FHA Enhanced Oversight Act of 2013

Bill: 113-hr-264
Sponsor: full_name: Rep. Lynch, Stephen F. [D-MA-8]
Introduced: 2013-01-15
Policy area: Housing and Community Development
Subjects: Accounting and auditing

Government lending and loan guarantees

Government trust funds

Housing finance and home ownership
Latest action: action_date: 2013-01-15
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2013-01-15
action_desc: Introduced in House
text: <p>FHA Enhanced Oversight Act of 2013 - Amends the National Housing Act to require semiannual independent studies during any period that the Mutual Mortgage Insurance Fund does not meet minimum capital ratio requirements. </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 264 IN THE HOUSE OF REPRESENTATIVES January 15, 2013 Mr. Lynch introduced the following bill; which was referred to the Committee on Financial Services A BILL To provide for semiannual actuarial studies of the FHA mortgage insurance program of the Secretary of Housing and Urban Development during periods that the Mutual Mortgage Insurance Fund does not meet minimum capital ratio requirements.

1. Short title This Act may be cited as the FHA Enhanced Oversight Act of 2013 . 2. Semiannual actuarial studies of MMIF during periods of capital depletion Paragraph (4) of section 202(a) of the National Housing Act ( 12 U.S.C. 1708(a)(4) ) is amended— (1) in the first sentence, by inserting except as provided in subparagraph (B), after to be conducted annually, ; (2) in the second sentence, by inserting , except as provided in subparagraph (B), after annually ; (3) by striking the paragraph designation and heading and all that follows through The Secretary shall provide and inserting the following: (4) Independent actuarial study (A) Annual study The Secretary shall provide ; and (4) by adding at the end the following new subparagraph: (B) Semiannual studies during periods of capital depletion During any period that the Fund fails to maintain sufficient capital to comply with the capital ratio requirement under section 205(f)(2)— (i) the independent study required by subparagraph (A) shall be conducted semiannually and shall analyze the financial position of the Fund as of September 30 and March 31 of each fiscal year during such period; and (ii) the Secretary shall submit a report meeting the requirements of subparagraph (A) for each such semiannual study. .