Financial Services Committee Chairman Spencer Bachus made the following statement today during the Capital Markets Subcommittee hearing on legislative proposals to reform Fannie Mae and Freddie Mac.
“As recent statistics show, our housing markets remain very fragile. Housing is a tremendously important part of our economy and of consumer spending. We cannot revive the… Read more »
Financial Services Committee Chairman Spencer Bachus and Committee Vice-Chairman Jeb Hensarling on Thursday joined Senator John McCain and Senator Orrin Hatch to discuss the introduction of the Government Sponsored Enterprise Bailout Elimination and Taxpayer Protection Act in the Senate.
The bill, which is the Senate companion version of House legislation introduced by… Read more »
The Dodd-Frank Act will result in a bigger and more expensive Federal government.
That’s the point the Financial Services Committee is driving home in a video released on Wednesday. The video, which can be viewed on the Committee’s website and on YouTube, coincides with a hearing of the Oversight and Investigations Subcommittee on the budgetary and economic costs of… Read more »
The Capital Markets and Government Sponsored Enterprises Subcommittee, chaired by Rep. Scott Garrett, will convene for a hearing to examine eight legislative proposals that provide immediate reforms to Fannie Mae and Freddie Mac. At a press conference yesterday, Financial Services Committee Members announced the introduction of the eight bills that will be subject of the Subcommittee… Read more »
Financial Services Committee Chairman Spencer Bachus and Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito are asking Elizabeth Warren, the Obama Administration official charged with setting up the Consumer Financial Protection Bureau, if she wants to clarify or correct her recent testimony regarding the Bureau’s role in the ongoing mortgage servicing… Read more »
Financial Services Committee Chairman Spencer Bachus released the following statement about the proposals introduced today by several Republicans on the Committee to reform Fannie Mae and Freddie Mac:
“In our Pledge to America, House Republicans said: ‘We will reform Fannie Mae and Freddie Mac by ending their government takeover, shrinking their portfolios, and establishing… Read more »
The House of Representatives voted on Tuesday to terminate another failed government program by passing a bill that ends the Administration’s highly criticized Home Affordable Modification Program (HAMP). H.R. 839, introduced by Rep. Patrick McHenry, terminates the troubled program that received TARP funds while preserving the contracts made prior to the bill’s enactment. The… Read more »
The Independent Community Bankers of America is supporting legislation introduced by Financial Services Committee Chairman Spencer Bachus to replace the Director of the Consumer Financial Protection Bureau with a five-member commission.
A commission would “build in a system of checks and balances that a single director form of governance simply can’t do,” ICBA President and CEO… Read more »
The Insurance, Housing and Community Opportunity Subcommittee, chaired by Rep. Judy Biggert, will convene to receive testimony from Federal Emergency Management Agency (FEMA) Administrator Craig Fugate on reforming the National Flood Insurance Program (NFIP). This is the second legislative hearing the Insurance and Housing Subcommittee has held on reforming the NFIP. The hearing will take… Read more »
Financial Services Committee Chairman Spencer Bachus issued the following statement today regarding reports that financial regulators have floated a so-called “cash for keys” program that will reward some borrowers who default on their mortgages with a $20,000 government check. The “cash for keys” program would reportedly be paid for, in part, by contributions from Fannie Mae and Freddie… Read more »
