Page:United States Statutes at Large Volume 122.djvu/2716

 12 2 STA T . 2 693PUBLIC LA W 11 0– 2 8 9 —J UL Y 30, 2008 thel e s se rof150p er c e n tofs u chl im it a tion for such si z e resi -d ence or the amount that is e q ual to 115 percent of the median house price in such area for such size residence .’ ’. (3)EF F ECTIV E DA TE. —T he amendments made by para- g raphs (1) and ( 2 ) of this subsection shall ta k e effect upon the e x piration of the date described in section 201(a) of the Economic S timulus A ct of 200 8 ( P ublic L a w 110 – 185). (c) SE NS E O F C ON GR ESS.— I t is the sense of the Congress that the securitization of mortgages by the F ederal N ational M ortgage Association and the Federal H ome Loan Mortgage Corporation plays an important role in pro v iding liquidity to the U nited States housing markets. Therefore , the Congress encourages the Federal National Mortgage Association and the Federal Home Loan Mortgage Cor- poration to securitize mortgages acquired under the increased con- forming loan limits established under this Act. (d) HO U SING PRICE INDE X .—Part 2 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1 9 92 (12 U.S.C. 4 541 et seq.) is amended by inserting after section 1321 (as added by section 1123 of this Act) the following new section

‘ SEC.132 2. HOU S INGPR ICE IN D E X. ‘ ‘The D irector shall establish and maintain a method of assessing the national average 1-family house price for use for ad j usting the conforming loan limitations of the enterprises. In establishing such method, the Director shall take into consideration the monthly survey of all major lenders conducted by the Federal Housing Finance Agency to determine the national average 1-family house price, the House Price Index maintained by the O ffice of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development before the effective date of the Federal Housing Finance R egulatory Reform Act of 2008, any appro- priate house price indexes of the B ureau of the Census of the Department of Commerce, and any other indexes or measures that the Director considers appropriate.’’. SEC. 112 5 . A NNUA L HOUSING REPOR T . (a) RE P EA L .—Section 1324 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4544) is hereby repealed. (b) ANNUAL HOUSING REPORT.—The Federal Housing Enter- prises Financial Safety and Soundness Act of 1992 is amended by inserting after section 1323 the following: ‘‘SEC. 132 4 . ANNUAL HOUSING REPORT. ‘‘(a) IN G ENERAL.—After reviewing and analyzing the reports submitted under section 309(n) of the Federal National Mortgage Association Charter Act and section 30 7 (f) of the Federal Home Loan Mortgage Corporation Act, the Director shall submit a report, not later than October 30 of each year, to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Com- mittee on Financial Services of the House of Representatives, on the activities of each enterprise. ‘‘(b) CONTENTS.—The report required under subsection (a) shall— ‘‘(1) discuss— ‘‘(A) the extent to and manner in which— 12USC45 44 .As s e ss m e nt s. 12 USC 4542. 12 USC 1454 n o te.

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