Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Senate matches House bill to privatize Freddie Fannie
WASHINGTON (4/1/11)—Senators John McCain (R-Ariz.) and Orrin Hatch (R-Utah) on Thursday introduced legislation that seeks to privatize government sponsored mortgage backers Fannie Mae and Freddie Mac and to end the ongoing taxpayer funding of those entities. The legislation would end the government conservatorship of Fannie Mae and Freddie Mac within two years. The maximum portfolio held by the GSEs would be limited to $700 billion, and this limit would be gradually reduced to $250 billion over the course of five years. The proposal would also limit Fannie and Freddie’s conforming loan limit to $417,000. The Senate bill is similar to House legislation introduced by House Financial Services Committee Chairman Rep. Spencer Bachus (R-Ala.) and committee vice chair Rep. Jeb Hensarling (R-Texas). House Republicans earlier this week unveiled eight bills aimed at reforming Fannie Mae and Freddie Mac. The eight bills are known as the Government Sponsored Entities (GSE) Credit Risk Equitable Treatment Act, The Equity in Government Compensation Act, The Portfolio Risk Reduction Act, The GSE Subsidy Elimination Act, The GSE Mission Improvement Act, The Fannie Mae and Freddie Mac Accountability and Transparency for Taxpayers Act, The GSE Risk and Activities Limitation Act, and The GSE Debt Issuance Approval Act.


RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
11 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
12 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
14 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
16 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
16 hours ago