Blog

Congressman Mick Mulvaney (Twitter | Facebook) delivers this week's Sunday Video Message on the $1.7 billion taxpayer-funded bailout of the Federal Housing Administration. Read More »

The Protecting American Taxpayers and Homeowners Act – the PATH Act – expressly preserves the 30-year fixed rate mortgage. In fact, it's the only housing reform bill that specifically does so. But those who defend the status quo are trying to trick you into believing otherwise. Don't believe those scare tactics. Just read it for yourself. On page 39 of the bill, it's spelled out clearly in Section 213: “the FHA… shall provide, among other mortgage insurance products, for the availability of a 30-year fixed rate mortgage.” Not can provide, may provide, or could provide – but SHALL provide. If i... Read More »

Today, the House Financial Services Committee held a hearing on the Federal Housing Administration’s (FHA) first-ever taxpayer-funded bailout — approximately $1.7 billion. Despite long-standing concerns about its solvency, the FHA has not taken the necessary steps to mitigate its losses. FHA currently has several means at its disposal to minimize losses to its insurance fund, yet the FHA has not fully utilized these tools. As a result, American taxpayers are now on the hook for a $1.7 billion bailout. In light of FHA’s fiscal mismanagement and first-ever taxpayer-funded bailout, Committee Cha... Read More »

The House is in session Monday through Wednesday this week and will consider two Financial Services bills. Additionally, the committee will hold two hearings. Be sure to check back here on the Bottom Line Blog -- and sign up for our email updates -- for more information throughout the week. Here's what's happening: On Tuesday at 10 a.m. the Full Committee will hear from Federal Housing Administration (FHA) Commissioner Carol Galante on the FHA's first-ever, $1.7 billion taxpayer-funded bailout. In the afternoon, at 3 p.m. the Financial Institutions and Consumer Credit Subcommittee will discuss... Read More »

Chairman Hensarling appeared on Fox Business Network earlier today to discuss tomorrow's Full Committee hearing on the $1.7 billion taxpayer-funded bailout the Federal Housing Administration (FHA) received at the end of September. Hensarling on FHA's current condition: "Well as you probably know, FHA is about to receive their first bailout ever: $1.7 billion basically for a government agency that for years told us they would never need a bailout." "Regrettably, Congress has been misled for years as to the true fiscal health of the FHA. And so we're going to have the director of the FHA, Carol ... Read More »

Congresswoman Ann Wagner (Twitter | Facebook) delivers this week's Sunday Video Message on her legislation -- H.R. 2374, the Retail Investor Protection Act. H.R. 2374 will be considered on the House floor this week. Read More »

Update 11/18/13: The full committee will consider six bills to reform the CFPB on Wednesday. Next week the Financial Institutions and Consumer Credit Subcommittee will hold a hearing to discuss legislative proposals to bring more accountability, reform and transparency to the Consumer Financial Protection Bureau (CFPB). As Chairman Hensarling has pointed out, the CFPB is arguably the single most powerful and least accountable federal agency in American history. Established by the Dodd-Frank Act, the CFPB's radical design is unique among financial and consumer regulators, including those respon... Read More »

Forbes | Dodd-Frank’s Costs Will Be Paid For By Low-Income Bank Customers A whole segment of society is losing access to mainstream banking that allows them to safely save and invest for the future. They are being pushed into nontraditional financial arrangements not by choice, but because of Dodd-Frank. NRO | 10 Questions for Janet Yellen With Janet Yellen now seemingly on course to be the next Fed chairman, it’s time to find out what she thinks about some very important questions of monetary and regulatory policy. Housing Wire | Industry veteran challenges CFPB’s support of disparate impact... Read More »

Congressman Randy Hultgren (Twitter | Facebook) delivers this week's Sunday Video Message on his legislation -- H.R. 992, the Swaps Regulatory Improvement Act. H.R. 992 will be considered on the House floor this week. Read More »

Mercatus | The Myth of Deregulation and the Financial Crisis Did “deregulation” cause the financial crisis? Our conclusion was that there was no measurable, net deregulation leading up to the financial crisis. Omaha World-Herald | Mortgage lending at risk if rules not delayed, banker says Without a delay of onerous Dodd-Frank mortgage regulations, some banks will stop or cut back on mortgage lending. Reuters | Fed official blasts White House handling of Bernanke succession The White House has handled the process of picking the next chair of the Federal Reserve "terribly," a top official at the... Read More »