The Director shall establish housing goals with respect to the purchase of mortgages, if any, by the Federal Home Loan Banks. Such goals shall be consistent with the goals established under sections 4561 through 4564 of this title.

In establishing the goals required by subsection (a), the Director shall consider the unique mission and ownership structure of the Federal Home Loan Banks.

To facilitate an orderly transition, the Director shall establish interim target goals for purposes of this section for each of the 2 calendar years following July 30, 2008.

The requirements of section 4566 [1] of this title, shall apply to this section, in the same manner and to the same extent as that section applies to the Federal housing enterprises.

The Director shall annually report to Congress on the performance of the Banks in meeting the goals established under this section.

(July 22, 1932, ch. 522, § 10C, as added Pub. L. 110–289, div. A, title II, § 1205, July 30, 2008, 122 Stat. 2786.)