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§ 4502. —  Definitions. - US § 4502. —  Definitions. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC4502]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
Sec. 4502. Definitions

    For purposes of this chapter:

                            (1) Affiliate

        Except as provided by the Director, the term ``affiliate'' means 
    any entity that controls, is controlled by, or is under common 
    control with, an enterprise.

                      (2) Capital distribution

        (A) In general

            The term ``capital distribution'' means--
                (i) any dividend or other distribution in cash or in 
            kind made with respect to any shares of, or other ownership 
            interest in, an enterprise, except a dividend consisting 
            only of shares of the enterprise;
                (ii) any payment made by an enterprise to repurchase, 
            redeem, retire, or otherwise acquire any of its shares, 
            including any extension of credit made to finance an 
            acquisition by the enterprise of such shares; and
                (iii) any transaction that the Director determines by 
            regulation to be, in substance, the distribution of capital.

        (B) Exception

            Any payment made by an enterprise to repurchase its shares 
        for the purpose of fulfilling an obligation of the enterprise 
        under an employee stock ownership plan that is qualified under 
        section 401 of title 26 or any substantially equivalent plan, as 
        determined by the Director, shall not be considered a capital 
        distribution.

                          (3) Compensation

        The term ``compensation'' means any payment of money or the 
    provision of any other thing of current or potential value in 
    connection with employment.

                          (4) Core capital

        The term ``core capital'' means, with respect to an enterprise, 
    the sum of the following (as determined in accordance with generally 
    accepted accounting principles):
            (A) The par or stated value of outstanding common stock.
            (B) The par or stated value of outstanding perpetual, 
        noncumulative preferred stock.
            (C) Paid-in capital.
            (D) Retained earnings.

    The core capital of an enterprise shall not include any amounts that 
    the enterprise could be required to pay, at the option of investors, 
    to retire capital instruments.

                            (5) Director

        The term ``Director'' means the Director of the Office of 
    Federal Housing Enterprise Oversight of the Department of Housing 
    and Urban Development.

                           (6) Enterprise

        The term ``enterprise'' means--
            (A) the Federal National Mortgage Association and any 
        affiliate thereof; and
            (B) the Federal Home Loan Mortgage Corporation and any 
        affiliate thereof.

                        (7) Executive officer

        The term ``executive officer'' means, with respect to an 
    enterprise, the chairman of the board of directors, chief executive 
    officer, chief financial officer, president, vice chairman, any 
    executive vice president, and any senior vice president in charge of 
    a principal business unit, division, or function.

                           (8) Low-income

        The term ``low-income'' means--
            (A) in the case of owner-occupied units, income not in 
        excess of 80 percent of area median income; and
            (B) in the case of rental units, income not in excess of 80 
        percent of area median income, with adjustments for smaller and 
        larger families, as determined by the Secretary.

                          (9) Median income

        The term ``median income'' means, with respect to an area, the 
    unadjusted median family income for the area, as determined and 
    published annually by the Secretary.

                        (10) Moderate-income

        The term ``moderate-income'' means--
            (A) in the case of owner-occupied units, income not in 
        excess of area median income; and
            (B) in the case of rental units, income not in excess of 
        area median income, with adjustments for smaller and larger 
        families, as determined by the Secretary.

                       (11) Mortgage purchases

        The term ``mortgage purchases'' includes mortgages purchased for 
    portfolio or securitization.

                      (12) Multifamily housing

        The term ``multifamily housing'' means a residence consisting of 
    more than 4 dwelling units.

                          (13) New program

        The term ``new program'' means any program for the purchasing, 
    servicing, selling, lending on the security of, or otherwise dealing 
    in, conventional mortgages that--
            (A) is significantly different from programs that have been 
        approved under this Act or that were approved or engaged in by 
        an enterprise before October 28, 1992; or
            (B) represents an expansion, in terms of the dollar volume 
        or number of mortgages or securities involved, of programs above 
        limits expressly contained in any prior approval.

                             (14) Office

        The term ``Office'' means the Office of Federal Housing 
    Enterprise Oversight of the Department of Housing and Urban 
    Development.

                           (15) Secretary

        The term ``Secretary'' means the Secretary of Housing and Urban 
    Development.

                     (16) Single family housing

        The term ``single family housing'' means a residence consisting 
    of 1 to 4 dwelling units.

                             (17) State

        The term ``State'' means the States of the United States, the 
    District of Columbia, the Commonwealth of Puerto Rico, the 
    Commonwealth of the Northern Mariana Islands, Guam, the Virgin 
    Islands, American Samoa, the Trust Territory of the Pacific Islands, 
    and any other territory or possession of the United States.

                         (18) Total capital

        The term ``total capital'' means, with respect to an enterprise, 
    the sum of the following:
            (A) The core capital of the enterprise; \1\
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    \1\ So in original. The semicolon probably should be a period.
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            (B) A general allowance for foreclosure losses, which--
                (i) shall include an allowance for portfolio mortgage 
            losses, an allowance for nonreimbursable foreclosure costs 
            on government claims, and an allowance for liabilities 
            reflected on the balance sheet for the enterprise for 
            estimated foreclosure losses on mortgage-backed securities; 
            and
                (ii) shall not include any reserves of the enterprise 
            made or held against specific assets.

            (C) Any other amounts from sources of funds available to 
        absorb losses incurred by the enterprise, that the Director by 
        regulation determines are appropriate to include in determining 
        total capital.

                        (19) Very low-income

        The term ``very low-income'' means--
            (A) in the case of owner-occupied units, income not in 
        excess of 60 percent of area median income; and
            (B) in the case of rental units, income not in excess of 60 
        percent of area median income, with adjustments for smaller and 
        larger families, as determined by the Secretary.

(Pub. L. 102-550, title XIII, Sec. 1303, Oct. 28, 1992, 106 Stat. 3942.)

                       References in Text

    This chapter, referred to in text, was in the original ``this 
title'', meaning title XIII of Pub. L. 102-550, Oct. 28, 1992, 106 Stat. 
3941, which is classified principally to this chapter. For complete 
classification of title XIII to the Code, see Short Title note set out 
under section 4501 of this title and Tables.
    This Act, referred to in par. (13)(A), is Pub. L. 102-550, Oct. 28, 
1992, 106 Stat. 3672, known as the Housing and Community Development Act 
of 1992. For complete classification of this Act to the Code, see Short 
Title of 1992 Amendment note set out under section 5301 of Title 42, The 
Public Health and Welfare, and Tables.

          Termination of Trust Territory of the Pacific Islands

    For termination of Trust Territory of the Pacific Islands, see note 
set out preceding section 1681 of Title 48, Territories and Insular 
Possessions.

                  Section Referred to in Other Sections

    This section is referred to in sections 1452, 1454, 1717, 1718, 
1723a of this title.




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