H.R.6990 - Independent Fannie Mae and Freddie Mac Investigative Commission Act

To establish the independent Fannie Mae and Freddie Mac Investigative Commission to investigate the actions of officers and directors at Fannie Mae and Freddie Mac responsible for making the decisions that led to the enterprises' financial instability and the subsequent Federal conservatorship of such enterprises, and any financial gain that accrued to such officers and directors. view all titles (3)

All Bill Titles

  • Official: To establish the independent Fannie Mae and Freddie Mac Investigative Commission to investigate the actions of officers and directors at Fannie Mae and Freddie Mac responsible for making the decisions that led to the enterprises' financial instability and the subsequent Federal conservatorship of such enterprises, and any financial gain that accrued to such officers and directors. as introduced.
  • Short: Independent Fannie Mae and Freddie Mac Investigative Commission Act as introduced.
  • Official: To establish the independent Fannie Mae and Freddie Mac Investigative Commission to investigate the officers and directors at Fannie Mae and Freddie Mac responsible for making the decisions that led to the enterprises' financial instability and the subsequent Federal conservatorship of such enterprises. as introduced.

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Introduced
 
House
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Senate
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President
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09/22/08
 
 
 
 
 
 
 

Official Summary

Independent Fannie Mae and Freddie Mac Investigative Commission Act - Establishes the Independent Fannie Mae and Freddie Mac Investigative Commission to investigate and issue a final report on the period following the savings and loan crisis of the 1980s to the present. Requires the Commiss

Official Summary

Independent Fannie Mae and Freddie Mac Investigative Commission Act - Establishes the Independent Fannie Mae and Freddie Mac Investigative Commission to investigate and issue a final report on the period following the savings and loan crisis of the 1980s to the present. Requires the Commission to investigate:
(1) the policies, practices, and board decisions of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from the 1990s through the present that led to their financial instability and subsequent federal conservatorship;
(2) Fannie Mae and Freddie Mac's involvement, if any, in the creation and proliferation of the securitized mortgage instrument, and how such instrument affected their solvency;
(3) the role of their boards of directors in developing their accounting and financial risk policies;
(4) the actions of each board member or members, executive officer or officers, or the board member or members and executive officer or officers responsible for making the financial decisions to grow the enterprises' portfolios of subprime mortgage loans; and
(5) the board member or members, executive officer or officers, or the board member or members and executive officer or officers responsible for making the decisions that may have encouraged the proliferation of the subprime mortgage industry.

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