S.Amdt. 2814

SA 2814. Mr. CORKER (for himself and Mr. Warner) submitted an
amendment intended to be proposed by him to the bill H.R. 2577, making
appropriations for the Departments of Transportation, and Housing and
Urban Development, and related agencies for the fiscal year ending
September 30, 2016, and for other purposes; which was ordered to lie on
the table; as follows:

At the appropriate place, insert the following:
Sec. __. (a) In this section:
(1) Enterprise.--The term ``enterprise'' has the meaning
given the term in section 1303 of the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992 (12
U.S.C. 4502).
(2) Guarantee fee.--The term ``guarantee fee''--
(A) means a fee in connection with any guarantee of the
timely payment of principal and interest on securities,
notes, and other obligations based on or backed by mortgages
on residential real properties designed principally for
occupancy of from 1 to 4 families; and
(B) includes--
(i) the guaranty fee charged by the Federal National
Mortgage Association with respect to mortgage-backed
securities; and
(ii) the management and guarantee fee charged by the
Federal Home Loan Mortgage

[[Page S8106]]

Corporation with respect to participation certificates.
(3) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(4) Senior preferred stock purchase agreement.--The term
``Senior Preferred Stock Purchase Agreement'' means--
(A) the Amended and Restated Senior Preferred Stock
Purchase Agreement, dated September 26, 2008, as such
Agreement has been amended on May 6, 2009, December 24, 2009,
and August 17, 2012, respectively, and as such Agreement may
be further amended and restated, entered into between the
Department of the Treasury and each enterprise, as
applicable; and
(B) any provision of any certificate in connection with
such Agreement creating or designating the terms, powers,
preferences, privileges, limitations, or any other conditions
of the Variable Liquidation Preference Senior Preferred Stock
of an enterprise issued or sold pursuant to such Agreement.
(b)(1) In the Senate and the House of Representatives, for
purposes of determining budgetary impacts to evaluate points
of order under the Congressional Budget Act of 1974, any
previous budget resolution, and any subsequent budget
resolution, provisions contained in any bill, resolution,
amendment, motion, or conference report that increase, or
extend the increase of, any guarantee fee of an enterprise
shall not be scored with respect to the level of budget
authority, outlays, or revenues contained in such
legislation.
(2) The prohibition in paragraph (1) shall not apply to any
legislation that--
(A) includes a specific instruction to the Secretary on the
sale, transfer, relinquishment, liquidation, divestiture, or
other disposition of senior preferred stock acquired pursuant
to the Senior Preferred Stock Purchase Agreement; and
(B) provides for an increase, or extension of an increase,
of any guarantee fee of an enterprise to be used for the
purpose of financing reforms to the secondary mortgage
market.
(c)(1) Notwithstanding any other provision of law or any
provision of the Senior Preferred Stock Purchase Agreement,
the Secretary may not sell, transfer, relinquish, liquidate,
divest, or otherwise dispose of any outstanding shares of
senior preferred stock acquired pursuant to the Senior
Preferred Stock Purchase Agreement, until such time as
Congress has passed and the President has signed into law
legislation that includes a specific instruction to the
Secretary regarding the sale, transfer, relinquishment,
liquidation, divestiture, or other disposition of the senior
preferred stock so acquired.
(2) Nothing in this subsection shall be construed to alter,
supersede, or interfere with the final ruling of a court of
competent jurisdiction with respect to any provision of the
Senior Preferred Stock Purchase Agreement.
______