Page:United States Statutes at Large Volume 108 Part 1.djvu/387

 PUBLIC LAW 103-233—APR. 11, 1994 108 STAT. 361 12 USC 1715n note. Reports. (3) NOTICE. —The Secretary shall, by notice published in Federal the Federal Register, establish any requirements necessary to ^®fp^^r.' implement the amendments made by subsections (a) and (b). ^" The notice shall invite public comments and, not later than Regulations. 12 months after the date on which the notice is published, the Secretary shall issue final regulations based on the initial notice, taking into consideration any public comments received. (d) STREAMLINED REFINANCING.—As soon as practicable, the Secretary shall implement a streamUned refinancing program under the authority provided in section 223 of the National Housing Act to prevent the default of mortgages insured by the FHA which cover multifamily housing projects, as defined in section 203(b) of the Housing and Community Development Amendments of 1978. (e) GAO STUDY ON PREVENTION OF DEFAULT. — (1) IN GENERAL. —Not later than April 1, 1995, the Comptroller General of the United States shall 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 a report that evaluates the adequacy of loan loss reserves in the General Insurance and Special Risk Insurance Funds and presents recommendations for the Secretary to prevent losses from occurring. (2) CONTENTS. — The report submitted under paragraph (1) shall— (A) evaluate the factors considered in arriving at loss estimates and determine whether other factors should be considered; (B) determine the relative benefit of creating a new, actuarially sound insurance fund for all new multifamOy housing insurance commitments; and (C) recommend alternatives to the Secretary's current procedures for preventing the future default of multifamily housing project mortgages insured under title II of the National Housing Act. (f) GAO STUDY ON ACTUARIAL SOUNDNESS OF CERTAIN INSUR- ANCE PROGRAMS.— (1) IN GENERAL. —Not later than April 1, 1995, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Bemking, Finance and Urban Affairs of the House of Representatives a report that evaluates, in connection with the General Insurance Fund, the role and performance of the nursing home, hospital, and retirement service center insurance programs. (2) CONTENTS. — The reports submitted under paragraph (1) shall— (A) evaluate the strategic importance of these insurance programs to the mission of the FHA; (B) evaluate the impact of these insurance programs upon the financial performance of the General Insurance Fund; (C) assess the potential losses expected under these programs through fiscal year 1999; (D) evaluate the risk of these programs to the General Insurance Fund in connection with changes in national health care policy; Reports.

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