; (B) manages and limits the annual exposure of the funds managed by FHA; and (C) is subject to market conditions. (2) Development and implementation (A) Timing The Administrator shall develop and implement models and standards for ceding of risk as required under paragraph (1) not later than the expiration of the 24-month period beginning upon the date of the enactment of this Act. (B) Consultation with Ginnie Mae In developing the models and standards under subparagraph (A), the FHA shall consult with the Government National Mortgage Association and shall review such Association’s guidelines relating to risk-sharing and other credit enhancement activities. (b) Qualifications of risk transfer partners (1) Establishment The model and standards established under this section shall include guidelines for the qualification of persons or entities to participate in risk transfer and other credit enhancement activities with the FHA. (2) Procedures In establishing such guidelines, the FHA shall review the guidelines established by the Director for qualification of persons or entities to participate in risk transfer, risk-sharing, and other credit enhancement activities with the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. The FHA shall determine whether such guidelines for such enterprises are sufficient for purposes of the FHA, including whether such guidelines meet the requirements under paragraph (3), and— (A) if the FHA determines that such guidelines are so sufficient, the FHA shall adopt such guidelines for purposes of this section, to the extent appropriate, with any changes necessary to account for differences between the mortgages insured under this title and the National Housing Act and the business under such provisions and the business of such enterprises