To improve the regulation of appraisal standards.

SA 4984. Mrs. DOLE (for herself and Mr. Burr) submitted an amendment
intended to be proposed to amendment SA 4983 proposed by Mr. Reid (for
Mr. Dodd (for himself and Mr. Shelby)) to the bill H.R. 3221, moving
the United States toward greater energy independence and security,
developing innovative new technologies, reducing carbon emissions,
creating green jobs, protecting consumers, increasing clean renewable
energy production, and modernizing our energy infrastructure, and to
amend the Internal Revenue Code of 1986 to provide tax incentives for
the production of renewable energy and energy conservation; as follows:

At the appropriate place, insert the following:

SEC. __. REGULATION OF APPRAISAL STANDARDS.

Section 1319G of the Federal Housing Enterprises Financial
Safety and Soundness Act of 1992 (12 U.S.C. 4526) is amended
by adding at the end the following new subsection:
``(d) Regulation of Appraisal Standards.--
``(1) In general.--Not later than 120 days after the date
of enactment of this subsection, but not later than December
31, 2008, the Director shall issue in final form a regulation
that establishes appraisal standards for mortgages purchased
or guaranteed by the enterprises.
``(2) Consistency.--In issuing the regulation required by
this subsection, the Director shall ensure that the
regulation is consistent with appraisal regulations and
guidelines issued by the Federal banking agencies (as that
term is defined in section 3(z) of the Federal Deposit
Insurance Act) and the National Credit Union Administration,
including regulations and guidelines related to the
independence and accuracy of appraisals, and do not conflict
with any other banking regulations.
``(3) Application.--The regulation issued pursuant to this
subsection shall supersede the terms of any agreement
relating to appraisal standards entered into by the Director
or the enterprises prior to or after the issuance of the
regulation required by this subsection in final form, to the
extent that any such agreement is inconsistent with the
regulation. The Director shall have the authority to make
determinations, at the Director's discretion and in response
to requests for such determinations, as to whether any such
agreements are, or have become, inconsistent with applicable
regulations, and any terms of any such prior agreement that
are consistent with the regulation shall not be effective
until 1 year following the date of enactment of the issuance
of the regulation in final form.''.
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