Saving Taxpayers from Unnecessary GSE Bulk Sale Programs Act of 2012

Saving Taxpayers from Unnecessary GSE Bulk Sale Programs Act of 2012 - Prohibits the Director of the Federal Housing Finance Agency from: (1) disposing of any real estate owned by it, by the Federal National Mortgage Association (Fannie Mae), or by the Federal Home Loan Mortgage Corporation (Freddie Mac) located in California under any initiative for bulk sales of such real estate; and (2) carrying out such initiative.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5823 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 5823

   To prohibit the Federal Housing Finance Agency from disposing of 
certain real estate-owned of such Agency, the Federal National Mortgage 
Association, and the Federal Home Loan Mortgage Corporation, under the 
     initiative of such Agency for bulk sales of real estate-owned.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 17, 2012

      Mr. Gary G. Miller of California (for himself, Ms. Chu, Mr. 
 Rohrabacher, Mr. Calvert, Mrs. Davis of California, Mr. Sherman, and 
  Mr. Baca) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To prohibit the Federal Housing Finance Agency from disposing of 
certain real estate-owned of such Agency, the Federal National Mortgage 
Association, and the Federal Home Loan Mortgage Corporation, under the 
     initiative of such Agency for bulk sales of real estate-owned.

    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 ``Saving Taxpayers from Unnecessary 
GSE Bulk Sale Programs Act of 2012''.

SEC. 2. PROHIBITION ON DISPOSITION OF CERTAIN REAL ESTATE-OWNED UNDER 
              FHFA BULK SALES INITIATIVE.

    (a) Prohibition.--Effective upon the enactment of this Act, the 
Director of the Federal Housing Finance Agency may not dispose of any 
covered real-estate owned that is located in the State of California 
under any initiative for bulk sales of covered real estate-owned and 
may not carry out such initiative with respect to covered real estate-
owned that is located in such State.
    (b) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Initiative for bulk sales of covered real estate-
        owned.--The term ``initiative for bulk sales of covered real 
        estate-owned'' means--
                    (A) the initiative of the Federal Housing Finance 
                Agency that--
                            (i) was announced in 2012, pursuant to a 
                        request for information issued on August 10, 
                        2011; and
                            (ii) provides for qualified investors to 
                        purchase pools of covered real estate-owned; 
                        and
                    (B) any other program or initiative of the Federal 
                Housing Finance Agency, the Federal National Mortgage 
                Association, or the Federal Home Loan Mortgage 
                Corporation that is substantially similar to or 
                substantially based on the initiative identified in 
                subparagraph (A).
            (2) Covered real estate-owned.--The term ``covered real 
        estate-owned'' means real estate-owned of the Federal Housing 
        Finance Agency, the Federal National Mortgage Association, and 
        the Federal Home Loan Mortgage Corporation.
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