To provide that the primary and foundational responsibility of the Federal Housing Administration shall be to safeguard and preserve the solvency of the Administration.

SA 1017. Mr. VITTER submitted an amendment intended to be proposed to
amendment SA 1018 submitted by Mr. Dodd (for himself and Mr. Shelby) to
the bill S. 896, to prevent mortgage foreclosures and enhance mortgage
credit availability; as follows:

At the appropriate place, insert the following:

SEC. __. DUTIES OF THE FHA.

(a) Duty to Maintain Solvency.--Notwithstanding any other
provision of law or of this Act, the primary and foundational
responsibility of the Federal Housing Administration shall be
to safeguard and preserve the solvency of the Administration.
(b) Suspension of Activities.--If in the determination of
the Commissioner of the Federal Housing Administration, any
existing Federal requirement, program, or law, or any
amendment to such requirement, program, or law made by this
Act, threatens the solvency of the Administration or makes
the Administration reasonably likely to need a credit subsidy
from Congress, the Commissioner shall--
(1) temporary suspend any such requirement, program, or
law; and
(2) recommend legislation to the appropriate congressional
committees to address such solvency issues.
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