12 2 STA T . 2 793PUBLIC LA W 11 0– 2 8 9 —J UL Y 30 , 2008 (g)FIR R EA.—Section12 1 6 o f t h e Fin a ncia l In s tit u tions Refo rm, Reco v er y ,an d Enhancement Act of 1 98 9 (12 U .S. C .18 3 3e) is amended— (1) in su b section (a), by stri k ing p aragraph (3) and inserting the follo w ing
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‘(3) the Federal H ousing Finance Agency
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’; (2) in subsection (b), by striking ‘‘Federal N ational M ort - gage Association’’ and inserting ‘‘Federal Home L oan B anks, the Federal National Mortgage Association,’’; and (3) in subsection (c), by striking ‘‘Finance Board’’ and inserting ‘‘Finance Agency’’. SEC.12 1 7 .S TUDYONF EDE RALH O M E LOAN B AN K AD V ANCES. (a) I NGE NE RAL .—Not later than 1 year after the date of enact- ment of this Act, the D irector shall conduct a study and submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House or Representatives on the e x tent to which loans and securi- ties used as collateral to support Federal Home Loan Bank advances are consistent with the interagency guidance on nontraditional mortgage products. (b) RE QUI RE D C O N T ENT.— T he study re q uired under subsection (a) shall— (1) consider and recommend any additional regulations, guidance, advisory bulletins, or other administrative actions necessary to ensure that the Federal Home Loan Banks are not supporting loans with predatory characteristics; and (2) include an opportunity for the public to comment on any recommendations made under paragraph (1). SEC. 121 8 . FEDERAL HOME LOAN BANK REF I NANCIN G AUTHORITY FOR CERTAIN RESIDENTIAL MORTGAGE LOANS. Section 1 0 ( j )(2) of the Federal Home Loan Bank Act (12 U.S.C. 1 4 30(j)(2)) is amended— (1) in subparagraph (A), by striking ‘‘or’’ at the end; (2) in subparagraph (B), by striking the period at the end and inserting ‘‘; or’’; and (3) by adding at the end the following: ‘‘(C) during the 2-year period beginning on the date of enactment of this subparagraph, use such percentage as the Director may by regulation establish of any sub- sidi z ed advances set aside to finance homeownership under subparagraph (A) to refinance loans that are secured by a first mortgage on a primary residence of any family having an income at or below 80 percent of the median income for the area.’’. Ef f ectiv e da te .Publ icc om me n t. R ecommenda - tion s . D eadline.
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