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Code · BILL · 113th Congress · H.R. 1145 (Introduced in House) — To help ensure the fiscal solvency of the FHA mortgage insurance programs of the Secretary of Housing and Urban Devel... · Sec. 15

Sec. 15. FHA safety and soundness review

253 words·~1 min read·/bill/113/hr/1145/ih/section-15

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The Comptroller General of the United States shall provide for an independent third party to— conduct a one-time review of the mortgage insurance programs and funds of the Secretary of Housing and Urban Development that shall determine, as of the time of such review— the financial safety and soundness of such programs and funds; and the extent of loan loss reserves and capital adequacy of such programs and funds; and to submit a report under subsection (b). Such review shall be conducted in accordance with generally accepted accounting principles applicable to the private sector and Federal entities.
The report under this subsection shall describe the methodology and standards used to conduct the review under subsection (a)(1), set forth the results and findings of the review, including the extent of loan loss reserves and capital adequacy of the mortgage insurance programs and funds of the Secretary of Housing and Urban Development, and include recommendations regarding restoring such reserves and capital to maintain such programs and funds in a safe and sound condition.
The review required under subsection
(a)shall be completed, and the report required under subsection
(b)shall be submitted, not later than the expiration of the 60-day period beginning on the date of the enactment of this Act. Nothing in this section may be construed to alter or affect, or exempt the Secretary of Housing and Urban Development from complying with, any laws, regulations, or guidance relating to preparation or submission of budgets or audits or financial or management statements or reports.
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