
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC4602]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
         SUBCHAPTER I--SUPERVISION AND REGULATION OF ENTERPRISES
 
                    Part C--Miscellaneous Provisions
 
Sec. 4602. Studies of effects of privatization of FNMA and FHLMC


(a) In general

    The Comptroller General of the United States, the Secretary of 
Housing and Urban Development, the Secretary of the Treasury, and the 
Director of the Congressional Budget Office shall each conduct and 
submit to the Committee on Banking, Finance and Urban Affairs of the 
House of Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate, not later than the expiration of the 2-year 
period beginning on October 28, 1992, a study regarding the desirability 
and feasibility of repealing the Federal charters of the Federal 
National Mortgage Association and the Federal Home Loan Mortgage 
Corporation, eliminating any Federal sponsorship of the enterprises, and 
allowing the enterprises to continue to operate as fully private 
entities.

(b) Requirements

    Each study shall particularly examine the effects of such 
privatization on--
        (1) the requirements applicable to the Federal National Mortgage 
    Association and the Federal Home Loan Mortgage Corporation under 
    Federal law and the costs to the enterprises;
        (2) the cost of capital to the enterprises;
        (3) housing affordability and availability and the cost of 
    homeownership;
        (4) the level of secondary mortgage market competition 
    subsequently available in the private sector;
        (5) whether increased amounts of capital would be necessary for 
    the enterprises to continue operation;
        (6) the secondary market for residential loans and the liquidity 
    of such loans; and
        (7) any other factors that the Comptroller General, the 
    Secretary of Housing and Urban Development, the Secretary of the 
    Treasury, or the Director of the Congressional Budget Office deems 
    appropriate to enable the Congress to evaluate the desirability and 
    feasibility of privatization of the enterprises.

(c) Information

    The Federal National Mortgage Association and the Federal Home Loan 
Mortgage Corporation shall provide full and prompt access to the 
Comptroller General, the Secretary of Housing and Urban Development, the 
Secretary of the Treasury, and the Director of the Congressional Budget 
Office to any books, records, and other information requested for the 
purposes of conducting the studies under this section.

(d) Views of FNMA and FHLMC

                    (1) Consideration in studies

        In conducting the studies under this section, the Comptroller 
    General, the Secretary of Housing and Urban Development, the 
    Secretary of the Treasury, and the Director of the Congressional 
    Budget Office shall each consider the views of the Federal National 
    Mortgage Association and the Federal Home Loan Mortgage Corporation.

                          (2) Direct report

        The Federal National Mortgage Association and the Federal Home 
    Loan Mortgage Corporation may each report directly to the Committee 
    on Banking, Finance and Urban Affairs of the House of 
    Representatives and the Committee on Banking, Housing, and Urban 
    Affairs of the Senate on its own analysis of the desirability and 
    feasibility of repealing the Federal charters of the enterprises, 
    eliminating any Federal sponsorship, and allowing the enterprises to 
    continue to operate as fully private entities.

(Pub. L. 102-550, title XIII, Sec. 1355, Oct. 28, 1992, 106 Stat. 3970.)

                         Change of Name

    Committee on Banking, Finance and Urban Affairs of House of 
Representatives treated as referring to Committee on Banking and 
Financial Services of House of Representatives by section 1(a) of Pub. 
L. 104-14, set out as a note preceding section 21 of Title 2, The 
Congress. Committee on Banking and Financial Services of House of 
Representatives abolished and replaced by Committee on Financial 
Services of House of Representatives, and jurisdiction over matters 
relating to securities and exchanges and insurance generally transferred 
from Committee on Energy and Commerce of House of Representatives by 
House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
