§ 1452. Federal Home Loan Mortgage Corporation

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1970

   Emergency Home Finance Act of 1970

   Pub. L. 91–351 title III § 303 · 84 Stat. 450

   Enacted · 12 U.S.C. § 1452

   Pub. L. 91–351, title III, § 303, July 24, 1970, 84 Stat. 452

   Source evidence

   Code source credit
   Pub. L. 91–351, title III, § 303, July 24, 1970, 84 Stat. 452

   Enacted provision · exact public law section
   Sec. 303. establishment of the corporation (a) There is created the Federal Home Loan Mortgage Corporation, which shall be a body corporate and shall be tinder the direction of a Board of Directors composed of the members of the Federal Home Loan Bank Board, who shall serve as such without additional compensation. The Chairman of the Federal Home Loan Bank Board shall be the Chairman of the Board of Directors. The. principal office of the Corporation shall be in the District of Columbia or at such other place as the. Corporation may from time to time prescribe. The Corporation shall lie a member of each Federal home loan bank and, except as otherwise provided by the Federal Home loan Bank Board, shall have all the benefits, powers, and privileges, and in the exercise thereof shall be subject to all liabilities, conditions, and limitations (except those relating to Federal home loan bank stock mid subscriptions thereto and those under provisions of the Federal 47 Stat. 725; 49 Stat. 294. 12 USC 1421–1428a. Powers. Home Loan Bank Act preceding section 9) which are provided by the terms of such Act or other Federal statute for members of any such bank. (b) The Corporation shall have power (1) to adopt, alter, and use a corporate seal; (2) to have succession until dissolved by Act of Congress; (3) to make and enforce Such bylaws, rules, and regulations as may be necessary or appropriate to carry out the purposes or provisions of this title; (4) to make and perform contracts, agreements, and commitments; (5) to prescribe and impose fees and charges for services by the Corporation; (6) to settle, adjust, and compromise, and with or without consideration or benefit to the Corporation to release or waive in whole or in part, in advance or otherwise, any claim, demand, or right of, by, or against the Corporation; (7) to sue and be sued, complain and defend, in any State, Federal, or other court; (8) to acquire, take, hold, and own, and to deal with and dispose of any property; and (9) to determine its necessary expenditures and the manner in which the same shall be incurred, allowed, and paid, and appoint, employ., and fix and provide for the compensation and benefits of officers, employees, attorneys, and agents, all without regard to any other law except as may be provided by the Corporation or by laws hereafter enacted by the Congress expressly in limitation of this sentence. Nothing in this title or any other law shall be construed to prevent the appointment, employment, and provision for compensation and benefits, as an officer, employee, attorney, or agent of the Corporation, of any officer, employee, attorney, or agent of any department, establishment, or corporate or other instrumentality of the Government, including any Federal home loan bank or member thereof. The Corporation, with the consent of any such department, establishment, or instrumentality, including any Held services thereof, may utilize and act through any such department, establishment, or instrumentality and may avail itself of the use of information, services, facilities, and personnel thereof, and may pay compensation therefor, and all of the foregoing are hereby authorized to provide the same to the Corporation as it may request. (c) Funds of the Corporation may be invested in such hi vestments as Funds, investment. the Board of Directors may prescribe. Any Federal Reserve bank or Federal home loan bank, or any bank as to which at the time of its designation by the Corporation there is outstanding a designation by the Secretary of the Treasury as a general or other depositary of public money, may be designated by the Corporation as a depositary or custodian or as a fiscal or other agent of the Corporation, and is hereby authorized to act as such depositary, custodian, or agent. When designated for that purpose by the Secretary of the Treasury, the Corporation shall be a depositary of public money, under such regulations as may be prescribed by the Secretary of the Treasury, and may also be employed as fiscal or other agent of the United States, and it shall perform all such reasonable duties as such depositary or agent as may be required of it. (d) The Corporation, including its franchise, activities, capital, Corporation, tax exempt status. reserves, surplus, and income, shall be exempt from all taxation now or hereafter imposed by the United States, by any territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority, except that any real property of the Corporation shall be subject to State, territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed. The provisions of this subsection shall be applicable without regard to any other law, including without limitation on the generality of the foregoing section 3301 of the Internal Revenue Code of 1954, 68A Stat. 439; 77 Stat. 51. 26 USC 3301. except laws hereafter enacted by Congress expressly in limitation of this subsection. (e) Notwithstanding section 1349 of title 28 of the United States Code or any other provision of law, (I) the Corporation shall be 62 Stat. 934. deemed to be an agency included in sections 1345 and 1442 of such title 28; (2) all civil actions to which the Corporation is a party shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of all such actions, without regard to amount or value; and (3) any civil or other action, case or controversy in a court of a State, or in any court other than a district court of the United States, to which the Corporation is a party may at any time before the trial thereof be removed by the Corporation, without the giving of any bond or security, to the district court of the United States for the district and division embracing the place where the same is pending, or, if there is no such district court, to the district court of the United States for the district in which the principal office of the Corporation is located, by following any procedure for removal of causes in effect at the time of such removal. No attachment or execution shall be issued against the Corporation or any of its property before final judgment in any State, Federal, or other court.

