A resolution to express the sense of the House of Representatives with respect to proposed limitations on the secondary mortgage activities and use of the securities of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association.

Expresses the sense of the House of Representatives that: (1) the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association should continue to provide mortgage lenders with an organized national secondary mortgage market; (2) any limitations on the ability of such entities to issue collateralized mortgage obligations will impair recent improvements in market efficiency that have helped rebuild the thrift industry and benefited home buyers at no cost to the Government; (3) any prohibition of the use of the securities of such entities as collateral in structured financings is harmful to the housing industry and will result in shifting credit risk from the private sector to the Government; and (4) any restriction on the secondary mortgage activities or the use of the securities of such entities should be implemented only following complete consideration by the appropriate congressional committees.