Page:United States Statutes at Large Volume 106 Part 5.djvu/367

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4005 (n) OBLIGATIONS AND SECURITIES AND ASSESSMENTS FOR OFFICE.— Section 306 of the Federal Home Loan Mortgage Corporation (12 U.S.C.1455) is amended— (1) in subsection (h)— (A) by inserting "(ir after "(h)"; and (B) by adding at the end the following new paragraph: "(2) The Corporation shall insert appropriate language in all of the obligations and securities of the Corporation issued under this section and section 305 clearly indicating that such obligations and securities, together with the interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or any agency or instrumentality thereof other than the Corporation."; and (2) in the first sentence of subsection (i), by striking "section 303(c) or 306(c)" and inserting the following: "sections 303(c) and 1316(c) of this Act and assessments pursuant to section 106 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992". (o) GAO AUDITS.— Section 307(b) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1456(b)) is amended— (1) by inserting "(1)" after "(b)"; (2) by striking the first sentence and inserting the following new sentence: "The programs, activities, receipts, expenditures, and financial transactions of the Corporation shall be subject to audit by the Comptroller General of the United States under such rules and regulations as may be prescribed by the Comptroller General."; and (3) by adding at the end the following new paragraph: "(2) To carry out this subsection, the representatives of the General Accounting Office shall have access, upon request to the Corporation or any auditor for an audit of the Corporation under subsection (d), to any books, accounts, financial records, reports, files, or other papers, things, or property belonging to or in use by the Corporation and used in any such audit and to any papers, records, files, and reports of the auditor used in such an audit.", (p) FINANCIAL REPORTS TO DIRECTOR. —Section 307 of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1456) is amended by adding at the end the following new subsection: "(c)(1) The Corporation shall submit to the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development annual and quarterly reports of the financial condition and operations of the Corporation which shall be in such form, contain such information, and be submitted on such dates as the Director shall require. "(2) Each such annual report shall include— "(A) financial statements prepared in accordance with generally accepted accounting principles; "(B) any supplemental information or alternative presentation that the Director may require; and "(C) an assessment (as of the end of the Corporation's most recent fiscal year), signed by the chief executive officer and chief accounting or financial officer of the Corporation, of— "(i) the effectiveness of the internal control structure and procedures of the Corporation; and "(ii) the compliance of the Corporation with designated safety and soundness laws.

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