2. 1979

   Housing and Community Development Amendments of 1979

   Pub. L. 96–153 title III § 316(b) · 93 Stat. 1101

   Added · 12 U.S.C. § 1452(f)

   Pub. L. 96–153 added subsec. (f)

   Source evidence

   Code amendment note
   Subsec. (f). Pub. L. 96–153 added subsec. (f).

   Enacted provision · exact public law section
   (b) Section 303 of such Act is amended by adding at the end thereof the following: “(f) All mortgages, obligations, or other securities which are or have been sold by the Corporation pursuant to section 305 or section 306 of this title shall be lawful investments, and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposits of which shall be under the authority and control of the United States or any officers thereof.”.

3. 1984

   Tax Reform Act of 1984

   Pub. L. 98–369 div. A title I § 177(a) · 98 Stat. 494

   1. Struck · 12 U.S.C. § 1452(d)

      Pub. L. 98–369 struck out “by the United States,” before “by any territory”

   2. Substituted · 12 U.S.C. § 1452(d)

      Pub. L. 98–369 substituted “possession of the United States” for “possession thereof,”

   3. Struck · 12 U.S.C. § 1452(d)

      Pub. L. 98–369 struck out “The provisions of this subsection shall be applicable without regard to any other law, including without limitation on the generality of the foregoing section 3301 of title 26, except laws hereafter enacted by Congress expressly in limitation of this subsection.”

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 98–369 struck out “by the United States,” before “by any territory”, substituted “possession of the United States” for “possession thereof,” and struck out “The provisions of this subsection shall be applicable without regard to any other law, including without limitation on the generality of the foregoing section 3301 of title 26, except laws hereafter enacted by Congress expressly in limitation of this subsection.”

   Enacted provision · exact public law section
   (a) Repeal of Exemption.— Subsection (d) of section 303 of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(d)) is amended— (1) by striking out “by the United States,”, (2) by striking out “possession thereof,” and inserting in lieu thereof “possession of the United States”, and (3) by striking out the last sentence.

4. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 731(b)(1) · 103 Stat. 183

   1. Amended · 12 U.S.C. § 1452(a)

      Pub. L. 101–73, § 731(b)(1), amended subsec. (a) generally, reorganizing provisions into pars. (1) and (2)

   2. Substituted · 12 U.S.C. § 1452(a)

      Pub. L. 101–73, § 731(b)(1), substituting provisions setting forth general policies as governing Board, membership requirements and vacancies, for provisions setting forth status of members, liabilities, and conditions and limitations

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 101–73, § 731(b)(1), amended subsec. (a) generally, reorganizing provisions into pars. (1) and (2), and substituting provisions setting forth general policies as governing Board, membership requirements and vacancies, for provisions setting forth status of members, liabilities, and conditions and limitations.

