Posted on 12/01/2010 12:06:59 PM PST by pissant
Editor's note: Ed Rollins, a senior political contributor for CNN, is senior presidential fellow at the Kalikow Center for the Study of the American Presidency at Hofstra University. He is a principal with the Dilenschneider Group, a global public relations firm. He was White House political director for President Ronald Reagan and chairman of the National Republican Congressional Committee.
(CNN) -- The first date is over. Not much happened. President Obama and his new governing partners, the House and Senate Republicans, met at the White House along with the Democratic leaders and discussed the unsolvable issues between them.
Even though they made no decisions and both sides went their separate ways, they agreed to start negotiations on extending the tax cuts. That in itself is the beginning of a positive process. They actually talked to each other and talked of a plan for action.
As with real dating, both sides have to get along or nothing will happen. So maybe this situation has more in common with an arranged marriage.
The American voters are the substitute parents, and they want this marriage to work or at least to be civil. And we, the voters, hold the shotgun.
(Excerpt) Read more at cnn.com ...
All you have to do is read the title of vote 509 you moron.
All you have to do is read the title of vote 519 you moron.
scratch “509”
None of you has any idea other than your own pre-conceptions of want you want her to believe and you simply don't care to listen because you are incapable of doing so.
Your words, I just said it was a pretty good quote.
It was.
I wasn't certain what "enemies" Mrs Palin had referred to
I'm thinking you're being snarky, or perhaps you don't understand that the war upon America by liberals is very real, and while we sit here and post on FR, she is in the forefront of a real battle. She takes hits, we (some of us) snark.
Our biggest threat is from inside right now, and you should understand that very real fact after the past few years. We are very close to losing our status as "that shining city on a hill", and you should stop aiming at Sarah Palin and start aiming at the libs who are running us off the hill, extinguishing all light, and running us into the ground.
A fine sleep to you Muffy.........
Republicans won't win by tacking left. They won't win by preaching to the converted. The only way to win is to effectively sell conservative political philosophy to the center. That's what works.
So far, Palin has shown a complete and utter lack of ability in this regard.
No. I was quoting Palin.
Watch for yourself on youtube.
No. All you have to do is read the content of the bill, not to mention the hundreds of articles supporting what I'm telling you, you classless, clown-like, stupid, worthless, bot-like jacka$$.
You have no idea if she supports registration for amnesty. None whatsoever. You can live in your make believe 1%er world but excuse me if most of us don't care to be so crazy.
Well, other people might want to watch and catch the parts you seem to have missed. She talks about the aliens currently in the country staying and working. That requires amnesty.Pretty simple, really.
You can live in your make believe 1%er world but excuse me if most of us don't care to be so crazy.
Opposing amnesty does not make one a "1%er" and "crazy." It happens to be a majority opinion based on most polls I've seen.
Great breakdown.
I’ve read ALL OF IT, retard. You obviously haven’t. Here is the just the FIRST DAMN CHAPTER in the Congressional Record of the DODD AMENDMENT of April you call a “weak plan by the senate democrats”
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SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.—This Act may be cited as the ``Foreclosure Prevention Act of 2008’’.
(b) Table of Contents.—The table of contents for this Act is as follows:
Sec..1..Short title; table of contents.
TITLE I—FHA MODERNIZATION ACT OF 2008
Sec..101..Short title.
Subtitle A—Building American Homeownership
Sec..111..Short title.
Sec..112..Maximum principal loan obligation.
Sec..113..Cash investment requirement and prohibition of seller-funded downpayment assistance.
Sec..114..Mortgage insurance premiums.
Sec..115..Rehabilitation loans.
Sec..116..Discretionary action.
Sec..117..Insurance of condominiums.
Sec..118..Mutual Mortgage Insurance Fund.
Sec..119..Hawaiian home lands and Indian reservations.
Sec..120..Conforming and technical amendments.
Sec..121..Insurance of mortgages.
Sec..122..Home equity conversion mortgages.
Sec..123..Energy efficient mortgages program.
Sec..124..Pilot program for automated process for borrowers without sufficient credit history.
Sec..125..Homeownership preservation.
Sec..126..Use of FHA savings for improvements in FHA technologies, procedures, processes, program performance, staffing, and salaries.
Sec..127..Post-purchase housing counseling eligibility improvements.
Sec..128..Pre-purchase homeownership counseling demonstration.
Sec..129..Fraud prevention.
Sec..130..Limitation on mortgage insurance premium increases.
Sec..131..Savings provision.
Sec..132..Implementation.
Sec..133..Moratorium on implementation of risk-based premiums.
Subtitle B—Manufactured Housing Loan Modernization
Sec..141..Short title.
Sec..142..Purposes.
Sec..143..Exception to limitation on financial institution portfolio.
Sec..144..Insurance benefits.
Sec..145..Maximum loan limits.
Sec..146..Insurance premiums.
Sec..147..Technical corrections.
Sec..148..Revision of underwriting criteria.
