S.Amdt. 4991

SA 4991. Mr. BINGAMAN (for himself and Mr. Domenici) 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; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

TITLE ___--ENERGY EFFICIENT MORTGAGES

SEC. __01. SHORT TITLE.

This title may be cited as the ``Energy Efficient Mortgages
Act of 2008''.

SEC. __02. DEFINITION.

As used in this title, the term ``energy efficient
mortgage'' means a mortgage loan under which the income of
the borrower, for purposes of qualification for such loan, is
considered to be increased by not less than $1 for each $1 of
savings projected to be realized by the borrower as a result
of cost-effective energy saving construction or improvements
for the home for which the loan is made.

SEC. __03. ADDITIONAL CREDIT FOR FANNIE MAE AND FREDDIE MAC
HOUSING GOALS FOR ENERGY EFFICIENT MORTGAGES.

Section 1336(a) of the Housing and Community Development
Act of 1992 (12 U.S.C. 4566(a)) is amended--
(1) in paragraph (2), by inserting ``, except as provided
in paragraph (4),'' after ``which''; and
(2) by adding at the end the following new paragraph:
``(5) Additional credit.--
``(A) Amount.--
``(i) In general.--In assigning credit toward achievement
under this section of the housing goals for mortgage purchase
activities of the enterprises, the Director shall assign not
less than 125 percent credit, for purchases of mortgages
that--

``(I) comply with the requirements of such goals; and
``(II) are energy efficient mortgages, as such term is
defined under section ___02 of the Energy Efficient Mortgages
Act of 2008.

``(ii) Extent of credit.--Any additional credit assigned
under clause (i) shall be given based on the extent to which
the housing supported with such purchases is energy
efficient.
``(B) Treatment of additional credit.--The availability of
additional credit under this paragraph shall not be used to
increase any housing goal, subgoal, or target established
under this subpart.''.

SEC. __04. AUTHORITY OF HOUSING-RELATED GOVERNMENT-SPONSORED
ENTERPRISES WITH RESPECT TO ENERGY EFFICIENT
MORTGAGES AND REPORTING.

(a) Fannie Mae Purchase Authority.--The Federal National
Mortgage Association Charter Act is amended--
(1) in section 302(b) (12 U.S.C. 1717(b)), by adding at the
end the following new paragraph:
``(7) The mortgages specified in this subsection that the
corporation is authorized to purchase, sell, service, lend on
the security of, and otherwise deal in, shall include any
such mortgages that are energy efficient mortgages (as such
term is defined in section ___02 of the Energy Efficient
Mortgages Act of 2008).''; and
(2) in section 309 (12 U.S.C. 1723a)--
(A) in subsection (m)--
(i) in paragraph (1)--

(I) by redesignating subparagraphs (D) and (E) as
subparagraphs (E) and (F), respectively; and
(II) by inserting after subparagraph (C) the following new
subparagraph:

``(D) whether a particular mortgage purchased is an energy
efficient mortgage (as such term is defined in section ___02
of the Energy Efficient Mortgages Act of 2008);''; and
(ii) in paragraph (2)(D), by inserting before the closing
parenthesis the following: ``, and whether the mortgage is an
energy efficient mortgage (as such term is defined in section
___02 of the Energy Efficient Mortgages Act of 2008)''; and
(B) in subsection (n)(2)(C), by inserting before the
semicolon the following: ``and the extent to which the
mortgages on single family and multifamily housing purchased
by the corporation are energy efficient mortgages (as such
term is defined in section ___02 of the Energy Efficient
Mortgages Act of 2008)''.
(b) Freddie Mac Purchase Authority.--The Federal Home Loan
Mortgage Corporation Act is amended--
(1) in section 305(a) (12 U.S.C. 1454), by adding at the
end the following new paragraph:
``(6) The mortgages specified in this subsection that the
Corporation is authorized to purchase, sell, service, lend on
the security of, and otherwise deal in, shall include any
such mortgages that are energy efficient mortgages (as such
term is defined in section ___02 of the Energy Efficient
Mortgages Act of 2008).''; and
(2) in section 307 (12 U.S.C. 1456)--
(A) in subsection (e)--
(i) in paragraph (1)--

(I) by redesignating subparagraphs (D) and (E) as
subparagraphs (E) and (F), respectively; and
(II) by inserting after subparagraph (C) the following new
subparagraph:

``(D) whether a particular mortgage purchased is an energy
efficient mortgage (as such term is defined in section ___02
of the Energy Efficient Mortgages Act of 2008);''; and
(ii) in paragraph (2)(D), by inserting before the closing
parenthesis the following: ``, and whether the mortgage is an
energy efficient mortgage (as such term is defined in section
___02 of the Energy Efficient Mortgages Act of 2008)''; and
(B) in subsection (f)(2)(C), by inserting before the
semicolon the following: ``and the extent to which the
mortgages on single family and multifamily housing purchased
by the Corporation are energy efficient mortgages (as such
term is defined in section ___02 of the Energy Efficient
Mortgages Act of 2008)''.

SEC. __05. RECOMMENDATIONS TO ELIMINATE BARRIERS TO USE OF
ENERGY EFFICIENT MORTGAGES.

(a) In General.--Not later than 180 days after the date of
enactment of this title, the Secretary of Housing and Urban
Development, in conjunction with the Secretary of Energy and
the Administrator of the Environmental Protection Agency,
shall consult with the residential mortgage industry and
States to develop recommendations to eliminate the barriers
that exist to increasing the availability, use, and purchase
of energy efficient mortgages, including such barriers as--
(1) the lack of reliable and accessible information on such
mortgages, including estimated energy savings and other
benefits of energy efficient housing;
(2) the confusion regarding underwriting requirements and
differences among various energy efficient mortgage programs;
(3) the complex and time consuming process of securing such
mortgages;
(4) the lack of publicly available research on the default
risk of such mortgages; and
(5) the availability of certified or accredited home energy
rating services.
(b) Report to Congress.--The Secretary of Housing and Urban
Development shall submit a report to Congress that--

[[Page S5908]]

(1) summarizes the recommendations developed under
subsection (a); and
(2) includes any recommendations for statutory, regulatory,
or administrative changes the Secretary deems necessary to
institute such recommendations.

SEC. __06. ENERGY EFFICIENT MORTGAGES OUTREACH CAMPAIGN.

(a) In General.--The Secretary of Housing and Urban
Development, in consultation and coordination with the
Secretary of Energy, the Administrator of the Environmental
Protection Agency, and State Energy and Housing Finance
Directors, shall carry out an education and outreach campaign
to inform and educate consumers, home builders, residential
lenders, and other real estate professionals on the
availability, benefits, and advantages of--
(1) improved energy efficiency in housing; and
(2) energy efficient mortgages.
(b) Authorization of Appropriations.--There are authorized
to be appropriated such sums as are necessary to carry out
the education and outreach campaign described under
subsection (a).
______