   Enacted provision · exact public law section
   (1) New board.— Section 303(a) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(a)) is amended to read as follows: “(a) (1) There is hereby created the Federal Home Loan Mortgage Corporation, which shall be a body corporate under the direction of a Board of Directors. Within the limitations of law and regulation, the Board of Directors shall determine the general policies that District of Columbia. govern the operations of the Corporation, The principal office of the Corporation shall be in the District of Columbia or at any other place determined by the Corporation. “(2) (A) The Board of Directors of the Corporation shall consist of 18 persons, 5 of whom shall be appointed annually by the President of the United States and the remainder of whom shall be elected annually by the voting common stockholders. The Board of Directors shall at all times have as members appointed by the President of the United States at least 1 person from the homebuilding industry, at least 1 person from the mortgage lending industry, and at least 1 person from the real estate industry. “(B) Each member of the Board of Directors shall be such or elected for a term ending on the date of the next annual meeting of the voting common stockholders. “(C) Any appointive seat on the Board of Directors that becomes vacant shall be filled by appointment by the President of the United States, but only for the unexpired portion of the term. Any elective seat on the Board of Directors that becomes vacant after the annual election of the directors shall be filled by the Board of Directors, but only for the unexpired portion of the term. “(D) Any member of the Board of Directors who is a full-time officer or employee of the Federal Government shall not, as such member, receive compensation for services as such a member.”.

5. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 731(c) · 103 Stat. 183

   1. Added · 12 U.S.C. § 1452(b)(g)

      Pub. L. 101–73, § 731(c), added subsec. (b)

   2. Redesignated · 12 U.S.C. § 1452(b)(g)

      Pub. L. 101–73, § 731(c), redesignated former subsecs. (b) to (f) as (c) to (g), respectively

   Source evidence

   Code amendment note
   Subsecs. (b) to (g). Pub. L. 101–73, § 731(c), added subsec. (b) and redesignated former subsecs. (b) to (f) as (c) to (g), respectively.

   Enacted provision · exact public law section
   (c) Regulatory Power.— Section 303 of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452) is amended— (1) by redesignating subsections (b) through (D as subsections (c) through (g), respectively; and (2) by inserting after subsection (a) the following new subsection: “(b) (1) The Secretary of Housing and Urban Development shall have general regulatory power over the Corporation and shall make such rules and regulations as shall be necessary and proper to ensure that the purposes of this title are accomplished. “(2) The Secretary of Housing and Urban Development may require Disadvantaged persons. that a reasonable portion of the mortgage purchases of the Corporation be related to the national goal of providing adequate housing for low- and moderate-income families, but with reasonable economic return to the Corporation. “(3) The aggregate amount of cash dividends paid by the Corporation in any fiscal year on account of any share of its common stock shall not exceed any rate that may be determined from time to time by the Secretary of Housing and Urban Development to be a fair rate of return after consideration of the current earnings and capital condition of the Corporation. “(4) The Secretary of Housing and Urban Development may examine and audit the books and financial transactions of the Corporation and may require the Corporation to issue any reports on its activities that the Secretary determines to be advisable. The Secretary Reports. shall, not later than June 30 of each year, submit to the Congress a report describing the activities of the Corporation under this Act. “(5) The aggregate amount of notes, debentures, or substantially identical types of unsecured obligations outstanding at any time shall not exceed the amount which is 15 times the sum of the Corporation’s capital, capital surplus, general surplus, reserves, and undistributed earnings unless a greater ratio shall be fixed at any time or from time to time by the Secretary of Housing and Urban Development. The outstanding total principal amount of any obligations of the Corporation which are entirely subordinated to the general debt obligations of the Corporation shall be deemed to be capital of the Corporation for the purpose of determining the aggregate amount of notes, debentures, or substantially identical types of unsecured obligations outstanding at any time. “(6) All issuances of stock, and debt obligations convertible into stock, by the Corporation shall be made only with the approval of the Secretary of Housing and Urban Development. “(7) (A) The exercise of the authority of the Corporation pursuant to commitments or otherwise to purchase, service, sell, lend on the security of, or otherwise deal in conventional residential mortgages under section 305(a) shall be subject to the approval of the Secretary of Housing and Urban Development. “(B) Any conventional mortgage programs or activities with respect to purchasing, servicing, selling, lending on the security of, or otherwise dealing in mortgages in which the Corporation has engaged or is engaging as of the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 shall be deemed to have been approved by the Secretary of Housing and Urban Development as required by this paragraph. “(8) If the Corporation submits to the Secretary of Housing and Reports. Urban Development a request for approval or other action under this title, the Secretary shall, not later than the expiration of the 45-day period following the submission of the request, approve the request or transmit to the Congress a report explaining why the request has not been approved. The period may be extended for an additional 15-day period if the Secretary requests additional information from the Corporation, but the 45-day period may not be extended for any other reason or for any period in addition to or other than the 15-day period. If the Secretary fails to transmit the report to the Congress within the 45-day period or 60-day period, as the case may be, the Corporation may proceed as if the request had been approved.”.

