 
the total amount of amounts allocated for 
the Housing Trust Fund under this section 
and the increase in any such allocation 
shall be deducted pro rata from the alloca-
tions made to all other of the States (as 
such term is defined in section 1303). 
‘‘(ii) EXCEPTION.—If the allocation to 
the Housing Trust Fund under section 
501(a)(2)(A) 
of 
the 
Partnership 
to 
Strengthen Homeownership Act of 2015 
for 
a 
fiscal 
year 
is 
less 
than 
$1,000,000,000, the minimum allocation to 
any of the 50 States of the United States 
or the District of Columbia shall be the 
greater of $5,000,000 or 1 percent of the 
total amount of amounts allocated for the 
Housing Trust Fund under this section 
and the increase in any such allocation 
shall be deducted pro rata from the alloca-
tions made to all other of the States (as 
such term is defined in section 1303).’’; 
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