AMENDMENTS TO HOUSING AND ECONOMIC RECOVERY ACT OF 2008.

SEC. 1304. AMENDMENTS TO HOUSING AND ECONOMIC RECOVERY ACT OF 2008.(a) Sale of Fannie Mae Obligations and Securities by the Treasury; Deficit Reduction.—Section 304(g)(2) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1719(g)(2)) is amended—(1) by redesignating subparagraph (C) as subparagraph (D); and(2) by inserting after subparagraph (B) the following:“(C) Deficit reduction.—The Secretary of the Treasury shall deposit in the General Fund of the Treasury any amounts received by the Secretary from the sale of any obligation acquired by the Secretary under this subsection, where such amounts shall be—“(i) dedicated for the sole purpose of deficit reduction; and“(ii) prohibited from use as an offset for other spending increases or revenue reductions.”.(b) Sale of Freddie Mac Obligations and Securities by the Treasury; Deficit Reduction.—Section 306(l)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1455(l)(2)) is amended—(1) by redesignating subparagraph (C) as subparagraph (D); and(2) by inserting after subparagraph (B) the following:“(C) Deficit reduction.—The Secretary of the Treasury shall deposit in the General Fund of the Treasury any amounts received by the Secretary from the sale of any obligation acquired by the Secretary under this subsection, where such amounts shall be—“(i) dedicated for the sole purpose of deficit reduction; and“(ii) prohibited from use as an offset for other spending increases or revenue reductions.”.(c) Sale of Federal Home Loan Banks Obligations by the Treasury; Deficit Reduction.—Section 11(l)(2) of the Federal Home Loan Bank Act (12 U.S.C. 1431(l)(2)) is amended—(1) by redesignating subparagraph (C) as subparagraph (D); and(2) by inserting after subparagraph (B) the following:“(C) Deficit reduction.—The Secretary of the Treasury shall deposit in the General Fund of the Treasury any amounts received by the Secretary from the sale of any obligation acquired by the Secretary under this subsection, where such amounts shall be—“(i) dedicated for the sole purpose of deficit reduction; and“(ii) prohibited from use as an offset for other spending increases or revenue reductions.”.(d) Repayment of Fees.—Any periodic commitment fee or any other fee or assessment paid by the Federal National Mortgage Association or Federal Home Loan Mortgage Corporation to the Secretary of the Treasury as a result of any preferred stock purchase agreement, mortgage-backed security purchase program, or any other program or activity authorized or carried out pursuant to the authorities granted to the Secretary of the Treasury under section 1117 of the Housing and Economic Recovery Act of 2008 124 STAT. 2135 (Public Law 110–289; 122 Stat. 2683), including any fee agreed to by contract between the Secretary and the Association or Corporation, shall be deposited in the General Fund of the Treasury where such amounts shall be—(1) dedicated for the sole purpose of deficit reduction; and(2) prohibited from use as an offset for other spending increases or revenue reductions.