6. 1992

   Federal Housing Enterprises Financial Safety and Soundness Act of 1992

   Pub. L. 102–550 § 1382(c)(1) · 106 Stat. 3672

   Struck and inserted · 12 U.S.C. § 1452(a)(2)(A)

   Pub. L. 102–550, § 1382(c)(1), in second sentence, struck out “and” after “mortgage lending industry,” and inserted before period “, and at least 1 person from an organization that has represented consumer or community interests for not less than 2 years or 1 person who has demonstrated a career commitment to the provision of housing for low-income households”

   Source evidence

   Code amendment note
   Subsec. (a)(2)(A). Pub. L. 102–550, § 1382(c)(1), in second sentence, struck out “and” after “mortgage lending industry,” and inserted before period “, and at least 1 person from an organization that has represented consumer or community interests for not less than 2 years or 1 person who has demonstrated a career commitment to the provision of housing for low-income households”.

   Enacted provision · exact public law section
   (1) In general.— The second sentence of section 303(a)(2)(A) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(a)(2)(A)) is amended— (A) by striking “and” after the second comma; and (B) by inserting before the period at the end the following: “, and at least 1 person from an organization that has represented consumer or community interests for not less than 2 years or 1 person who has demonstrated a career commitment to the provision of housing for low- income households”.

   Effective date note
   Pub. L. 102–550, title XIII, § 1382(c)(2), Oct. 28, 1992, 106 Stat. 4002, provided that: “The amendments made by paragraph (1) [amending this section] shall apply to the first annual appointment by the President of members to the Board of Directors of the Federal Home Loan Mortgage Corporation that occurs after the date of the enactment of this Act [Oct. 28, 1992].”

7. 1992

   Federal Housing Enterprises Financial Safety and Soundness Act of 1992

   Pub. L. 102–550 § 1382(d) · 106 Stat. 3672

   Inserted · 12 U.S.C. § 1452(a)(2)(B)

   Pub. L. 102–550, § 1382(d), inserted before period at end “, except that any appointed member may be removed from office by the President for good cause”

   Source evidence

   Code amendment note
   Subsec. (a)(2)(B). Pub. L. 102–550, § 1382(d), inserted before period at end “, except that any appointed member may be removed from office by the President for good cause”.

   Enacted provision · exact public law section
   (d) Removal Authority of President.— Section 303(a)(2)(B) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(a)(2)(B)) is amended by inserting before the period at the end the following: “, except that any appointed member may be removed from office by the President for good cause”.

   Effective date note
   Pub. L. 102–550, title XIII, § 1382(c)(2), Oct. 28, 1992, 106 Stat. 4002, provided that: “The amendments made by paragraph (1) [amending this section] shall apply to the first annual appointment by the President of members to the Board of Directors of the Federal Home Loan Mortgage Corporation that occurs after the date of the enactment of this Act [Oct. 28, 1992].”

8. 1992

   Federal Housing Enterprises Financial Safety and Soundness Act of 1992

   Pub. L. 102–550 § 1382(e) · 106 Stat. 3672

   1. Amended · 12 U.S.C. § 1452(b)

      Pub. L. 102–550, § 1382(e), amended subsec. (b) generally

   2. Substituted · 12 U.S.C. § 1452(b)

      Pub. L. 102–550, § 1382(e), substituting present provisions for provisions which outlined general regulatory authority of the Secretary of Housing and Urban Development over Corporation in such areas as mortgage purchases, dividends, examinations and audits, outstanding obligations, conversion of stock and debt obligations, residential mortgage transactions, and approval or disapproval of requests

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 102–550, § 1382(e), amended subsec. (b) generally, substituting present provisions for provisions which outlined general regulatory authority of the Secretary of Housing and Urban Development over Corporation in such areas as mortgage purchases, dividends, examinations and audits, outstanding obligations, conversion of stock and debt obligations, residential mortgage transactions, and approval or disapproval of requests.

