H.R. 5823 (112th): Saving Taxpayers from Unnecessary GSE Bulk Sale Programs Act of 2012

112th Congress, 2011–2013. Text as of May 17, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

2d Session

H. R. 5823

IN THE HOUSE OF REPRESENTATIVES

May 17, 2012

(for himself, Ms. Chu, Mr. Rohrabacher, Mr. Calvert, Mrs. Davis of California, Mr. Sherman, and Mr. Baca) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To prohibit the Federal Housing Finance Agency from disposing of certain real estate-owned of such Agency, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation, under the initiative of such Agency for bulk sales of real estate-owned.

1.

Short title

This Act may be cited as the Saving Taxpayers from Unnecessary GSE Bulk Sale Programs Act of 2012.

2.

Prohibition on disposition of certain real estate-owned under FHFA bulk sales initiative

(a)

Prohibition

Effective upon the enactment of this Act, the Director of the Federal Housing Finance Agency may not dispose of any covered real-estate owned that is located in the State of California under any initiative for bulk sales of covered real estate-owned and may not carry out such initiative with respect to covered real estate-owned that is located in such State.

(b)

Definitions

For purposes of this section, the following definitions shall apply:

(1)

Initiative for bulk sales of covered real estate-owned

The term initiative for bulk sales of covered real estate-owned means—

(A)

the initiative of the Federal Housing Finance Agency that—

(i)

was announced in 2012, pursuant to a request for information issued on August 10, 2011; and

(ii)

provides for qualified investors to purchase pools of covered real estate-owned; and

(B)

any other program or initiative of the Federal Housing Finance Agency, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation that is substantially similar to or substantially based on the initiative identified in subparagraph (A).

(2)

Covered real estate-owned

The term covered real estate-owned means real estate-owned of the Federal Housing Finance Agency, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation.