; and (C) a period of 10 days elapses following the notification under subparagraph (B). (2) Public notice and comment If a regulation prescribed pursuant to a waiver made under paragraph (1) is in effect for a period exceeding one year, the Secretary shall provide the public an opportunity for notice and comment regarding such regulation. (3) Effective date This subsection shall take effect on the date of the enactment of this Act. (4) Termination date The authorities under this subsection shall terminate on the date that is one year after the date of the enactment of this Act. (c) Clerical amendment The table of sections at the beginning of chapter 37 of title 38, United States Code, is amended by inserting after the item relating to section 3708 the following new item: 3709. Refinancing of housing loans. . 3. Loan seasoning for ginnie mae mortgage-backed securities Section 306(g)(1) of the National Housing Act ( 12 U.S.C. 1721(g)(1) ) is amended by inserting The Association may not guarantee the timely payment of principal and interest on a security that is backed by a mortgage insured or guaranteed under chapter 37 of title 38, United States Code, and that was refinanced until the later of the date that is 210 days after the date on which the first monthly payment is made on the mortgage being refinanced and the date on which 6 full monthly payments have been made on the mortgage. after Act of 1992. . 4. Report on liquidity of the department of veterans affairs housing loan program (a) Report Not later than one year after the date of the enactment of this Act, the Secretary of Housing and Urban Development and the President of the Ginnie Mae shall submit to the appropriate committees of Congress a report on the liquidity of the housing loan program under chapter 37 of title 38, United States Code, in the secondary mortgage market, which shall— (1) assess the loans provided under that chapter that collateralize mortgage-backed securities that are guaranteed by Ginnie Mae