Sec..149..Prohibition against kickbacks and unearned fees.
Sec..150..Leasehold requirements.
TITLE II—MORTGAGE FORECLOSURE PROTECTIONS FOR SERVICEMEMBERS
Sec..201..Temporary increase in maximum loan guaranty amount for certain housing loans guaranteed by the Secretary of Veterans Affairs.
Sec..202..Counseling on mortgage foreclosures for members of the Armed Forces returning from service abroad.
Sec..203..Enhancement of protections for servicemembers relating to mortgages and mortgage foreclosures.
TITLE III—EMERGENCY ASSISTANCE FOR THE REDEVELOPMENT OF ABANDONED AND FORECLOSED HOMES
Sec..301..Emergency assistance for the redevelopment of abandoned and foreclosed homes.
TITLE IV—HOUSING COUNSELING RESOURCES
Sec..401..Housing counseling resources.
TITLE V—MORTGAGE DISCLOSURE IMPROVEMENT ACT
Sec..501..Short title.
Sec..502..Enhanced mortgage loan disclosures.
TITLE VI—TAX-RELATED PROVISIONS
Sec..601..Election for 4-year carryback of certain net operating losses and temporary suspension of 90 percent AMT limit.
Sec..602..Modifications on use of qualified mortgage bonds; temporary increased volume cap for certain housing bonds.
Sec..603..Credit for certain home purchases.
Sec..604..Additional standard deduction for real property taxes for nonitemizers.
TITLE VII—EMERGENCY DESIGNATION
Sec..701..Emergency designation.
TITLE I—FHA MODERNIZATION ACT OF 2008
SEC. 101. SHORT TITLE.
This title may be cited as the ``FHA Modernization Act of 2008’’.
Subtitle A—Building American Homeownership
SEC. 111. SHORT TITLE.
This subtitle may be cited as the ``Building American Homeownership Act of 2008’’.
SEC. 112. MAXIMUM PRINCIPAL LOAN OBLIGATION.
(a) In General.—Paragraph (2) of section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)) is amended—
(1) by amending subparagraphs (A) and (B) to read as follows:
``(A) not to exceed the lesser of—
``(i) in the case of a 1-family residence, 110 percent of the median 1-family house price in the area, as determined by the Secretary; and in the case of a 2-, 3-, or 4-family residence, the percentage of such median price that bears the same ratio to such median price as the dollar amount limitation in effect for 2007 under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a 2-, 3-, or 4-family residence, respectively, bears to the dollar amount limitation in effect for 2007 under such section for a 1-family residence; or
``(ii) 132 percent of the dollar amount limitation in effect for 2007 under such section 305(a)(2) for a residence of the applicable size (without regard to any authority to increase such limitations with respect to properties located in Alaska, Guam, Hawaii, or the Virgin Islands), except that each such maximum dollar amount shall be adjusted effective January 1 of each year beginning with 2009, by adding to or subtracting from each such amount (as it may have been previously adjusted) a percentage thereof equal to the percentage increase or decrease, during the most recently completed 12-month or 4-quarter period ending before the time of determining such annual adjustment, in an housing price index developed or selected by the Secretary for purposes of adjustments under this clause;
except that the dollar amount limitation in effect under this subparagraph for any size residence for any area may not be less than the greater of: (I) the dollar amount limitation in effect under this section for the area on October 21, 1998; or (II) 65 percent of the dollar amount limitation in effect for 2007 under such section 305(a)(2) for a residence of the applicable size, as such limitation is adjusted by any subsequent percentage adjustments determined under clause (ii) of this subparagraph; and
``(B) not to exceed 100 percent of the appraised value of the property.’’; and
(2) in the matter following subparagraph (B), by striking the second sentence (relating to a definition of ``average closing cost’’) and all that follows through ``section 3103A(d) of title 38, United States Code.’’.
(b) Effective Date.—The amendments made by subsection (a) shall take effect upon the expiration of the date described in section 202(a) of the Economic Stimulus Act of 2008 (Public Law 110-185).
SEC. 113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWNPAYMENT ASSISTANCE.
Paragraph 9 of section 203(b) of the National Housing Act (12 U.S.C. 1709(b)(9)) is amended to read as follows:
``(9) CASH INVESTMENT REQUIREMENT.—
``(A) IN GENERAL.—A mortgage insured under this section shall be executed by a mortgagor who shall have paid, in cash, on account of the property an amount equal to not less than 3.5 percent of the appraised value of the property or such larger amount as the Secretary may determine.
``(B) FAMILY MEMBERS.—For purposes of this paragraph, the Secretary shall consider as cash or its equivalent any amounts borrowed from a family member (as such term is defined in section 201), subject only to the requirements that, in any case in which the repayment of such borrowed amounts is secured by a lien against the property, that—
``(i) such lien shall be subordinate to the mortgage; and
``(ii) the sum of the principal obligation of the mortgage and the obligation secured by such lien may not exceed 100 percent of the appraised value of the property.
