I 
111TH CONGRESS 
2D SESSION 
H. R. 4581 
To require the Inspector General of the Federal Housing Finance Agency 
to submit quarterly reports to the Congress during the conservatorship 
of the Federal National Mortgage Association and the Federal Home 
Loan Mortgage Corporation. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 3, 2010 
Mrs. BIGGERT (for herself, Mr. BACHUS, Mrs. CAPITO, Mr. ISSA, Mr. GAR-
RETT
of New Jersey, Mr. PAUL, Mr. NEUGEBAUER, and Mr. 
HENSARLING) introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To require the Inspector General of the Federal Housing 
Finance Agency to submit quarterly reports to the Con-
gress during the conservatorship of the Federal National 
Mortgage Association and the Federal Home Loan Mort-
gage Corporation. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Fannie Mae and 
Freddie Mac Accountability and Transparency for Tax-
payers Act of 2010’’. 
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SEC. 2. QUARTERLY REPORTS DURING CONSERVATORSHIP. 
(a) REPORTING REQUIREMENT.—For each reporting 
period, the covered officer shall submit to the Congress 
a report for each enterprise that summarizes the activities 
of the covered officer with respect to such enterprise, and 
the activities and condition of such enterprise, during such 
reporting period. 
(b) CONTENTS.—Each report required under this 
section for an enterprise for a reporting period shall in-
clude the following information: 
(1) A description, including dollar amount, of 
total liabilities of the enterprise as of the reporting 
date, with a detailed breakdown of the potential level 
of risk to the Federal Government inherent in the 
dollar amount of each separate type of liability and 
a quantification as to how the risk to the Federal 
Government has changed from the previous report-
ing period, distinguishing between changes attrib-
utable to volume and changes attributable to 
changes in risk levels. 
(2) An explanation of, including rationale for, 
all compensation and bonuses paid to any executive 
officer (as such term is defined in section 1303 of 
the Housing and Community Development Act of 
1992 (12 U.S.C. 4502)) of the enterprise, and any 
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retention decisions made, by the enterprise during 
such period regarding its executive officers. 
(3) A description of foreclosure mitigation ac-
tivities of the enterprise during such period, includ-
ing any related data, a list of law firms and attor-
neys approved or retained by the enterprise for han-
dling foreclosure and bankruptcy matters relating to 
mortgages held or securitized by the enterprise, and 
the eligibility criteria used for such approval or re-
tention and reasons for limiting such list, and the 
number of mortgage loans held by the enterprise 
that were refinanced in 2008 and 2009 through 
foreclosure mitigation activities of the enterprise 
that have, during such period, entered into default. 
(4) A description of any mortgage fraud preven-
tion activities undertaken by the enterprise during 
such period and data describing the extent of mort-
gage fraud during such period, including descrip-
tions of the efforts of the enterprise to prevent or 
detect mortgage fraud, of the pervasiveness of mort-
gage fraud, and of the most prevalent types of mort-
gage fraud detected. 
(5) A listing with description of any formal or 
informal communication between Governors and 
staff of the Board of Governors of the Federal Re-
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mitted not later than the expiration of the 60-day 
period beginning upon the conclusion of such report-
ing period. 
(3) 
RECEIVERSHIP.—Notwithstanding 
para-
graph (2), if at any time a receiver is appointed for 
an enterprise pursuant to section 1367 of the Hous-
ing and Community Development Act of 1992 (12 
U.S.C. 4617), the reporting periods for the enter-
prise during such receivership shall be each calendar 
month (or such shorter period as the covered officer 
considers appropriate). Each report for each such 
reporting period shall be submitted not later than 
the expiration of the 30-day period beginning upon 
the conclusion of such reporting period. 
(4) NATIONALIZATION.—Notwithstanding para-
graph (2), if at any time the Federal Government or 
any agency or entity of the Federal Government ob-
tains control of an enterprise under law or through 
ownership of voting stock of the enterprise, or the 
covered officer determines that the enterprise has 
otherwise been nationalized, the reporting periods 
for the enterprise after such nationalization occurs 
shall be the consecutive 6-month periods (the first 
such period beginning upon such nationalization (or 
such shorter period as the covered officer considers 
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appropriate). Each report for each such reporting 
period shall be submitted not later than the expira-
tion of the 60-day period beginning upon the conclu-
sion of such reporting period. 
(d) PUBLIC
AVAILABILITY.—The covered officer 
shall— 
(1) make information regarding the activities of 
the covered officer, including each report submitted 
to the Congress pursuant to this section, available to 
the public, including through a World Wide Web site 
of the Federal Housing Finance Agency; and 
(2) establish an electronic mail address and a 
toll-free telephone number, and shall publicize the 
availability of such address and number, by which 
the public may report waste, fraud, or abuse by an 
enterprise. 
(e) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) CONSERVATORSHIP
PERIOD.—The term 
‘‘conservatorship period’’ means, with respect to an 
enterprise, the period that— 
(A) began upon appointment of the Fed-
eral Housing Finance agency as conservator for 
the enterprise on September 6, 2008, pursuant 
to section 1367 of the Housing and Community 
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Development Act of 1992 (12 U.S.C. 4617); 
and 
(B) ends upon the termination of such con-
servatorship of the enterprise. 
(2) COVERED OFFICER.—The term ‘‘covered of-
ficer’’ means— 
(A) the Inspector General of the Federal 
Housing Finance Agency, if one has been ap-
pointed pursuant to section 1317(d) of the 
Housing and Community Development Act of 
1992 (12 U.S.C. 4517); 
(B) if the officer referred to in subpara-
graph (A) has not been appointed, any interim 
inspector general for the Federal Housing Fi-
nance Agency appointed pursuant to any provi-
sion of law providing for such office; or 
(C) if the officer referred to in subpara-
graph (A) has not been appointed and an offi-
cer referred to in subparagraph (B) has not 
been appointed, the Associate Director for In-
ternal Audit of the Federal Housing Finance 
Agency. 
(3) 
ENTERPRISE.—The 
term 
‘‘enterprise’’ 
means the Federal National Mortgage Association 
and the Federal Home Loan Mortgage Corporation. 
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(4) REPORTING PERIOD.—The term ‘‘reporting 
period’’ means a period described in paragraph (1), 
(2), (3), or (4) of subsection (c). 
Æ 
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