((a)) ** Study** Each of the enterprises shall conduct a study to review the underwriting guidelines of the enterprise. The studies shall examine—

((1)) the extent to which the underwriting guidelines prevent or inhibit the purchase or securitization of mortgages for housing located in mixed-use, urban center, and predominantly minority neighborhoods and for housing for low- and moderate-income families;

((2)) the standards employed by private mortgage insurers and the extent to which such standards inhibit the purchase and securitization by the enterprises of mortgages described in paragraph (1); and

((3)) the implications of implementing underwriting standards that—

((A)) establish a downpayment requirement for mortgagors of 5 percent or less;

((B)) allow the use of cash on hand as a source for downpayments; and

((C)) approve borrowers who have a credit history of delinquencies if the borrower can demonstrate a satisfactory credit history for at least the 12-month period ending on the date of the application for the mortgage.

((b)) ** Report** Not later than the expiration of the 1-year period beginning on , each enterprise shall submit to the Secretary, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate a report regarding the study conducted by the enterprise under subsection (a). Each report shall include any recommendations of the enterprise for better meeting the housing needs of low- and moderate-income families.October 28, 19921992-10-28