S.Amdt. 2077

SA 2077. Mr. HELLER submitted an amendment intended to be proposed by
him to the bill S. 2155, to promote economic growth, provide tailored
regulatory relief, and enhance consumer protections, and for other
purposes; which was ordered to lie on the table; as follows:

At the end, add the following:

TITLE VI--MISCELLANEOUS

SEC. 601. PROHIBITING THE USE OF GUARANTEE FEES AS AN OFFSET.

(a) Definition.--The term ``guarantee fee''--
(1) 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
(2) includes--
(A) the guarantee fee charged by the Federal National
Mortgage Association with respect to mortgage-backed
securities; and
(B) the management and guarantee fee charged by the Federal
Home Loan Mortgage Corporation with respect to participation
certificates.
(b) Prohibition.--Except as provided in subsection (c), in
the Senate and the House of Representatives, for purposes of
determining points of order under the Congressional Budget
Act of 1974 (2 U.S.C. 621 et seq.) or any concurrent
resolution on the budget, any provision that increases, or
extends the increase of, any guarantee fee of an enterprise
shall not be counted in estimating the level of budget
authority, outlays, or revenues--
(1) in the Senate, for any bill, joint resolution,
amendment, amendment between the Houses, conference report,
or motion; and
(2) in the House of Representatives, for any bill or joint
resolution, or amendment thereto or conference report
thereon.
(c) Exception.--The prohibition in subsection (b) shall not
apply to any legislation that--
(1) includes a specific instruction to the Secretary of the
Treasury on the sale, transfer, relinquishment, liquidation,
divestiture, or other disposition of senior preferred stock
acquired pursuant to the Senior Preferred Stock Purchase
Agreement; and
(2) 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.
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