Federal Mortgage Insurance Corporation Charter Act

TABLE OF CONTENTS:

Title I: Organization of Corporation

Title II: Business of Corporation

Title III: Provisions Relating to Government National

Mortgage Association and Office of Federal Housing

Enterprise Oversight

Title IV: FHA Improvements

Federal Mortgage Insurance Corporation Charter Act - Title I: Organization of Corporation - Establishes the Federal Mortgage Insurance Corporation (the Corporation) as a tax-exempt, self-supporting, wholly owned Government corporation to promote the single family housing market through expanded opportunities for full mortgage insurance and housing credit.

(Sec. 104) Charges the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) with regulatory supervision over the financial safety and soundness of the Corporation. Requires the Corporation to submit an annual budget and business plan to OFHEO.

(Sec. 109) Places the Corporation within the purview of the Inspector General of the Department of Housing and Urban Development.

Requires the Corporation to establish an annual business plan for review by the Congress and the President.

(Sec. 112) Directs the Comptroller General to report to the President and the Congress on the impact upon the Corporation of statutory limitations and safety and soundness requirements.

(Sec. 113) Authorizes appropriations in an amount each fiscal year equal to the amount of net income from Corporation operations.

Title II: Business of Corporation - Limits Corporation authority to provide mortgage insurance or credit enhancement to property that is a one- to four-family dwelling located in the United States.

(Sec. 202) Prescribes guidelines for the Corporation to implement a mortgage insurance program under the same statutory limitations applicable to family dwellings carried out by the Secretary of Housing and Urban Development.

Prescribes guidelines under which the Secretary shall transfer to the Corporation all assets and obligations relating to the mortgage insurance program for family dwellings. Sets a termination date for the Secretary's mortgage insurance authority.

(Sec. 203) Authorizes the Corporation to: (1) provide full mortgage insurance for family dwellings that is not subject to the National Housing Act strictures; and (2) engage in any other method of enhancing credit for mortgages involving family dwellings.

(Sec. 204) Subjects the Corporation to certain limitations on business activity.

Title III: Provisions Relating to Government National Mortgage Association and Office of Federal Housing Enterprise Oversight - Amends the National Housing Act to make technical changes reflecting the provisions of this Act.

(Sec. 302) Amends the Housing and Community Development Act of 1992 to provide for the supervision and regulation of the Corporation. Vests the OFHEO Director with exclusive supervisory and regulatory authority over the safety and soundness of the Corporation, including a mandate to review any proposed new business activity to determine any potential for undercapitalization. Sets forth the Director's supervisory and enforcement parameters.

Title IV: FHA Improvements - Amends the National Housing Act to: (1) modify the mortgage insurance eligibility formula for family dwellings; and (2) prescribe guidelines under which the Secretary may delegate the authority to insure mortgages for family dwellings to a mortgagee.