Sec. 306. Ginnie Mae authority regarding timing
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/bill/114/hr/1491/ih/section-306·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Director may extend any deadline referred to in section 301, 303(a), 304(a), or the provisions amended by section 305, as provided in such subsection
(b)of this section, but only if the Director— makes a determination, after consultation with the Board of Governors of the Federal Reserve System, that such deadline is posing significant risk to the housing market; and causes notice of such determination to be published in the Federal Register. The first extension of any deadline pursuant to subsection
(a)shall be for a period of an additional 2 years. If, after the expiration of a first extension of a deadline of 2 years, the Director makes a determination as provided in subsection (a)(1), the Director may extend the deadline an additional 2 years. If, after the expiration of the second extension of a deadline of 2 years, the Director makes a determination as provided in subsection (a)(1), the Director may, upon the written agreement of the Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury, and in consultation with the Secretary of the Housing and Urban Development, extend the deadline an additional year, and annually thereafter utilizing the same process described in this paragraph until such time as the Director makes a determination that such deadline does not pose a significant risk to the housing market. If the Director extends any deadline period pursuant to the authority under subsection (a), the Director shall thereafter, until the expiration of the periods referred to in paragraphs
(1)and
(2)of section 1367(k) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (as such period may be extended pursuant to this section), submit a report to the Congress on a monthly basis regarding the transition of the enterprises pursuant to this section, the status of the businesses of the enterprises, and the market share of the enterprises.