An amendment designated as the second amendment numbered 22 printed in the Congressional Record to prohibit GSE's from treating the costs of making allocations to the affordable housing funds as either regular business expenses or redirecting the costs through increased fees, decreased premiums, or any other manner.

1. Adds SEC. 116. PORTFOLIO GUIDELINES on page 61, line 4

   Adds a sectionPrinted page

   Inserted: SEC. 116. PORTFOLIO GUIDELINES.

   Inserted: Subtitle B of title XIII of the Housing and Community Development Act of 1992 (12 U.S.C. 4611 et seq.), as amended by section 115, is further amended by adding at the end the following new section:

   Inserted: "SEC. 1369F. PORTFOLIO GUIDELINES.

   Inserted: "(a) Affordable Housing Requirement.--In order for the enterprises to meet their mission of providing for and promoting affordable housing, the Director shall require the enterprises to only hold, in their retained portfolios, mortgages and mortgage-backed securities that exclusively support affordable housing, and particularly mortgages extended to households having incomes below the median income for the area in which the property subject to the mortgage is located.

   Inserted: "(b) Mortgage-Related Assets Limitation.--The enterprises may purchase and retain mortgage-related assets only to the extent that the Director determines such actions are necessary for the enterprise to maintain a liquid secondary mortgage market in a manner that cannot be achieved through the activities described in subsection (a) and are consistent with the public interest.".

   Original wording

   Page 61, after line 4, insert the following new section:

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As printed