Page:United States Statutes at Large Volume 122.djvu/2714

 12 2 STA T . 2 69 1 PUBLIC LA W 11 0– 2 8 9 —J UL Y3 0, 2008 ‘ ‘ (2)EXPEDIT ED R E V IE W.— ‘‘( A )E N TERPRI S EN O TI C E.— Forany n ew a ctiv ity t h at an enter p ri s e consi d ers not to b eaprod u ct , the enterprise sha l l provide written notice to the D irector o f such activity, and m ay not commence such activity until the date of receipt of a notice under subpara g raph ( B )orthee x piration of the period described in subparagraph ( C ). T he Director shall establish, by regulation, the form and content of such written notice. ‘‘(B) DIRECTOR DETER M IN A TION.— N ot later than 15 days after the date of receipt of a notice under subpara - graph (A), the Director shall determine whether such activity is a product sub j ect to approval under this section. The Director shall, immediately upon so determining, notify the enterprise. ‘‘(C) FAI LU RE TO ACT.— I f the Director fails to determine whether such activity is a product within the 15-day period described in subparagraph (B), the enterprise may com- mence the new activity in accordance with subparagraph (A). ‘‘(f) NO L IMITATION.—Nothing in this section may be construed to restrict— ‘‘(1) the safety and soundness authority of the Director over all new and existing products or activities or ‘‘(2) the authority of the Director to review all new and existing products or activities to determine that such products or activities are consistent with the statutory mission of an enterprise. ’ ’. SEC.1 1 24 .C ONF O RMI N GL O A N LIMI T S. (a) FANNIE M AE.— (1) G ENERAL LIMIT.— S ection 30 2(b)(2) of the Federal National Mortgage Association Charter Act (12 U .S.C. 1 7 17(b)(2)) is amended by stri k ing the 7th and 8 th sentences and inserting the following new sentences

‘‘Such limitations shall not exceed $4 17,000 for a mortgage secured by a single- family residence, $533,850 for a mortgage secured by a 2- family residence, $ 6 45,300 for a mortgage secured by a 3- family residence, and $801, 9 50 for a mortgage secured by a 4-family residence, except that such maximum limitations shall be adjusted effective J anuary 1 of each year beginning after the effective date of the Federal H ousing Finance R egulatory Reform Act of 2008, subject to the limitations in this paragraph. Each adjustment shall be made by adding to each such amount (as it may have been previously adjusted) a percentage thereof e q ual to the percentage increase, during the most recent 12- month or 4-quarter period ending before the time of determining such annual adjustment, in the housing price index maintained by the Director of the Federal Housing Finance Agency (pursu- ant to section 1322 of the Federal Housing Enterprises Finan- cial Safety and Soundness Act of 1992 (12 U.S.C. 4541)). If the change in such house price index during the most recent 12-month or 4-quarter period ending before the time of deter- mining such annual adjustment is a decrease, then no adjust- ment shall be made for the next year, and the next adjustment shall take into account prior declines in the house price index, so that any adjustment shall reflect the net change in the Ef f ectiv e da te s.D ead l i n e. No tification. R e gu lations.

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