106 STAT. 3970

PUBLIC LAW 102-550—OCT. 28, 1992

or responsibilities of such Office, with any function or program
administered by the Secretary.".

SEC. ISM. PROTECTION OF CONFIDENTIAL INFORMATION.

Section 1905 of title 18, United States Code, is amended by
inserting "any person acting on behalf of the Office of Federal
Housing Enterprise Oversight," after "or agency thereof,".

12 USC 4601. SEC. 13M. REVIEW OF UNDERWRITING GUIDELINES.

(a) STUDY.—Each of the enterprises shall conduct a study to
review the underwriting guidelines of the enterprise. Hie studies
shall examine—

(1) the extent to which the underwriting guidelines prevent
or inhibit the purchase or securitization of mortgages for hous-
ing located in mixed-use, urban center, and predominantly
minority neighborhoods and for housing for low- and moderate-
income families;

(2) the standards employed by private mortgage insurers
and the extent to which such standards inhibit the purchase
and securitization by the enterprises of mortgages described
in paragraph (1); and

(3) the implications of implementing underwriting stand-
ards that—

(A) establish a downpayment requirement for mortga-
gors of 5 percent or less;

(B) allow the use of cash on hand as a source for
downpayments; and

(C) approve borrowers who have a credit history of
delinquencies if the borrower can demonstrate a satisfac-
tory credit history for at least the 12-month period ending
on the date of the application for the mortgage.

(b) REPORT.—Not later than the expiration of the 1-year period
beginning on the date of the enactment of this Act, each enterprise
shall submit to the Secretary, the Committee on Banking, Finance
and Urban Affairs of the House of Representatives, and the Commit-
tee on Banking, Housing, and Urban Affairs of the Senate a report
regarding the study conducted by the enterprise under subsection
(a). Each report shall include any recommendations of the enterprise
for better meeting the housing needs of low- and moderate-income
families.

12 USC 4602. SEC. 13M. STUDIES OF EFFECTS OF PRIVATIZATION OF FNMA AND

FHLMC.

(a) IN GENERAL.—The Comptroller General of the United
States, the Secretary of Housing and Urban Development, the Sec-
retary of the Treasury, and the Director of the Congressional Budget
Office shall each conduct and submit to the Committee on Banking,
Finance and Urban Affairs of the House of Representatives and
the Committee on Banking, Housing, and Urban Affairs of the
Senate, not later than the expiration of the 2-year period beginning
on the date of the enactment of this Act, a study regarding the
desirability and feasibility of repealing the Federal charters of
the Federal National Mortgage Association and the Federal Home
Loan Mortgage Corporation, eliminating any Federal sponsorship
of the enterprises, and allowing the enterprises to continue to
operate as fully private entities.

(b) REQUIREMENTS.—Each study shall particularly examine the
effects of such privatization on—