SA 1017. Mr. VITTER submitted an amendment intended to be proposed to amendment SA 1018 submitted by Mr. Dodd (for himself and Mr. Shelby) to the bill S. 896, to prevent mortgage foreclosures and enhance mortgage credit availability; as follows:

At the appropriate place, insert the following:
SEC. __. DUTIES OF THE FHA.
(a) Duty to Maintain Solvency.--Notwithstanding any other provision of law or of this Act, the primary and foundational responsibility of the Federal Housing Administration shall be to safeguard and preserve the solvency of the Administration.
(b) Suspension of Activities.--If in the determination of the Commissioner of the Federal Housing Administration, any existing Federal requirement, program, or law, or any amendment to such requirement, program, or law made by this Act, threatens the solvency of the Administration or makes the Administration reasonably likely to need a credit subsidy from Congress, the Commissioner shall--
(1) temporary suspend any such requirement, program, or law; and
(2) recommend legislation to the appropriate congressional committees to address such solvency issues.


(As printed in the Congressional Record for the Senate on Apr 30, 2009.)