Requiring annual testimony and oversight from housing regulators

(a) Requirement to testify Section 7 of the Department of Housing and Urban Development Act (42 U.S.C. 3535) is amended by adding at the end the following: (u) Annual testimony The Secretary shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at an annual hearing and present testimony regarding the operations of the Department during the preceding year, including— (1) the current programs and operations of the Department; (2) the physical condition of all public housing and other housing assisted by the Department; (3) the financial health of the mortgage insurance funds of the Federal Housing Agency; (4) oversight by the Department of grantees and subgrantees for purposes of preventing waste, fraud, and abuse; (5) the progress made by the Federal Government in ending the affordable housing and homelessness crises; (6) the capacity of the Department to deliver on its statutory mission; and (7) other ongoing activities of the Department, as appropriate.. (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.

Section 7 of the Department of Housing and Urban Development Act (42 U.S.C. 3535) is amended by adding at the end the following: (u) Annual testimony The Secretary shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at an annual hearing and present testimony regarding the operations of the Department during the preceding year, including— (1) the current programs and operations of the Department; (2) the physical condition of all public housing and other housing assisted by the Department; (3) the financial health of the mortgage insurance funds of the Federal Housing Agency; (4) oversight by the Department of grantees and subgrantees for purposes of preventing waste, fraud, and abuse; (5) the progress made by the Federal Government in ending the affordable housing and homelessness crises; (6) the capacity of the Department to deliver on its statutory mission; and (7) other ongoing activities of the Department, as appropriate..