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Code · BILL · 113th Congress · H.R. 2767 (Introduced in House) — To protect American taxpayers and homeowners by creating a sustainable housing finance system for the 21st century. · Sec. 254

Sec. 254. Examinations, reports, and cost estimates

310 words·~1 min read·/bill/113/hr/2767/ih/section-254

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The Director shall conduct such examinations of the FHA and the Rural Housing Service programs referred to in section 251(a) as the Director determines necessary to evaluate the safety and soundness of the FHA and such programs. Such examinations shall be subject to and governed by subsections
(c)through
(h)of section 1317 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4517 ), except that the last sentence of subsection
(c)shall not apply and any reimbursements referred to in such sentence shall be made from amounts collected under section 255 of this title. The Director may require the FHA and the Rural Housing Service to submit, within a reasonable period of time, any regular or special report, data, or other information whenever, in the judgment of the Director, such report, data, or information is necessary to carry out the Director’s responsibilities under this title. The Director shall produce and submit to the Director of the Office of Management and Budget the annual credit subsidy cost estimates for the FHA and the Rural Housing Service programs referred to in section 251(a) required for the President’s budget. Such estimates shall be consistent with the estimates of performance generated by the risk-based capital model developed in accordance with section 257(b), and with the President’s economic forecast. The annual credit subsidy cost estimates produced under this subsection by the Director shall be reported on a unified basis, which shall be based upon the business of the FHA, and the Rural Housing Service programs referred to in section 251(a), as a whole. The Director shall submit an annual report to Congress and the Director of the Office of Management and Budget on the financial safety and soundness of the FHA and the Rural Housing Service programs referred to in section 251(a), as measured pursuant to this subtitle.
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Sec. 254
Examinations, reports, and cost estimates
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