Page:United States Statutes at Large Volume 106 Part 5.djvu/364

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106 STAT. 4002 PUBLIC LAW 102-550—OCT. 28, 1992 SEC. 1382. AMENDMENTS TO FEDERAL HOME LOAN MORTGAGE COR- PORATION ACT. (a) PURPOSES. —Section 301(b) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1451 note) is amended— (1) by striking home" each place it appears in paragraphs (1) and (3) and inserting "residential"; (2) by striking "anar at the end of paragraph (2); (3) in paragraph (3)— (A) by striking the parentheses and all the matter contained therein and inserting the following: "(including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities)**; and (B) by striking the period at the end and inserting "; and**; and (4) by adding at the end the following new paragraph: "(4) to promote access to mortgage credit throughout the Nation (including central cities, rural areas, and underserved areas) by increasing the liquidity of mortgage investments and improving the distribution of investment capitol available for residential mortgage financing.*'. (b) DEFINITIONS. — The third sentence of section 302(h) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1451(h)) is amended b^ striking "made** and all that follows through "305(a)(1)'* and inserting "purchased from any public utility carrying out activities in accordance with the requirements of title II of the National Energy Conservation Policy Act if the residential mortgage to be purchased is a loan or advance of credit the original proceeds of which are applied for in order to finance the purchase and installation of residential energy conservation measures (as defined in section 210(11) of the National Energy Conservation Policy Act) in residential real estate**. (c) BOARD OF DIRECTORS.— (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 lowincome households**. 12 USC 1452 (2) IMPLEMENTATION. —The amendments made by paranote, graph (1) 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. (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". (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: