STUDY AND REPORT TO CONGRESS ON SECURITIZATION OF ACQUIRED MEMBER ASSETS.

SEC. 1215. STUDY AND REPORT TO CONGRESS ON SECURITIZATION OF ACQUIRED MEMBER ASSETS.(a) Study.—The Director shall conduct a study on securitization of home mortgage loans purchased or to be purchased from member financial institutions under the Acquired Member Assets programs. In conducting the study, the Director shall establish a process for the formal submission of comments.(b) Elements.—The study shall encompass—(1) the benefits and risks associated with securitization of Acquired Member Assets;122 STAT. 2792(2) the potential impact of securitization upon liquidity in the mortgage and broader credit markets;(3) the ability of the Federal Home Loan Bank or Banks in question to manage the risks associated with such a program;(4) the impact of such a program on the existing activities of the Banks, including their mortgage portfolios and advances; and(5) the joint and several liability of the Banks and the cooperative structure of the Federal Home Loan Bank System.(c) Consultations.—In conducting the study under this section, the Director shall consult with the Federal Home Loan Banks, the Banks’ fiscal agent, representatives of the mortgage lending industry, practitioners in the structured finance field, and other experts as needed.(d) Report.—Not later than 1 year after the date of enactment of this Act, the Director shall submit a report to Congress on the results of the study conducted under subsection (a), including policy recommendations based on the analysis of the Director of the feasibility of mortgage-backed securities issuance by a Federal Home Loan Bank or Banks and the risks and benefits associated with such program or programs.(e) Definitions.—As used in this section, the terms “member”, “Bank”, and “Federal Home Loan Bank” have the same meanings as in section 2 of the Federal Home Loan Bank Act (12 U.S.C. 1422).