S.Amdt. 1486
What it does: Adds SEC. ___. PROHIBITION AGAINST A FEDERAL PROGRAM OF MORTGAGE PRINCIPAL REDUCTION at the end of the bill
Sen. Bob Corker (R-TN)What it changes
1 change to S. 2038 · shown in the bill's text
Adds SEC. ___. PROHIBITION AGAINST A FEDERAL PROGRAM OF MORTGAGE PRINCIPAL REDUCTION at the end of the bill
Adds a sectionIn S. 2038 · Placed on Calendar Senate
(f) Rule of Construction.--Nothing in this section shall be construed to be in derogation of existing laws, regulations, or ethical obligations of Federal employees.
Inserted: SEC. ___. PROHIBITION AGAINST A FEDERAL PROGRAM OF MORTGAGE PRINCIPAL REDUCTION.
Inserted: Part 3 of subtitle A of the Federal Housing Enterprise Financial Safety and Soundness Act of 1992 (12 U.S.C. 4601 et seq.) is amended by adding at the end the following:
Inserted: "SEC. 1357. NO FEDERAL BAILOUTS OF RECKLESS BORROWERS.
Inserted: "It shall be unlawful for the Federal Government to reduce the principal of mortgage loans that are held in mortgage-backed securities of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation.
Inserted: "SEC. 1358. STATES BEAR THEIR OWN COSTS.
Inserted: "On or before the date that is 6 months after the date of enactment of this section, the Director shall develop a program that--
Inserted: "(1) conforms to all existing pooling and servicing agreements of the enterprises on all outstanding mortgage-backed securities held by the enterprises;
Inserted: "(2) allows for individual States to purchase whole loans out of mortgage-backed securities held by the enterprises for the purposes of reducing principal or performing other loan modifications, as determined appropriate by each individual State;
Inserted: "(3) ensures that the Federal Government is paid at least par, or 100 cents on the dollar, for all whole loans sold out of mortgage-backed securities held by the enterprises to individual States for the purpose of performing loan modifications; and
Inserted: "(4) ensures that the Federal Government is reimbursed by individual States for the entire cost of such program, including administrative costs, so that no cost is borne whatsoever by the Federal Government.".
Original wording
At the end, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 1486. Mr. CORKER submitted an amendment intended to be proposed by him to the bill S. 2038, to prohibit Members of Congress and employees of Congress from using nonpublic information derived from their official positions for personal benefit, and for other purposes; which was ordered to lie on the table; as follows:
At the end, insert the following:
SEC. ___. PROHIBITION AGAINST A FEDERAL PROGRAM OF MORTGAGE PRINCIPAL REDUCTION.
Part 3 of subtitle A of the Federal Housing Enterprise Financial Safety and Soundness Act of 1992 (12 U.S.C. 4601 et seq.) is amended by adding at the end the following:
“SEC. 1357. NO FEDERAL BAILOUTS OF RECKLESS BORROWERS.
“It shall be unlawful for the Federal Government to reduce the principal of mortgage loans that are held in mortgage-backed securities of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation.
“SEC. 1358. STATES BEAR THEIR OWN COSTS.
“On or before the date that is 6 months after the date of enactment of this section, the Director shall develop a program that--
“(1) conforms to all existing pooling and servicing agreements of the enterprises on all outstanding mortgage-backed securities held by the enterprises;
“(2) allows for individual States to purchase whole loans out of mortgage-backed securities held by the enterprises for the purposes of reducing principal or performing other loan modifications, as determined appropriate by each individual State;
“(3) ensures that the Federal Government is paid at least par, or 100 cents on the dollar, for all whole loans sold out of mortgage-backed securities held by the enterprises to individual States for the purpose of performing loan modifications; and
“(4) ensures that the Federal Government is reimbursed by individual States for the entire cost of such program, including administrative costs, so that no cost is borne whatsoever by the Federal Government.”.
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Senate amendment submitted
January 31, 2012