PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4005

(n) OBLIGATIONS AND SECURITIES AND ASSESSMENTS FOR
OFFICE.—Section 306 of the Federal Home Loan. Mortgage Corpora-
tion (12 U.S.C. 1455) is amended—

(1) in subsection (h)—

(A) by inserting "(1)" after "(h)"; and

(B) by adding at the end the following new paragraph:
"(2) The Corporation shall insert appropriate language in all

of the obligations and securities of the Corporation issued under
this section and section 305 clearly indicating that such obligations
and securities, together with the interest thereon, are not guaran-
teed by the United States and do not constitute a debt or obligation
of the United States or any agency or instrumentality thereof other
than the Corporation."; and

(2) in the first sentence of subsection (i), by striking "section
303(c) or 306(c)" and inserting the following: "sections 303(c)
and 1316(c) of this Act and assessments pursuant to section
106 of the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992".

(o) GAO AUDITS.—Section 307(b) of the Federal Home Loan
Mortgage Corporation Act (12 U.S.C. 1456(b)) is amended—

(1) by inserting "(1)" after "(b)";

(2) by striking the first sentence and inserting the following
new sentence: 'The programs, activities, receipts, expenditures,
and financial transactions of the Corporation shall be subject
to audit by the Comptroller General of the United States under
such rules and regulations as may be prescribed by the
Comptroller General."; and

(3) by adding at the end the following new paragraph:
"(2) To carry out this subsection, the representatives of the

General Accounting Office shall have access, upon request to the
Corporation or any auditor for an audit of the Corporation under
subsection (d), to any books, accounts, financial records, reports,
files, or other papers, things, or property belonging to or in use
by the Corporation and used in any such audit and to any papers,
records, files, and reports of the auditor used in such an audit.",
(p) FINANCIAL REPORTS TO DIRECTOR.—Section 307 of the Fed-
eral Home Loan Mortgage Corporation Act (12 U.S.C. 1456) is
amended by adding at the end the following new subsection:

"(c)(l) The Corporation shall submit to the Director of the
Office of Federal Housing Enterprise Oversight of the Department
of Housing and Urban Development annual and quarterly reports
of the financial condition and operations of the Corporation which
shall be in such form, contain such information, and be submitted
on such dates as the Director shall require.

"(2) Each such annual report shall include—

"(A) financial statements prepared in accordance with gen-
erally accepted accounting principles;

"(B) any supplemental information or alternative presen-
tation that the Director may require; and

"(C) an assessment (as of the end of the Corporation's
most recent fiscal year), signed by the chief executive officer
and chief accounting or financial officer of the Corporation,
of—

"(i) the effectiveness of the internal control structure
and procedures of the Corporation; and

"(ii) the compliance of the Corporation with designated
safety and soundness laws.