12 2 STA T . 2 698PUBLIC LA W 11 0– 289 —J UL Y3 0 , 2008 ‘ ‘ (1)INGE NE RAL.—TheDir e cto r s h al l d eter m i n e ,f or each y ear that the ho u sin g goals under this section are in effect p ursuant to section 1 3 31(a), w hether each enterprise has com - plied with each such goal esta b lished under subsection (a) of this section and any additional re q uirements which may be established under subsection (c) of this section. ‘‘( 2 ) PU R CH A S E- MO NE Y MOR T GAGE GOALS.— A n enterprise shall be considered to be in compliance with a housing goal under subparagraph (A), ( B ),or( C ) of subsection (a)(1) for a year only if, for the type of family described in such subpara- graph, the percentage of the number of con v entional, con- forming, single-family, owner-occupied, purchase money mort- gages purchased by the enterprise in such year that serve such families, meets or e x ceeds the target for the year for such type of family that is established under subsection (e). ‘‘(3) R E FI NANCE GOAL.—An enterprise shall be considered to be in compliance with the refinance goal under subsection (a)(2) for a year only if the percentage of the number of conven- tional, conforming, single-family, owner-occupied refinance mortgages purchased by the enterprise in such year that serve low-income families meets or exceeds the target for the year that is established under subsection (e). ‘‘(e) ANNUAL TARGETS.— ‘‘(1) IN GENERAL.—The Director shall, by regulation, estab- lish annual targets for each goal and subgoal under this section, provided that the Director shall not set prospective targets longer than three years. In establishing such targets, the Director shall not consider segments of the mar k et determined to be unacceptable or contrary to good lending practices, incon- sistent with safety and soundness, or unauthori z ed for purchase by the enterprises. ‘‘(2) G OALS TARGETS.— ‘‘(A) CALCULATION.—The Director shall calculate, for each of the types of families described in subsection (a), the percentage, for each of the three years that most recently precede such year and for which information under the H ome M ortgage Disclosure Act of 1 975 is publicly avail- able— ‘‘(i) of the number of conventional, conforming, single-family, owner-occupied purchase money mort- gages originated in such year that serve such type of family, or ‘‘(ii) the number of conventional, conforming, single-family, owner-occupied refinance mortgages originated in such year that serve low-income families, as applicable, as determined by the Director using the information obtained and determined pursuant to para- graphs ( 4 ) and (5). ‘‘(B) E STA B LISHMENT OF GOAL TARGETS.—The Director shall, by regulation, establish targets for each of the goal categories, taking into consideration the calculations under subparagraph (A) and the following factors
‘‘(i) N ational housing needs. ‘‘(ii) Economic, housing, and demographic condi- tions, including expected market developments. Regulations. Regulations.
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