WASHINGTON: Financial Services Committee Chairman Spencer Bachus today announced the committee’s planned hearing schedule for May 2011. The May hearing and markup schedule builds upon the Committee’s efforts to thoroughly review government policies, programs and regulations and assess their impact on economic activity, job creation, and capital formation. During the… Read more »
Financial Services Committee Chairman Spencer Bachus made the following statement today during the Oversight and Investigations Subcommittee hearing on the Financial Stability Oversight Council:
“The drafters of the Dodd-Frank Act provided the Financial Stability Oversight Council with new, far-reaching powers over the financial system, and the Council’s use of its new powers… Read more »
H.R. 839, introduced by Rep. Patrick McHenry (NC), would terminate Treasury’ authority to provide new assistance under the Home Affordable Modification Program (HAMP) while preserving the contracts made prior to the bill’s enactment. H.R. 839 prevents $30 billion in TARP funds from being spent.
Background:
HAMP was announced by the Administration in February 2009 as part of a… Read more »
H.R. 861, introduced by Rep. Gary Miller (CA) on March 1, terminates the Neighborhood Stabilization Program (NSP) and prevents $1 billion from being spent on this program.
Background:
In 2008 the Democrats’ GSE bailout bill (the Housing and Economic Recovery Act) established the NSP with $4 billion in funding. NSP provides taxpayer dollars to State and local governments to… Read more »
H.R. 836, introduced by Rep. Jeb Hensarling on February 28, 2011, ends HUD’s Emergency Homeowners Relief Program and prevents $1 billion from being spent on this program that increases struggling homeowners’ debts.
Background:
The Dodd-Frank Act established a $1 billion HUD Emergency Homeowner Relief Program, which provides loans or credit advances to unemployed borrowers… Read more »
The legislation, introduced by Capital Markets Subcommittee Chairman Scott Garrett, helps clarify the risk retention rules required under Section 941 of the Dodd-Frank Act to make clear that Fannie Mae and Freddie Mac will be held to the same standards as any other secondary mortgage market participants. A GSE loan purchase or asset-backed security issuance would not affect the… Read more »
The legislation, introduced by Chairman Bachus, suspends the compensation packages for executives of Fannie Mae and Freddie Mac and places all other employees on the General Schedule pay scale. Since September 2008 when Fannie Mae and Freddie Mac entered Federal conservatorships, the Federal Housing Finance Authority has approved multi-million dollar compensation packages for the GSEs’… Read more »
The legislation, introduced by Financial Services Committee Vice Chairman Jeb Hensarling, accelerates and formalizes the reduction in the size of the GSEs’ portfolios. As of January 2011, Fannie Mae retained portfolio was $777.059 billion, and Freddie Mac retained portfolio was $694.846 billion. The legislation would cap the GSEs portfolios to no more than $700 billion in the first year,… Read more »
The legislation, introduced by Oversight and Investigations Subcommittee Chairman Randy Neugebauer, requires that FHFA gradually increase guarantee fees at Fannie Mae and Freddie Mac over the next two years. Under the legislation, the FHFA will consider the market conditions in raising the GSEs’ guarantee fees to ensure that its actions do not disrupt a housing recovery.
On… Read more »
The legislation, introduced by Insurance, Housing and Community Opportunity Subcommittee Chairman Judy Biggert, enhances the authority of FHFA’s Inspector General and expands reporting requirements to Congress.
On April 6, 2011, the Capital Markets Subcommittee approved H.R. 31 on a voice vote.
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