Sec. 104. Office of the Inspector General
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/bill/113/s/1217/rs/section-104·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is established the Office of the Inspector General of the Federal Mortgage Insurance Corporation. The head of the Office of the Inspector General of the Federal Mortgage Insurance Corporation is the Inspector General of the Federal Mortgage Insurance Corporation (in this section referred to as the Inspector General ), who shall be appointed by the President, by and with the advice and consent of the Senate. In addition to carrying out the requirements established under the Inspector General Act of 1978 (5 U.S.C.
App.), the Inspector General shall— conduct, supervise, and coordinate audits and investigations relating to the programs and operations of the Corporation— to ensure that the first loss position that the Corporation requires of private market holders of covered securities insured under this Act is adequate to cover losses that might be incurred as a result of adverse economic conditions, wherein such conditions are generally consistent with the economic conditions, including national home price declines, observed in the United States during moderate to severe recessions experienced during the last 100 years; and with respect to the— oversight and supervision of the Federal Home Loan Banks and the Federal Home Loan Bank System; and the contracting practices and procedures of the Corporation; and recommend policies for the purpose of addressing any deficiencies, inefficiencies, gaps, or failures in the administration of such programs and operations.
Beginning 1 year after the FMIC certification date, and annually thereafter, the Inspector General and an independent actuary contracted for by the Director shall each conduct an examination and issue a separate report regarding— the adequacy of insurance fees charged by the Board of Directors under title II; and the adequacy of the Mortgage Insurance Fund established under title II. Section 11 of the Inspector General Act of 1978 (5 U.S.C. App.) is amended— in paragraph (1), by inserting Chairperson of the Federal Mortgage Insurance Corporation; after the Director of the Federal Housing Finance Agency; ; and in paragraph (2), by inserting the Federal Mortgage Insurance Corporation, after the Federal Housing Finance Agency, .
The annual rate of basic pay of the Inspector General shall be the annual rate of basic pay provided for positions at level III of the Executive Schedule under section 5314 of title 5, United States Code.