LIMITATION ON GNMA GUARANTEES OF MORTGAGE-BACKED SECURITIES.

SEC. 446. LIMITATION ON GNMA GUARANTEES OF MORTGAGE-BACKED SECURITIES. Section 306(g)(2) of the Federal National Mortgage Association Charter Act is amended to read as follows: “(2) Notwithstanding any other provision of law and subject only to the absence of qualified requests for guarantees, to the authority provided in this subsection, and to any funding limitation approved in appropriation Acts, the Association shall enter into commitments to issue guarantees under this subsection in an aggregate amount of $150,000,000,000 for fiscal year 1988, and $156,000,000,000 for fiscal year 1989.”.