Section 1 Short title
This Act may be cited as the “FHA Enhanced Oversight Act of 2013”.
FHA Enhanced Oversight Act of 2013
A BILL
To provide for semiannual actuarial studies of the FHA mortgage insurance program of the Secretary of Housing and Urban Development during periods that the Mutual Mortgage Insurance Fund does not meet minimum capital ratio requirements.
Sec. 2 Semiannual actuarial studies of MMIF during periods of capital depletion
Paragraph (4) of section 202(a) of the National Housing Act (12 U.S.C. 1708(a)(4)) is amended—
in the first sentence, by inserting “except as provided in subparagraph (B),” after “to be conducted annually,”;
in the second sentence, by inserting “, except as provided in subparagraph (B),” after “annually”;
by striking the paragraph designation and heading and all that follows through “The Secretary shall provide” and inserting the following:
“(4) Independent actuarial study
“(A) Annual study—The Secretary shall provide”
by adding at the end the following new subparagraph:
“(B) Semiannual studies during periods of capital depletion—During any period that the Fund fails to maintain sufficient capital to comply with the capital ratio requirement under section 205(f)(2)—
“(i) the independent study required by subparagraph (A) shall be conducted semiannually and shall analyze the financial position of the Fund as of September 30 and March 31 of each fiscal year during such period; and
“(ii) the Secretary shall submit a report meeting the requirements of subparagraph (A) for each such semiannual study.”