PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3971

(1) the requirements applicable to the Federal National
Mortgage Association and the Federal Home Loan Mortgage
Corporation under Federal law and the costs to the enterprises;

(2) the cost of capital to the enterprises;

(3) housing affordability and availability and the cost of
homeownership;

(4) the level of secondary mortgage market competition
subsequently available in the private sector;

(5) whether increased amounts of capital would be nec-
essary for the enterprises to continue operation;

(6) the secondary market for residential loans and the
liquidity of such loans; and

(7) any other factors that the Comptroller General, the
Secretary of Housing and Urban Development, the Secretary
of the Treasury, or the Director of the Congressional Budget
Office deems appropriate to enable the Congress to evaluate
the desirability and feasibility of privatization of the
enterprises.

(c) INFORMATION.—The Federal National Mortgage Association
and the Federal Home Loan Mortgage Corporation shall provide
full and prompt access to the Comptroller General, the Secretary
of Housing and Urban Development, the Secretary of the Treasury,
and the Director of the Congressional Budget Office to any books,
records, and other information requested for the purposes of
conducting the studies under this section.

(d) VIEWS OF THE FNMA AND FHLMC.—

(1) CONSIDERATION IN STUDIES.—In conducting the studies
under this section, the Comptroller General, the Secretary of
Housing and Urban Development, the Secretary of the Treas-
ury, and the Director of the Congressional Budget Office shall
each consider the views of the Federal National Mortgage
Association and the Federal Home Loan Mortgage Corporation.

(2) DIRECT REPORT.—The Federal National Mortgage
Association and the Federal Home Loan Mortgage Corporation
may each report directly 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 on its own analysis of the desirability and feasibility
of repealing the Federal charters of the enterprises, eliminating
any Federal sponsorship, and allowing the enterprises to con-
tinue to operate as fully private entities.

SEC. 1356. TRANSITION. 12 USC 4603.

Before the expiration of the period ending 18 months after
the appointment of the Director under section 1312, any rules
and regulations promulgated before the date of the enactment of
this Act by the Secretary pursuant to the Federal National Mortgage
Association Charter Act or the Federal Home Loan Mortgage Cor-
poration Act shall remain in effect unless modified, terminated,
superseded, or revoked by operation of law or in accordance with
law. Such rules and regulations shall terminate, effective upon Termination
the expiration of such period. date-