MONITORING AND ENFORCING COMPLIANCE WITH HOUSING GO AIR.

SEC. 1336. MONITORING AND ENFORCING COMPLIANCE WITH HOUSING GO AIR. (a) In General.— (1) Authority.—The Secretary shall monitor and enforce compliance with the housing goals established under sections 1332,1333, and 1334, as provided in this section. (2) Guidelines.—The Secretary shall establish guidelines to measure the extent of compliance with the housing goals, which may assign full credit, partial credit, or no credit toward achievement or the housing goals to different categories of mortgage purchase activities of the enterprises, based on such criteria as the Secretary deems appropriate. (3) Extent of compliance.— In determining compliance with the housing goals established under this subpart, the Secretary— (A) shall consider any single mortgage purchased by an enterprise as contributing to the achievement of each housing goal for which such mortgage purchase qualifies; and (B) may take into consideration the number of housing units financed by any mortgage on housing purchased by an enterprise. (b) Notice and Determination of Failure To Meet Goals.— (1) Notice.—If the Secretary determines that an enterprise has failed, or that there is a substantial probability that an enterprise will fail, to meet any housing goal established under section 1332, 1333, or 1334, the Secretary shall provide written notice to the enterprise of such a determination, the reasons for such determination, the requirement to submit a housing plan under subsection (c) of this section, and the information on which the Secretary based the determination or imposed such requirement. (2) Response period.— (A) In general.—During the 30-day period beginning on the date that an enterprise is provided notice under paragraph (1), the enterprise may submit to the Secretary any written information that the enterprise considers appropriate for consideration by the Secretary in determining whether such failure has occurred or whether the achievement of such goal was or is feasible. (B) Extended period.—The Secretary may extend the period under subparagraph (A) for good cause for not more than 30 additional days. 106 STAT. 3963 (C) Shortened period.—The Secretary may shorten the period under subparagraph (A) for good cause. (D) Failure to respond.—The failure of an enterprise to provide information during the 30-day period under this paragraph (as extended or shortened) shall waive any right of the enterprise to comment on the proposed determination or action of the Secretary. (3) Consideration of information and determination.— (A) In general.—After the expiration of the response period under paragraph (2) or upon receipt of information provided during such period by the enterprise, whichever occurs earlier, the Secretary shall determine (i) whether the enterprise has failed, or there is a substantial prob-ability that the enterprise will fail, to meet the housing goal, and (ii) whether (taking into consideration market and economic conditions and the financial condition of the enterprise) the achievement of the housing goal was or is feasible. (B) Considerations.—In making such determinations, the Secretary shall take into consideration any relevant information submitted by the enterprise during the response period, (C) Notice.— The Secretary shall provide written notice to the enterprise, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate, of— (i) each determination that an enterprise has failed, or that there is a substantial probability that the enterprise will fail, to meet a housing goal; (ii) each determination that the achievement of a housing goal was or is feasible; and (iii) the reasons for each such determination. Such notice shall respond to any information submitted during the response period. (c) Housing Plans.— (1) Requirement.—If the Secretary finds pursuant to sub-section (b), that an enterprise has failed, or that there is a substantial probability that an enterprise will fail, to meet any housing goal established under section 1332, 1333, or 1334, and that the achievement of the housing goal was or is feasible, the Secretary shall require the enterprise to submit a housing plan under this subsection for approval by the Secretary. (2) Contents.— Each housing plan shall be a feasible plan describing the specific actions the enterprise will take— (A) to achieve the goal for the next calendar year; or (B) if the Secretary determines that there is a substantial probability that the enterprise will fail to meet a goal in the current year, to make such improvements as are reasonable in the remainder of such year. The plan shall be sufficiently specific to enable the Secretary to monitor compliance periodically. (3) Deadline for submission.—The Secretary shall, by regulation, establish a deadline for an enterprise to submit a housing plan to the Secretary, which may not be more than 45 days after the enterprise is provided notice under subsection 106 STAT. 3964 (b)(3) that a housing plan is required. The regulations shall provide that the Secretary may extend the deadline to the extent that the Secretary determines necessary. Any extension of the deadline shall be in writing and for a time certain. (4) Approval.—The Secretary shall review each housing plan submitted under this subsection and, not later than 30 days after submission of the plan, approve or disapprove the plan. The Secretary may extend the period for approval or disapproval for a single additional 30-day period if the Secretary determines it necessary. The Secretary shall approve any plan that the Secretary determines is likely to succeed, and conforms with the Federal National Mortgage Association Charter Act or the Federal Home Loan Mortgage Corporation Act (as applicable), this title, and any other applicable laws and regulations. (5) Notice of approval and disapproval.—The Secretary shall provide written notice to any enterprise submitting a housing plan of the approval or disapproval of the plan (which shall include the reasons for any disapproval of the plan) and of any extension of the period for approval or disapproval. (6) Resubmission.—If the initial housing plan submitted by an enterprise is disapproved, the enterprise shall submit an amended plan acceptable to the Secretary within 30 days or such longer period that the Secretary determines is in the public interest.