Federal Housing Enterprise Regulatory Reform Act of 2007

A bill to address the regulation of secondary mortgage market enterprises, and for other purposes.

4/12/2007--Introduced.
Federal Housing Enterprise Regulatory Reform Act of 2007 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency, headed by a Director, which shall have authority over: the Federal Home Loan Banks, the Finance Facility, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac). Establishes the Federal Housing Enterprise Board, without executive authority, to advise the Director. Sets forth operating, administrative, and regulatory provisions of the Agency, including:
(1) assessment authority;
(2) authority to limit nonmission-related assets;
(3) minimum and critical capital levels;
(4) mandatory affordable housing focused portfolios;
(5) risk-based capital test;
(6) capital classifications and undercapitalized enterprises;
(7) enforcement actions and penalties;
(8) golden parachutes and
(9) mandatory reporting of fraudulent loans. Amends the Federal National Mortgage Association Charter Act to require registration of enterprise securities. Requires prior approval by the Director for any initial enterprise product offering. Sets forth conforming loan limitations for Fannie Mae and Freddie Mac (enterprises). Makes it the duty of such enterprises to increase mortgage investments liquidity and improve the distribution of investment capital available for mortgage financing for underserved markets. Instructs the Director to establish an annual home purchase goal for the purchase by each enterprise of mortgage financing of owner-occupied single family dwelling units. Prescribes requirements for prompt corrective and enforcement actions. Amends the Federal Home Loan Bank Act to:
(1) revise criteria for Federal Home Loan Bank Board directors, providing for at least two independent directors; and
(2) establish the Federal Home Loan Bank Finance Facility. Authorizes the Facility to issue and service consolidated Federal Home Loan Bank obligations. Exempts the Federal Home Loan Banks from certain securities reporting requirements. Authorizes reduction of Federal Home Loan Bank districts by voluntary merger. Transfers to such Facility the functions of the Office of Finance of the Federal Home Loan Banks. Abolishes:
(1) the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development; and
(2) the Federal Housing Finance Board. Requires the Director to review annually the Freddie Mac Foundation and the Office of Corporate Giving of the Federal National Mortgage Corporation ("Fannie Mae Foundation") to ensure that they are not engaged in impermissible lobbying activities.


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Sponsor

• Sen. Charles Hagel [R, NE]
• and 3 Co-Sponsors
  • Sen. Elizabeth Dole [R, NC]
  • Sen. Mel Martinez [R, FL]
  • Sen. John Sununu [R, NH]
  close

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.1100

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
April 12, 2007

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All Bill Actions

• Apr 12, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Introduced on Apr 12, 2007.

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Related Issue Areas:

• Housing
• Bank capital
• Bank fraud
• Department of Housing and Urban Development
• 15 more
• Executive departments
• Executive reorganization
• Federal Housing Finance Board
• Federal advisory bodies
• Federal home loan banks
• Finance
• Fraud
• Information disclosure (Securities law)
• Investments
• Lobbying
• Mortgages
• Politics and government
• Secondary mortgage market
• Securities regulation
• Single family housing

Data from the Congressional Research Service

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In the News

April 27, 2008 Showing at local galleries

Sprague Branch Library (2131 S. 1100 East, 524-8280) — "Harmony," featuring mixed media by Mena Maniar, through April 30. Sweet Branch Library (455 F St.) ...

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Source: Deseret News, UT

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April 11, 2008 Concert will benefit church building fund

... featuring the Salt Lake Filipino-American Vocal Ensemble, at 7 pm April 19 at Judge Memorial Catholic High School's main auditorium, 650 S. 1100 East. ...

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April 10, 2008 Daily Herald

Dumpsters will be at 430 W. 500 North (North Park) from Monday through April 19, 1020 S. 1100 West (church parking lot) from Monday through Wednesday, ...

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Blog Coverage

October 06, 2008 Comment on John McCain’s Act III by BAC

190 in the 109th Congress, but when Senator Hagel introduced the current version of the bill, S. 1100, Senator McCain’s name does not appear on the current list of co-sponsors. S. 1100: Federal Housing Enterprise Regulatory Reform Act ...

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October 04, 2008 Federal Housing Enterprise Regulatory Reform Act 2005/2007

It was resurrected as S. 1100, Housing Enterprise Regulatory Reform Act of 2005', on April 12 2007. Perhas (??) this legislation was incorporated into HR 3221: Housing and Economic Recovery Act of 2008, which was passed by House and ...

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September 27, 2008 automobile dealer florida volvo

Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess. MR GOOGLE McCain signed on as cosponsor after it died in committee. And heapos;s not cosponsoring the current version, S.1100. ...

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