Sec. 5. Semiannual actuarial studies of MMIF during periods of capital depletion
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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: The Secretary shall provide ; and by adding at the end the following new subparagraph: During any period that the Fund fails to maintain sufficient capital to comply with the capital ratio requirement under section 205(f)(2)— 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 the Secretary shall submit a report meeting the requirements of subparagraph
(A)for each such semiannual study. . The Secretary of Housing and Urban Development shall conduct an analysis of the cost and feasibility of providing for an independent actuarial study of the Mutual Mortgage Insurance Fund on a calendar quarterly basis, which shall compare the cost and feasibility of conducting such a study on a quarterly basis as compared to a semi-annual basis and shall determine whether such an actuarial study can be conducted on a quarterly basis without substantial additional costs to the taxpayers. Not later than the expiration of the 90-day period beginning on the date of the enactment of this Act, the Secretary shall submit a report to the Congress setting forth the findings and conclusion of the analysis conducted pursuant to this subsection.
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Sec. 5
Semiannual actuarial studies of MMIF during periods of capital depletion
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