GSE Mission Improvement Act

A bill to provide for affordable housing relief, and for other purposes.

11/16/2007--Introduced.
Government Sponsored Enterprise Mission Improvement Act, or the GSE Mission Improvement Act - Amends the Housing and Community Development Act of 1992 to modify requirements for annual reports to specified congressional committees by the Secretary of Housing and Urban Development on the activities of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises). Requires the contents of such reports to:
(1) identify the extent to which the enterprises are involved in mortgage purchases and secondary market activities involving subprime loans; and
(2) compare the characteristics of subprime loans purchased and securitized by the enterprises to their other loans. Revises requirements for the establishment by the Secretary of housing goals to emphasize single-family housing goals and a multifamily special affordable housing goal, with annual targets. Revises the duty of the enterprises to serve underserved markets. Requires them to purchase or securitize mortgage investments and to improve the distribution of investment capital available for mortgage financing for underserved markets such as:
(1) manufactured housing;
(2) affordable housing preservation;
(3) subprime borrowers;
(4) community development financial institutions;
(5) assisting depository institutions in meeting their obligations under the Community Reinvestment Act; and
(6) rural and other underserved markets. Revises requirements for monitoring and enforcing compliance with such housing goals. Requires the enterprises to set aside and allocate certain of their funds for the affordable housing program of block grants to states to assist low- and moderate-income borrowers facing foreclosure or to make foreclosed property available to low- and moderate-income homebuyers. Establishes in the Treasury within the Community Development Financial Institutions Fund a Capital Magnet Fund to carry out a competitive grant program to attract private capital for and increase investment in:
(1) the development, preservation, rehabilitation, and purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and
(2) certain economic development activities or community service facilities. Revises requirements for:
(1) the issuance of cease-and-desist orders; and
(2) the imposition of civil money penalties on the enterprises for failure to meeting housing goals.

... morehide bill summarySee Full Bill Text

Sponsor

• Sen. John Reed [D, RI]

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.2391

Number	Status	Purpose

Bill Status

Make a Bill Status Widget (Close help)

OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

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

Show All Actions (3 actions)Hide Actions

All Bill Actions

• Nov 16, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Nov 16, 2007: Sponsor introductory remarks on measure. (CR S14630)
• Introduced on Nov 16, 2007.

---

Related Issue Areas:

• State and local government
• Single family housing
• Secondary mortgage market
• Rural housing
• 26 more
• Rural affairs
• Residential rehabilitation
• Mortgages
• Mortgage banks
• Moderate income housing
• Mobile homes
• Low-income housing
• Law
• Injunctions
• Infrastructure
• Government trust funds
• Foreclosure
• Fines (Penalties)
• Finance
• Federally-assisted loans
• Economic policy
• Economic development
• Congressional reporting requirements
• Congress
• Community development banking
• Community development
• Budgets
• Block grants
• Apartment houses
• Affordable housing
• Housing

Data from the Congressional Research Service

Show More User Statistics... Hide User Statistics

In the News

We are not currently finding any news articles on this topic using our daily automated search of Google News. However, if you know of a relevant news article to display here, OpenCongress site editors have the ability to add it manually. Simply e-mail us the web address of this page and the web address of your suggested news article: We'll post relevant links as quickly as possible. Also, if this topic is important to you, you could write a letter to the editor -- if a news article refers this specific topic by name, a link to that news article is likely to appear here soon.

Blog Coverage

November 26, 2007 Something We Can Do This Week

Jack Reed (D-RI) has introduced S. 2391, a bill to strengthen the affordable housing mission of Fannie Mae and Freddie Mac. It includes several provisions important to community development. In particular, it would provide substantial ...

Was this article useful? Yes or No

Source: A Political Season

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

November 15, 2007 S. 2391, A bill to provide for affordable housing relief, and for ...

S. 2391 would provide for affordable housing relief.... Vote on This Bill: For | Against.

Was this article useful? Yes or No

Source: washingtonwatch.com - Welcome to washingtonwatc...

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

November 15, 2007 Bill Introduced: S.2391 A bill to provide for affordable housing ...

A bill to provide for affordable housing relief, and for other purposes.

Was this article useful? Yes or No

Source: Open Congress : Senate Banking, Housing,...

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

See most useful blog posts

Information made available by: