Act of 1992 ( 12 U.S.C. 4617 ) is amended by striking subsection (k) and inserting the following new subsection: (k) Repeal of enterprise charters (1) Fannie Mae Effective five years after the date of the enactment of the Protecting American Taxpayers and Homeowners Act of 2018, the charter of the Federal National Mortgage Association is repealed and the Federal National Mortgage Association shall have no authority to conduct new business under such charter, except that the provisions of such charter in effect immediately before such repeal shall continue to apply with respect to the rights and obligations of any holders of— (A) outstanding debt obligations of the Federal National Mortgage Association, including any— (i) bonds, debentures, notes, or other similar instruments