Requiring annual testimony and oversight from housing regulators

(a) HUD programs The Department of Housing and Urban Development Act (42 U.S.C. 3531 et seq.) is amended by adding at the end the following: 15. Annual testimony The Secretary shall, on an annual basis, testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on the status of all programs carried out by the Department, at the request of the relevant committee.. (b) Government guaranteed or insured mortgages On an annual basis, the following individuals shall testify before the appropriate committees of Congress with respect to mortgage loans made, guaranteed, or insured by the Federal Government: (1) The President of the Government National Mortgage Association. (2) The Federal Housing Commissioner. (3) The Administrator of the Rural Housing Service. (4) The Executive Director of the Loan Guaranty Service of the Department of Veterans Affairs. (5) The Director of the Federal Housing Finance Agency. (c) Mortgagee review board Section 202(c)(8) of the National Housing Act (12 U.S.C. 1708(c)(8)) is amended— (1) by striking, in consultation with the Federal Housing Administration Advisory Board,; and (2) by inserting and to Congress after the Secretary.