
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC12821]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                CHAPTER 130--NATIONAL AFFORDABLE HOUSING
 
             SUBCHAPTER II--INVESTMENT IN AFFORDABLE HOUSING
 
                   Part E--Mortgage Credit Enhancement
 
Sec. 12821. Report on credit enhancement


(a) In general

    The Comptroller General of the United States shall carry out a study 
of ways in which financing for affordable housing may be made available 
to assist in the most efficient implementation of comprehensive housing 
affordability strategies of participating jurisdictions. In conducting 
the study, the Comptroller General shall draw upon the expertise of such 
representatives of State and local government, State and local housing 
finance agencies, agencies of the United States, government-sponsored 
mortgage finance corporations, for-profit and nonprofit housing 
developers, private financial institutions, and sources of long-term 
mortgage investment, as the Comptroller General determines to be 
appropriate.

(b) Report

    Not later than one year after November 28, 1990, the Comptroller 
General shall submit to the Congress and the Secretary a report 
containing any recommendations for legislative or administrative actions 
needed to improve the availability of mortgage finance for affordable 
housing. The report shall include, but need not be limited to, an 
assessment of--
        (1) the need for the Department of Housing and Urban Development 
    or other agencies of the United States to provide partial credit 
    enhancement to make financing for affordable housing available 
    efficiently and at the lowest possible cost; and
        (2) alternative ways in which--
            (A) the Department could provide any needed credit 
        enhancement on a one-stop basis for participating jurisdictions, 
        in coordination with other forms of assistance under this part;
            (B) the Department or other agencies of the Federal 
        Government could assist government-sponsored mortgage finance 
        corporations in the financing of mortgages on affordable housing 
        through the development of mortgage-backed securities that are 
        more standardized and readily traded in the capital markets;
            (C) the capacities of existing agencies of the United States 
        could be used to provide mortgage finance more efficiently for 
        affordable housing through government-sponsored mortgage finance 
        corporations; and
            (D) the interests of the Federal Government could be 
        protected and any risks of loss could be minimized through 
        requirements for fees, mortgage insurance, risk-sharing, secure 
        collateral, and guarantees by other parties, and through 
        standards relating to minimum capital and prior experience with 
        underwriting, origination and servicing.

(Pub. L. 101-625, title II, Sec. 271, Nov. 28, 1990, 104 Stat. 4124.)
