H.R.3703 - Housing Finance Regulatory Improvement Act106th Congress (1999-2000)
Summary: H.R.3703 — 106th Congress (1999-2000)
Housing Finance Regulatory Improvement Act - Title I: Housing Finance Oversight Board - Subtitle A: Improvement of Supervision - Amends the Housing and Community Development Act of 1992 to establish the Housing Finance Oversight Board in lieu of the existing Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), the Federal Housing Finance Board, and specified government sponsored enterprise (enterprises) authority of the Secretary of Housing and Urban Development.
Introduced in House (02/29/2000)
Directs the Board to ensure that the enterprises and the Federal home loan banks (banks) operate in a financially safe manner and remain adequately capitalized.
(Sec. 103) Provides for public disclosure of information that would increase the efficiency of the secondary mortgage market or the housing finance system.
(Sec. 105) Subjects the banks to Board assessment authority.
(Sec. 109) Eliminates specified enterprise regulatory authority of HUD.
(Sec. 110) Grants the Board prior approval authority over new activities of the banks and enterprises.
(Sec. 111) Authorizes the Board to limit enterprise and bank nonmission-related assets.
(Sec. 112) Amends the Federal National Mortgage Association Charter Act to establish specified conforming loan limits.
Amends the Housing and Community Development Act of 1992 to direct the Board to establish a housing price index.
(Sec. 114) Amends the Federal Home Loan Bank Act to subject the banks to Board regulatory authority.
Subtitle B: Reduction of Systematic Risk -Amends the Housing and Community Development Act of 1992 to subject enterprises to annual credit determinations.
(Sec. 136) Amends the Federal National Mortgage Association Charter Act (Fannie Mae), the Home Loan Mortgage Corporation Act (Freddie Mac), and the Federal Home Loan Bank Act (banks) to eliminate Treasury credit line authority.
(Sec. 139) Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation.
(Sec. 141) Directs the Federal Deposit Insurance Corporation to study the effects of enterprise failure on depository institutions.
Subtitle C: General Provisions - Makes conforming amendments to specified Acts.
Title II: Transfer of Functions, Personnel, and Property - Abolishes the (HUD) Office of Federal Housing Enterprise Oversight, and the Federal Housing Finance Board. Sets forth related transfer of personnel and facility and property provisions.