To temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, affordable loans, and for other purposes.

10/16/2007--Introduced.
Requires the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development to terminate, suspend, modify, or otherwise lift:
(1) the limitation on growth provision set forth in the Fannie Mae Consent Decree (the OFHEO order dated May 23, 2006, in the matter of the Federal National Mortgage Association (Fannie Mae)); and
(2) the voluntary temporary growth limitation described in the Freddie Mac Letter (dated July 31, 2006, from the Chairman and Chief Executive Officer of the Federal Home Loan Mortgage Corporation (Freddie Mac) to the OFHEO Director). Requires:
(1) the Director to increase the mortgage portfolio limitations of both enterprises by at least 10%; and
(2) to use of 85% of such increase for refinancing subprime mortgages at risk of foreclosure.


... morehide bill summarySee Full Bill Text

Sponsor

• Rep. Barney Frank [D, MA-4]

Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.3838

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
October 16, 2007

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• Oct 16, 2007: Referred to the House Committee on Financial Services.
• Introduced on Oct 16, 2007.

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Related Bills:

• H.R.3777
• S.2169
• S.2346

Related Issue Areas:

• Secondary mortgage market
• Mortgages
• Law
• Foreclosure
• 4 more
• Finance
• Consent decrees
• Budgets
• Housing

Data from the Congressional Research Service

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In the News

January 18, 2008 No new housing initiative in Bush's $150 billion stimulus plan

House and Senate Democrats have introduced other bills -- HR 3838 and S 2169 -- that would temporarily raise the limits on Fannie's and Freddie's loan ...

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November 16, 2008 Recent Acquisitions

Conference Report (HRept 99-841) on HR 3838, “Tax Reform Act of 1986,” Filed Sept. 18, 1986 / U.S.. Bureau of national Affairs. 1986. 336.21/x6 2pts. THeATRe. “Acting out: Shakespeare as Prison Therapy” / Jeanette Hurt, Wisconsin Trails

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October 27, 2008 I'm sure you liberals have convinced yourself that this is false, too.

Barney Frank should be questioned about his House Bill, HR 3838, that is clearly designed to keep Fannie and Freddie afloat as long as possible despite all the signs that there was serious trouble ahead. But all his ...

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October 23, 2008 Fw: Economic Collapse - from San Francisco Chronicle - WORTH WHILE ...

Barney Frank should be questioned about his House Bill, HR 3838, > that is clearly designed to keep Fannie and Freddie afloat as long > as possible despite all the signs that there was serious trouble > ahead. ...

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Source: MyRightWingDad.net

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