   Enacted provision · exact public law section
   (e) General Regulatory Authority.— Section 303(b) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(b)) is amended to read as follows: “(b) (1) Except as provided in paragraph (2), the Corporation may make such capital distributions (as such term is defined in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992) as may be declared by the Board of Directors. “(2) The Corporation may not make any capital distribution that would decrease the total capital of the Corporation (as such term is defined in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992) to an amount less than the risk-based capital level for the Corporation established under section 1361 of such Act or that would decrease the core capital of the Corporation (as such term is defined in section 1303 of such Act) to an amount less than the minimum capital level for the Corporation established under section 1362 of such Act, without prior written approval of the distribution by the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development.”.

   Effective date note
   Pub. L. 102–550, title XIII, § 1382(c)(2), Oct. 28, 1992, 106 Stat. 4002, provided that: “The amendments made by paragraph (1) [amending this section] shall apply to the first annual appointment by the President of members to the Board of Directors of the Federal Home Loan Mortgage Corporation that occurs after the date of the enactment of this Act [Oct. 28, 1992].”

9. 1992

   Federal Housing Enterprises Financial Safety and Soundness Act of 1992

   Pub. L. 102–550 § 1382(f)(1) · 106 Stat. 3672

   1. Inserted · 12 U.S.C. § 1452(c)

      Pub. L. 102–550, § 1382(f)(1), (g), in cl. (9) of first sentence, inserted “as the Board of Directors determines reasonable and comparable with compensation for employment in other similar businesses (including publicly held financial institutions or other major financial services companies) involving similar duties and responsibilities, except that a significant portion of potential compensation of all executive officers (as such term is defined in subsection (h)(3)) of the Corporation shall be based on the performance of the Corporation”

   2. Struck · 12 U.S.C. § 1452(c)

      Pub. L. 102–550, § 1382(f)(1), (g), in cl. (9) of first sentence, struck out after first sentence “Nothing in this chapter or any other law shall be construed to prevent the appointment, employment, and provision for compensation and benefits, as an officer, employee, attorney, or agent of the Corporation, of any officer, employee, attorney, or agent of any department, establishment, or corporate or other instrumentality of the Government, including any Federal home loan bank or member thereof.”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 102–550, § 1382(f)(1), (g), in cl. (9) of first sentence, inserted “as the Board of Directors determines reasonable and comparable with compensation for employment in other similar businesses (including publicly held financial institutions or other major financial services companies) involving similar duties and responsibilities, except that a significant portion of potential compensation of all executive officers (as such term is defined in subsection (h)(3)) of the Corporation shall be based on the performance of the Corporation” and struck out after first sentence “Nothing in this chapter or any other law shall be construed to prevent the appointment, employment, and provision for compensation and benefits, as an officer, employee, attorney, or agent of the Corporation, of any officer, employee, attorney, or agent of any department, establishment, or corporate or other instrumentality of the Government, including any Federal home loan bank or member thereof.”

   Enacted provision · exact public law section
   (1) in clause (9) of the first sentence of subsection (c), by inserting after “agents” the following: “as the Board of Directors determines reasonable and comparable with compensation for employment in other similar businesses (including publicly held financial institutions or other major financial services companies) involving similar duties and responsibilities, except that a significant portion of potential compensation of all executive officers (as such term is defined in subsection (h)(3)) of the Corporation shall be based on the performance of the Corporation”; and

   Effective date note
   Pub. L. 102–550, title XIII, § 1382(c)(2), Oct. 28, 1992, 106 Stat. 4002, provided that: “The amendments made by paragraph (1) [amending this section] shall apply to the first annual appointment by the President of members to the Board of Directors of the Federal Home Loan Mortgage Corporation that occurs after the date of the enactment of this Act [Oct. 28, 1992].”

10. 1992

    Federal Housing Enterprises Financial Safety and Soundness Act of 1992

    Pub. L. 102–550 § 1382(h) · 106 Stat. 3672

    Struck · 12 U.S.C. § 1452(f)

    Pub. L. 102–550, § 1382(h), struck out at end “No attachment or execution shall be issued against the Corporation or any of its property before final judgment in any State, Federal, or other court.”

