; and (10) by striking the second subsection (l), as added by section 1202(8) of the Housing and Economic Recovery Act of 2008. 609. Home equity conversion mortgage program (a) Establishment of separate mortgage insurance fund Section 255 of the National Housing Act ( 12 U.S.C. 1715–20 ) is amended by adding at the end the following new subsection: (s) Home Equity Conversion Mortgage Insurance Fund (1) Establishment There is hereby created a Home Equity Conversion Mortgage Insurance Fund (in this section referred to as the Fund ), which shall be used by the Secretary as a revolving fund for carrying out the mortgage insurance obligations of this section and for mortgages and commitments transferred pursuant to paragraph (2). (2) Transfer of insurance and commitments The Secretary shall transfer to the Fund all commitments for insurance issued under this section before the date of the enactment of this subsection and the insurance of any mortgage insured under this section before such date of enactment. (3) Transfer of amounts The Secretary shall transfer to the Fund from the Mutual Mortgage Insurance Fund an amount equal to the total of the premium payments previously made with respect to the insurance of mortgages transferred to the Fund pursuant to paragraph (2) minus the total of any administrative expenses previously incurred in connection with such mortgages, plus such other amounts as the Secretary determines to be necessary and appropriate. (4) Credits Premium charges, adjusted premium charges, inspection and other fees, service charges, and any other income received by the Secretary under this section, together with all earnings on the assets of the Fund, shall be credited to the Fund. (5) Payments All payments made pursuant to claims of mortgagees with respect to mortgages insured under this section, cash adjustments, the principal of and interest paid on debentures which are the obligation of the Fund, expenses incurred in connection with or as a consequence of the acquisition and disposal of property