Taxpayer Reimbursement Act of 2008

Taxpayer Reimbursement Act of 2008 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Federal Housing Finance Regulatory Reform Act of 2008, to require the Director of the Federal Housing Finance Agency to suspend temporarily any allocations by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) upon: (1) the appointment of a conservator or receiver, and for the duration of a conservatorship or receivership; or (2) a finding that the federal government has not been fully reimbursed for the costs of such a conservatorship.

Repeals the reduced percentages for calendar years 2010 and 2011 to require the use of 100% of certain Fannie Mae and Freddie Mac allocations to reimburse the Treasury for payments on bonds of the HOPE for Homeowners Program for calendar 2009-2001.

Suspends the annual goals and duties established for Fannie Mae or Freddie Mac during any period it is in conservatorship or receivership.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 6955 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6955

 To suspend contributions by the Federal National Mortgage Association 
 and Federal Home Loan Mortgage Corporation to the Housing Trust Fund 
   during any conservatorship of such enterprises and to ensure full 
       repayment to the Federal Government for costs of any such 
       conservatorship and costs of HOPE for Homeowners program.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 18, 2008

Mr. Barrett of South Carolina (for himself, Mr. Bachus, Mr. Garrett of 
 New Jersey, Mr. Wilson of South Carolina, Mr. Duncan, Mr. Neugebauer, 
   Mr. McHenry, Mr. Manzullo, Mr. Jones of North Carolina, Ms. Ginny 
Brown-Waite of Florida, and Mr. Roskam) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To suspend contributions by the Federal National Mortgage Association 
 and Federal Home Loan Mortgage Corporation to the Housing Trust Fund 
   during any conservatorship of such enterprises and to ensure full 
       repayment to the Federal Government for costs of any such 
       conservatorship and costs of HOPE for Homeowners program.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Taxpayer Reimbursement Act of 
2008''.

SEC. 2. SUSPENSION OF HOUSING TRUST FUND CONTRIBUTIONS.

    (a) During Conservatorship and Receivership.--Section 1337(b) of 
the Federal Housing Enterprises Financial Safety and Soundness Act of 
1992, as added by section 1131(b) of the Federal Housing Finance 
Regulatory Reform Act of 2008 (Division A of Public Law 110-289), is 
amended by adding after and below paragraph (3) the following:
``The Director shall suspend allocations under subsection (a) by an 
enterprise upon the appointment of any conservator or receiver for the 
enterprise pursuant to section 1367 and for the entire duration of any 
such conservatorship or receivership.''.
    (b) During HOPE for Homeowners Program.--Paragraph (1) of section 
1338(b) of the Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992, as added by section 1131(b) of the Federal 
Housing Finance Regulatory Reform Act of 2008 (Division A of Public Law 
110-289), is amended by striking the dash after ``1337(e)'' and all 
that follows through the end of the paragraph and inserting the 
following: ``100 percent of such excess shall be used to reimburse the 
Treasury for payments made pursuant to section 257(w)(1)(c) of the 
National Housing Act in calendar years 2009, 2010, and 2011 or any 
other year that the HOPE for Homeowners Program under such section 257 
is in operation.''.
    (c) Until Costs of Conservatorship Are Paid.--Section 1337(b) of 
the Federal Housing Enterprises Financial Safety and Soundness Act of 
1992, as added by section 1131(b) of the Federal Housing Finance 
Regulatory Reform Act of 2008 (Division A of Public Law 110-289), is 
amended----
            (1) in paragraph (2), by striking ``or'' at the end;
            (2) in paragraph (3), by striking the period at the end and 
        inserting ``; or''; and
            (3) by adding at the end the following new paragraph:
            ``(4) the Federal Government has not been fully reimbursed 
        for all costs to the Government of any conservatorship of the 
        enterprise pursuant to section 1367.''.

SEC. 3. SUSPENSION OF HOUSING GOALS.

    Section 1331 of the Federal Housing Enterprises Financial Safety 
and Soundness Act of 1992, as added by section 1128(b) of the Federal 
Housing Finance Regulatory Reform Act of 2008 (Division A of Public Law 
110-289), is amended by adding at the end the following new subsection:
    ``(e) Suspension of Goals and Duties During Conservatorship.--
Notwithstanding any other provision of this title, the annual goals and 
the duties established under this subpart shall not apply to an 
enterprise at any time during which the enterprise is in 
conservatorship or receivership pursuant to section 1367.''.
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