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 102–550, § 1382(h), struck out at end “No attachment or execution shall be issued against the Corporation or any of its property before final judgment in any State, Federal, or other court.”

    Enacted provision · exact public law section
    (h) Repeal of Prohibition on Prejudgment Attachment.— Section 303(f) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(f)) is amended by striking the last sentence.

    Effective date note
    Pub. L. 102–550, title XIII, § 1382(c)(2), Oct. 28, 1992, 106 Stat. 4002, provided that: “The amendments made by paragraph (1) [amending this section] shall apply to the first annual appointment by the President of members to the Board of Directors of the Federal Home Loan Mortgage Corporation that occurs after the date of the enactment of this Act [Oct. 28, 1992].”

11. 1992

    Federal Housing Enterprises Financial Safety and Soundness Act of 1992

    Pub. L. 102–550 § 1382(f)(2) · 106 Stat. 3672

    Added · 12 U.S.C. § 1452(h)

    Pub. L. 102–550, § 1382(f)(2), added subsec. (h)

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 102–550, § 1382(f)(2), added subsec. (h).

    Enacted provision · exact public law section
    (2) by adding at the end the following new subsection: “(h) (1) Not later than June 30, 1993, and annually thereafter, Reports. the Corporation shall submit a report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on (A) the comparability of the compensation policies of the Corporation with the compensation policies of other similar businesses, (B) in the aggregate, the percentage of total cash compensation and payments under employee benefit plans (which shall defined in a manner consistent with the Corporation’s proxy statement for the annual meeting of shareholders for the preceding year) earned by executive officers of the Corporation during the preceding year that was based on the Corporation’s performance, and (C) the comparability of the Corporation’s financial performance with the performance of other similar businesses. The report shall include a copy of the Corporation’s proxy statement for the annual meeting of shareholders for the preceding year. “(2) Notwithstanding the first sentence of subsection (c), after the date of the enactment of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, the Corporation may not enter into any agreement or contract to provide any payment of money or other thing of current or potential value in connection with the termination of employment of any executive officer of the Corporation, unless such agreement or contract is approved in advance by the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development. The Director may not approve any such agreement or contract unless the Director determines that the benefits provided under the agreement or contract are comparable to benefits under such agreements for officers of other public and private entities involved in financial services and housing interests who have comparable duties and responsibilities. For purposes of this paragraph, any renegotiation, amendment, or change after such date of enactment to any such agreement or contract entered into on or before such date of enactment shall be considered entering into an agreement or contract. “(3) For purposes of this subsection, the term ‘executive officer’ has the meaning given the term in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.”.

    Effective date note
    Pub. L. 102–550, title XIII, § 1382(c)(2), Oct. 28, 1992, 106 Stat. 4002, provided that: “The amendments made by paragraph (1) [amending this section] shall apply to the first annual appointment by the President of members to the Board of Directors of the Federal Home Loan Mortgage Corporation that occurs after the date of the enactment of this Act [Oct. 28, 1992].”

12. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1162(b)(1)(A) · 122 Stat. 2654

    1. Substituted · 12 U.S.C. § 1452(a)(2)(A)

       Pub. L. 110–289, § 1162(b)(1)(A), substituted “13 persons, or such other number as the Director determines appropriate, who” for “18 persons, 5 of whom shall be appointed annually by the President of the United States and the remainder of whom” in first sentence

    2. Struck · 12 U.S.C. § 1452(a)(2)(A)

       Pub. L. 110–289, § 1162(b)(1)(A), struck out “appointed by the President of the United States” after “as members” in second sentence

    Source evidence

    Code amendment note
    Subsec. (a)(2)(A). Pub. L. 110–289, § 1162(b)(1)(A), substituted “13 persons, or such other number as the Director determines appropriate, who” for “18 persons, 5 of whom shall be appointed annually by the President of the United States and the remainder of whom” in first sentence and struck out “appointed by the President of the United States” after “as members” in second sentence.

