EVOLUCION CONSULTAS TRA
PACIENTES EMH EME
VI.3. MATRIZ DAFO
(a) IN GENERAL.—If the Corporation, upon the writ-
16
ten agreement of the Chairman of the Board of Governors 17
of the Federal Reserve System and the Secretary of the 18
Treasury, and in consultation with the Secretary of Hous- 19
ing and Urban Development, determines that unusual and 20
exigent circumstances have created or threaten to create 21
an anomalous lack of mortgage credit availability within 22
the single-family housing market, multifamily housing 23
market, or entire United States housing market that could 24
materially and severely disrupt the functioning of the 25
housing finance system of the United States, the Corpora- 1
tion may, for a period of 6 months— 2
(1) provide insurance in accordance with section 3
303 to any single-family covered security regardless 4
of whether such security has satisfied the require- 5
ments of section 302; and 6
(2) establish provisional standards for approved 7
entities, notwithstanding any standard required 8
under subtitle B or section 703, pursuant to section 9
607. 10
(b) CONSIDERATIONS.—In exercising the authority
11
granted under subsection (a), the Corporation shall con- 12
sider the severity of the conditions present in the housing 13
markets and the risks presented to the Mortgage Insur- 14
ance Fund in exercising such authority. 15
(c) TERMS AND CONDITIONS.—Insurance provided
16
under subsection (a) shall be subject to such additional 17
or different limitations, restrictions, and regulations as the 18
Corporation may prescribe. 19
(d) BAILOUT STRICTLY PROHIBITED.—In exercising
20
the authority granted under subsection (a), the Corpora- 21
tion may not— 22
(1) provide aid to an approved entity or an af- 23
filiate of the approved entity, if such approved entity 24
is in bankruptcy or any other Federal or State insol- 1
vency proceeding; or 2
(2) provide aid for the purpose of assisting a 3
single and specific company avoid bankruptcy or any 4
other Federal or State insolvency proceeding. 5
(e) NOTICE.—Not later than 7 days after authorizing
6
insurance or establishing provisional standards under sub- 7
section (a), the Corporation shall submit to the Committee 8
on Banking, Housing, and Urban Affairs of the Senate 9
and the Committee on Financial Services of the House of 10
Representatives a report that includes— 11
(1) the justification for the exercise of authority 12
to provide such insurance or establish such provi- 13
sional standards; 14
(2) evidence that unusual and exigent cir- 15
cumstances have created or threatened to create an 16
anomalous lack of mortgage credit availability within 17
the single-family housing market, multifamily hous- 18
ing market, or entire United States housing market 19
that could materially and severely disrupt the func- 20
tioning of the housing finance system of the United 21
States; and 22
(3) evidence that failure to exercise such au- 23
thority would have undermined the safety and 24
soundness of the housing finance system. 25
(f) ADDITIONAL EXERCISE OF AUTHORITY.—
1
(1) IN GENERAL.—Subject to the limitation
2
under subsection (g), the authority granted to the 3
Corporation under subsection (a) may be exercised 4
for 2 additional 9-month periods within any given 3- 5
year period, provided that the Corporation, upon the 6
written agreement of the Chairman of the Board of 7
Governors of the Federal Reserve System and the 8
Secretary of the Treasury, and in consultation with 9
the Secretary of Housing and Urban Development— 10
(A) determines— 11
(i) for a second exercise of authority 12
under subsection (a), by an affirmative 13
vote of 2⁄3 or more of the Board of Direc-
14
tors then serving, that a second exercise of 15
authority under subsection (a) is nec- 16
essary; or 17
(ii) for a third exercise of authority 18
under subsection (a), by an affirmative 19
vote of 2⁄3 or more of the Board of Direc-
20
tors then serving, and an affirmative vote 21
of 2⁄3 or more of the Board of Governors
22
of the Federal Reserve System then serv- 23
ing, that a third exercise of authority 24
under this section is necessary; and 25
(B) provides notice to Congress, as pro- 1
vided under subsection (e). 2
(2) ORDER OF EXERCISE OF AUTHORITY.—Any
3
additional exercise of authority under this subsection 4
may occur consecutively or non-consecutively. 5
(g) LIMITATION.—The authority granted to the Cor-
6
poration under this section may not be exercised more 7
than 3 times in any given 3-year period, which 3-year pe- 8
riod shall commence upon the initial exercise of authority 9
under subsection (a). 10
(h) NORMALIZATION AND REDUCTION OF RISK.—
11
Following any exercise of authority under this section, the 12
Corporation shall— 13
(1) establish a timeline for approved entities to 14
meet the approval standards set forth in this Act; 15
and 16
(2) in a manner and pursuant to a timeline 17
that will minimize losses to the Mortgage Insurance 18
Fund, establish a program to either— 19
(A) sell, in whole or in part, the first loss 20
position on covered securities issued pursuant 21
to this section to private market holders; or 22
(B) transfer for value to approved entities, 23
or work with approved entities to sell, in whole 24
or in part, the first lost position on covered se- 1
curities issued pursuant to this section. 2
(i) AUTHORITY TO RESPOND TO SUSTAINED NA-
3
TIONAL HOME PRICE DECLINE.—
4
(1) AUTHORITY.—In the event of a significant
5
decline of national home prices, in at least 2 con- 6
secutive calendar quarters, the Corporation, by an 7
affirmative vote of 2⁄3 or more of the Board of Di-
8
rectors then serving, may for a period of 6 months 9
permit the transfer of guarantees of eligible mort- 10
gage loans that secure covered securities if such eli- 11
gible mortgage loans are refinanced, regardless of 12
the value of the underlying collateral securing such 13
eligible mortgage loans. 14
(2) ADDITIONAL EXERCISE OF AUTHORITY.—
15
The authority granted to the Corporation under 16
paragraph (1) may be exercised for additional 6- 17
month periods, if upon each additional extension of 18
such authority there is an affirmative vote of 2⁄3 or
19
more of the Board of Directors then serving. 20
(3) LIMITATION.—The Corporation shall not
21
provide insurance under this section to any covered 22
security that includes mortgage loans that do not 23
meet the definition of an eligible mortgage loan, as 24
defined by this Act, except for mortgage loans refi- 25
nanced from eligible mortgage loans in covered secu- 1
rities. 2
(4) RULE OF CONSTRUCTION.—No provision in
3
this section shall be construed as permitting the 4
Corporation to lower any other requirement related 5
to the requirements set forth under the definition of 6
an eligible mortgage loan. 7
SEC. 306. GENERAL POWERS.