12 2 STA T . 2 689PUBLIC LA W 11 0– 289 —J UL Y3 0 , 2008 Subti t leB—Improv eme n to fM i s sion Supervision SEC.1 1 2 1. TRAN S F ER O F P RO G RA M APPRO V A L AN DH O U S I NG GOAL OVERSIGHT. Part2ofsub t i t leA oft h e F e d eral H ousi ngE nter p rises Finan -c ial S afet y and Soundness Act of 19 92 ( 12 U. S. C . 45 41etse q . ) isa m ended — (1) by stri k ing the heading for the part and inserting the follo w ing
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‘ PART2— A D D I TI ON A L A U T H ORITI ES O F THE DIRE C TOR ’ ’
and (2) by striking sections 1 3 21 and 1322. SEC. 1122. ASSUMPTION BY THE DIRECTOR OF CERTAIN OTHER HUD RESPONSIBILITIES. (a) INGE NE RAL .—Part 2 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4541 et seq.) is amended— (1) by striking ‘ ‘Secretary ’ ’ each place that term appears and inserting ‘‘ D irector’’ in each of sections 1323 , 132 6 , 132 7 , 132 8 , and 1336
and (2) by striking sections 1338 and 1349 (12 U.S.C. 4562 note and 4589). (b) R E T ENT IO NO F FAIR HO US IN G RES P ONSI B ILITIES.—Section 1325 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4545) is amended in the matter preceding paragraph (1), by inserting ‘‘of Housing and Urban De v elopment’’ after ‘‘ T he Secretary’’. SEC. 112 3 . REVIE W OF ENTERPRISE PRODUCTS. Part 2 of subtitle A of the Federal Housing Enterprises Finan- cial Safety and Soundness Act of 1992 (12 U.S.C. 4541 et seq.) is amended by inserting before section 1323 the following: ‘ ‘SEC. 1321. PRIOR APPROVAL AUTHORITY FOR PRODUCTS. ‘‘(a) IN GENERAL.—The Director shall require each enterprise to obtain the approval of the Director for any product of the enter- prise before initially offering the product. ‘‘(b) STAN D ARD FOR APPRO V AL.—In considering any request for approval of a product pursuant to subsection (a), the Director shall make a determination that— ‘‘(1) in the case of a product of the Federal N ational M ort- gage Association, the product is authori z ed under paragraph (2), (3), (4), or (5) of section 3 0 2(b) or section 304 of the Federal National Mortgage Association Charter Act (12 U.S.C. 1717(b), 1719); ‘‘(2) in the case of a product of the Federal Home L oan Mortgage Corporation, the product is authorized under para- graph (1), (4), or (5) of section 305(a) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)); ‘‘(3) the product is in the public interest; and 12USC45 41 . 12 USC 454 3, 454 6– 454 8 , 4566. 12 USC 4541, 4542. 12 USC 4541.
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