    Enacted provision · exact public law section
    (A) in subparagraph (A)— (i) in the first sentence, by striking “18 persons, 5 of whom shall be appointed annually by the President of the United States and the remainder of whom” and inserting “13 persons, or such other number as the Director determines appropriate, who”; and (ii) in the second sentence, by striking “appointed by the President of the United States”;

13. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1153(b)(3) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1452(a)(2)(A)

    Pub. L. 110–289, § 1153(b)(3), substituted “Except to the extent action under section 4636a of this title temporarily results in a lesser number, the” for “The” in second sentence

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 110–289, § 1153(b)(3), substituted “Except to the extent action under section 4636a of this title temporarily results in a lesser number, the” for “The” in second sentence.

    Enacted provision · exact public law section
    (3) Freddie mac charter act.— Section 303(a)(2)(A) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(a)(2)(A)) is amended, in the second sentence, by striking “The” and inserting “Except to the extent action under section 1377 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 temporarily results in a lesser number, the”.

14. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1162(b)(1)(B) · 122 Stat. 2654

    Struck · 12 U.S.C. § 1452(a)(2)(B)

    Pub. L. 110–289, § 1162(b)(1)(B), struck out “such or” before “elected” and “, except that any appointed member may be removed from office by the President for good cause” before period at end

    Source evidence

    Code amendment note
    Subsec. (a)(2)(B). Pub. L. 110–289, § 1162(b)(1)(B), struck out “such or” before “elected” and “, except that any appointed member may be removed from office by the President for good cause” before period at end.

    Enacted provision · exact public law section
    (B) in subparagraph (B)— (i) by striking “such or”; and (ii) by striking “, except that any appointed member may be removed from office by the President for good cause”; and

15. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1162(b)(1)(C) · 122 Stat. 2654

    1. Struck · 12 U.S.C. § 1452(a)(2)(C)

       Pub. L. 110–289, § 1162(b)(1)(C), struck out “elective” after “Any” in second sentence

    2. Struck · 12 U.S.C. § 1452(a)(2)(C)

       Pub. L. 110–289, § 1162(b)(1)(C), struck out first sentence which read as follows: “Any appointive seat on the Board of Directors that becomes vacant shall be filled by appointment by the President of the United States, but only for the unexpired portion of the term.”

    Source evidence

    Code amendment note
    Subsec. (a)(2)(C). Pub. L. 110–289, § 1162(b)(1)(C), struck out “elective” after “Any” in second sentence and struck out first sentence which read as follows: “Any appointive seat on the Board of Directors that becomes vacant shall be filled by appointment by the President of the United States, but only for the unexpired portion of the term.”

    Enacted provision · exact public law section
    (C) in subparagraph (C)— (i) by striking the first sentence; and (ii) by striking “elective”.

16. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1161(c)(1) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1452(b)(2); 12 U.S.C. § 1452(h)(2)

    Pub. L. 110–289, § 1161(c)(1), substituted “Director of the Federal Housing Finance Agency” for “Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development”

    Source evidence

    Code amendment note
    Subsecs. (b)(2), (h)(2). Pub. L. 110–289, § 1161(c)(1), substituted “Director of the Federal Housing Finance Agency” for “Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development”.

    Enacted provision · exact public law section
    (1) in each of sections 303(b)(2) (12 U.S.C. 1452(b)(2)), 303(h)(2) (12 U.S.C. 1452(h)(2)), and section 307(c)(1) (12 U.S.C. 1456(c)(1)), by striking “Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development” each place that term appears, and inserting “Director of the Federal Housing Finance Agency”;

17. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1113(b)(2) · 122 Stat. 2654

    Added · 12 U.S.C. § 1452(h)(4)

    Pub. L. 110–289, § 1113(b)(2), added par. (4)

    Source evidence

    Code amendment note
    Subsec. (h)(4). Pub. L. 110–289, § 1113(b)(2), added par. (4).

    Enacted provision · exact public law section
    (2) Freddie mac.— Section 303(h) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(h)) is amended by adding at the end the following new paragraph: “(4) Notwithstanding any other provision of this section, the Corporation shall not transfer, disburse, or pay compensation to any executive officer, or enter into an agreement with such executive officer, without the approval of the Director, for matters being reviewed under section 1318 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4518).” .

25 of 25 references resolved to an enrolled provision