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House subcommittee votes to cut Freddie and Fannie roles
WASHINGTON (7/13/11)—H.R. 2440, which would require government-sponsored mortgage enterprises Fannie Mae and Freddie Mac to “dispose of all non-mission critical assets,” was approved via voice vote by the House Financial Services subcommittee on capital markets and government-sponsored enterprises on Tuesday. The legislation, which is also known as the Market Transparency and Taxpayer Protection Act, was introduced by Rep. Robert Hurt (R-Va.). Under the proposal, the director of the Federal Housing Finance Agency would require Fannie Mae and Freddie Mac to identify all valuable assets and describe the functions, characteristics, and estimated values of the assets. The FHFA director would then determine which are and which are not critical to the GSEs’ mission and will create a plan to sell or dispose of non-critical assets. Financial Services Committee Chairman Rep. Spencer Bachus (R-Ala.) said that “selling assets that have nothing to do with the mission of these two companies is critical to protecting taxpayers from wasteful spending, and ensuring that Fannie and Freddie engage only in activities related to their mission.” The subcommittee during the Tuesday hearing also voted to approve the Fannie Mae and Freddie Mac Transparency Act (H.R. 463); The Fannie Mae and Freddie Mac Taxpayer Payback Act (H.R. 2436); The Housing Trust Fund Elimination Act (H.R. 2441); Cap the GSE Bailout Act (H.R. 2462); Eliminate the GSE Charter During Receivership (H.R. 2439); and The GSE Legal Fee Reduction Act (H.R. 2428). Use the resource link for more information on the bills.
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