H. R. 5823
IN THE HOUSE OF REPRESENTATIVES
May 17, 2012
Mr. Gary G. Miller of California (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
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.
This Act may be cited as the
Saving Taxpayers from Unnecessary GSE
Bulk Sale Programs Act of 2012.
Prohibition on disposition of certain real estate-owned under FHFA bulk sales initiative
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.
For purposes of this section, the following definitions shall apply:
Initiative for bulk sales of covered real estate-owned
The term initiative for bulk sales of covered real estate-owned means—
the initiative of the Federal Housing Finance Agency that—
was announced in 2012, pursuant to a request for information issued on August 10, 2011; and
provides for qualified investors to purchase pools of covered real estate-owned; and
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).
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.