Sec. 104. Limitations on enterprise authority

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Subtitle B of title XIII of the Housing and Community Development Act of 1992 (12 U.S.C. 4611 et seq.) is amended by adding at the end the following new section: Subject to subsection (b), no enterprise shall own, as of any applicable date in this subsection or thereafter, mortgage assets in excess of— as of December 31, 2013, $550,000,000,000; or as of December 31 of each year thereafter, 85 percent of the aggregate amount of mortgage assets that the enterprise was permitted to own pursuant to this section as of December 31 of the immediately preceding calendar year.

In no event shall an enterprise be required under this section to own less than $250,000,000,000 in mortgage assets. For purposes of this section, the term mortgage assets means, with respect to an enterprise, assets of such enterprise consisting of mortgages, mortgage loans, mortgage-related securities, participation certificates, mortgage-backed commercial paper, obligations of real estate mortgage investment conduits and similar assets, in each case to the extent such assets would appear on the balance sheet of such enterprise in accordance with generally accepted accounting principles in effect in the United States as of September 7, 2008 (as set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board from time to time; and without giving any effect to any change that may be made after September 7, 2008, in respect of Statement of Financial Accounting Standards No. 140 or any similar accounting standard). .

Section 1327 of Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4547) is amended by adding at the end the following new subsection: Notwithstanding any other provision of this section, the Director shall ensure, pursuant to the annual review conducted under paragraph (2), that each enterprise charges a guarantee fee, in connection with any mortgage guaranteed after the date of the enactment of the Protecting American Taxpayers and Homeowners Act of 2013, in an amount that the Director determines is equivalent to the amount that the enterprise would charge if the enterprise were held to the same capital standards as private banks or financial institutions.

Not less often than annually, the Director shall review the guarantee fees charged by each enterprise and determine how such fees compare to the amount determined by the Director under paragraph (1). If the Director determines that such fees charged by an enterprise are less than such amount, the Director shall, by order, require the enterprise to increase such fees in such amount as the Director determines necessary to comply with paragraph (1). To determine the amount of any increase under this subsection, the Director shall establish a pricing mechanism as the Director considers appropriate, taking into consideration current market conditions, including the current market share of an enterprise, and any data collected pursuant to section 1601 of the Housing and Economic Recovery Act of 2008 (12 U.S.C. 4514a). .

The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 is amended by striking sections 1331 through 1336 ( 12 U.S.C. 4561–6 ). Federal Housing Enterprises Financial Safety and Soundness Act of 1992 is amended— in section 1303(28) ( 12 U.S.C. 4502(28) ), by striking , and, for the purposes and all that follows through designated disaster areas ; in section 1324(b)(1)(A) ( 12 U.S.C. 4544(b)(1)(A) ), by striking clauses (i), (ii), and (iv); in section 1339(h) ( 12 U.S.C. 4569(h) ), by striking paragraph (7); in section 1341 ( 12 U.S.C. 4581 )— in subsection (a)— in paragraph (1), by inserting or after the semicolon at the end; in paragraph (2), by striking the semicolon at the end and inserting a period; and by striking paragraphs

(3)and (4); and in subsection (b)(2)— in subparagraph (A), by inserting or after the semicolon at the end; by striking subparagraphs

(B)and (C); and by redesignating subparagraph

(D)as subparagraph (B); in section 1345(a) ( 12 U.S.C. 4585(a) )— in paragraph (1), by inserting or after the semicolon at the end; in paragraph (2), by striking the semicolon at the end and inserting a period; and by striking paragraphs

(3)and (4); and in section 1371(a)(2) ( 12 U.S.C. 4631(a)(2) ), by striking with any housing goal established under subpart B of part 2 of subtitle A of this title, with section 1336 or 1337 of this title, . The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 is amended by striking sections 1337 and 1338 ( 12 U.S.C. 4567 , 4568). The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 is amended— in section 1303(24)(B) ( 12 U.S.C. 4502(24)(B) ), by striking 1338 and ; in section 1324(b)(1)(A) ( 12 U.S.C. 4544(b)(1)(A) ), as amended by the preceding provisions of this Act— by striking clause (iii); by striking the dash after which and inserting the text of clause

(v)and a period; and by striking clause (v); in section 1339(b)— by striking paragraph (1); by striking the dash after consist of and inserting the text of paragraph

(2)and a period; and by striking paragraph (2); and in section 1345 ( 12 U.S.C. 4585 ), by striking subsection (f).

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