For years, the Federal government used the GSEs to make homeownership available to people who posed a greater credit risk and would not have otherwise been able to obtain mortgage credit. GSE-manufactured demand boosted home prices to artificially high levels and fostered enthusiasm for the wave of exotic mortgage products that began to flood the market. In light of the risks… Read more »
The legislation, introduced by Rep. David Schweikert, prohibits the GSEs from offering, undertaking, transacting, conducting or engaging in any new business activities while in conservatorship or receivership. This restriction will reduce Fannie Mae’s and Freddie Mac’s market dominance and limit their size.
On April 6, 2011, the Capital Markets Subcommittee approved H.R. 1227 on… Read more »
The Small Company Capital Formation Act encourages small companies to access the capital markets — allowing them to invest and hire employees. The legislation increases the offering threshold for companies exempted from SEC registration under SEC Regulation A from $5 million — the threshold set in the early 1990s — to $50 million. The SEC has the authority to raise this threshold but… Read more »
The Capital Markets Subcommittee, chaired by Rep. Scott Garrett, will meet for a hearing to evaluate the proposed risk retention rule at 2 p.m. on Thursday, April 14 in room 2128 Rayburn.
The Dodd-Frank Act directs six federal regulators to jointly issue regulations forcing firms that jointly package loans and other assets into securities to hold a portion of the credit risk on… Read more »
The legislation, introduced by Rep. Steve Pearce, requires the Treasury Department to approve any new debt issuance by the GSEs. If Treasury approves a debt issuance, it must explain and justify its decision to Congress and the FHFA within seven days. The legislation limits the amount of GSE risk taking.
H.R. 1225 was approved on a vote of 18-0-1 by the Capital Markets… Read more »
The Capital Markets and Government Sponsored Enterprises Subcommittee approved eight bills on Wednesday that provide for immediate reforms to protect taxpayers by fundamentally reforming Fannie Mae and Freddie Mac. The bills include reforms that suspend lavish compensation for executives at Fannie Mae and Freddie Mac, eliminate the affordable housing goals, increase the guarantee fees,… Read more »
Letters to the Editor
Putting the Spike in Fannie and Fred
6 April 2011
The Wall Street Journal
Regarding your editorial "Blinking on Fannie and Fred" (March 31): The need to end the taxpayer-funded bailout of Fannie Mae and Freddie Mac is an urgent matter. That's why, on March 17, we introduced H.R. 1182, which completely removes Fannie and Freddie from the permanent… Read more »
Democrats on the Financial Services Committee, who blocked Republican efforts to reform Fannie Mae and Freddie Mac during debate over financial regulatory reform in 2009 and 2010, on Tuesday used delaying tactics and obstructionist parliamentary maneuvers in an attempt to stall progress on eight Republican bills to bring needed reforms to the bailed out mortgage giants.
The… Read more »
WASHINGTON: Financial Services Committee Chairman Spencer Bachus released the following information regarding the pay of Fannie Mae and Freddie Mac executives. Later today, the Capital Markets and Government Sponsored Enterprises Subcommittee will vote on a bill introduced by Chairman Bachus to suspend the compensation packages for executives of Fannie Mae and Freddie Mac. H.R. 1221, the… Read more »
A report detailing the multi-million dollar compensation paid to top executives of bailed out mortgage giants Fannie Mae and Freddie Mac should give Financial Services Committee Chairman Spencer Bachus’s bill to suspend these taxpayer-funded salaries a boost.
Chairman Bachus re-introduced legislation to suspend the compensation packages for executives of Fannie Mae and Freddie… Read more »