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``(C) PROHIBITED SOURCES.—In no case shall the funds required by subparagraph (A) consist, in whole or in part, of funds provided by any of the following parties before, during, or after closing of the property sale:
``(i) The seller or any other person or entity that financially benefits from the transaction.
``(ii) Any third party or entity that is reimbursed, directly or indirectly, by any of the parties described in clause (i).’’.
SEC. 114. MORTGAGE INSURANCE PREMIUMS.
Section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)) is amended—
(1) in the matter preceding subparagraph (A), by striking ``or of the General Insurance Fund’’ and all that follows through ``section 234(c),,’’; and
(2) in subparagraph (A)—
(A) by striking ``2.25 percent’’ and inserting ``3 percent’’; and
(B) by striking ``2.0 percent’’ and inserting ``2.75 percent’’.
SEC. 115. REHABILITATION LOANS.
Subsection (k) of section 203 of the National Housing Act (12 U.S.C. 1709(k)) is amended—
(1) in paragraph (1), by striking ``on’’ and all that follows through ``1978’’; and
(2) in paragraph (5)—
(A) by striking ``General Insurance Fund’’ the first place it appears and inserting ``Mutual Mortgage Insurance Fund’’; and
(B) in the second sentence, by striking the comma and all that follows through ``General Insurance Fund’’.
SEC. 116. DISCRETIONARY ACTION.
The National Housing Act is amended—
(1) in subsection (e) of section 202 (12 U.S.C. 1708(e))—
(A) in paragraph (3)(B), by striking ``section 202(e) of the National Housing Act’’ and inserting ``this subsection’’; and
(B) by redesignating such subsection as subsection (f);
(2) by striking paragraph (4) of section 203(s) (12 U.S.C. 1709(s)(4)) and inserting the following new paragraph:
``(4) the Secretary of Agriculture;’’; and
(3) by transferring subsection (s) of section 203 (as amended by paragraph (2) of this section) to section 202, inserting such subsection after subsection (d) of section 202, and redesignating such subsection as subsection (e).
SEC. 117. INSURANCE OF CONDOMINIUMS.
(a) In General.—Section 234 of the National Housing Act (12 U.S.C. 1715y) is amended—
(1) in subsection (c), in the first sentence—
(A) by striking ``and’’ before ``(2)’’; and
(B) by inserting before the period at the end the following: ``, and (3) the project has a blanket mortgage insured by the Secretary under subsection (d)’’; and
(2) in subsection (g), by striking ``, except that’’ and all that follows and inserting a period.
(b) Definition of Mortgage.—Section 201(a) of the National Housing Act (12 U.S.C. 1707(a)) is amended—
(1) before ``a first mortgage’’ insert ``(A)’’;
(2) by striking ``or on a leasehold (1)’’ and inserting ``(B) a first mortgage on a leasehold on real estate (i)’’;
(3) by striking ``or (2)’’ and inserting ``, or (ii)’’; and
(4) by inserting before the semicolon the following: ``, or (C) a first mortgage given to secure the unpaid purchase price of a fee interest in, or long-term leasehold interest in, real estate consisting of a one-family unit in a multifamily project, including a project in which the dwelling units are attached, or are manufactured housing units, semi-detached, or detached, and an undivided interest in the common areas and facilities which serve the project’’.
(c) Definition of Real Estate.—Section 201 of the National Housing Act (12 U.S.C. 1707) is amended by adding at the end the following new subsection:
``(g) The term `real estate’ means land and all natural resources and structures permanently affixed to the land, including residential buildings and stationary manufactured housing. The Secretary may not require, for treatment of any land or other property as real estate for purposes of this title, that such land or property be treated as real estate for purposes of State taxation.’’.
SEC. 118. MUTUAL MORTGAGE INSURANCE FUND.
(a) In General.—Subsection (a) of section 202 of the National Housing Act (12 U.S.C. 1708(a)) is amended to read as follows:
``(a) Mutual Mortgage Insurance Fund.—
``(1) ESTABLISHMENT.—Subject to the provisions of the Federal Credit Reform Act of 1990, there is hereby created a Mutual Mortgage Insurance Fund (in this title referred to as the `Fund’), which shall be used by the Secretary to carry out the provisions of this title with respect to mortgages insured under section 203. The Secretary may enter into commitments to guarantee, and may guarantee, such insured mortgages.
``(2) LIMIT ON LOAN GUARANTEES.—The authority of the Secretary to enter into commitments to guarantee such insured mortgages shall be effective for any fiscal year only to the extent that the aggregate original principal loan amount under such mortgages, any part of which is guaranteed, does not exceed the amount specified in appropriations Acts for such fiscal year.
``(3) FIDUCIARY RESPONSIBILITY.—The Secretary has a responsibility to ensure that the Mutual Mortgage Insurance Fund remains financially sound.
``(4) ANNUAL INDEPENDENT ACTUARIAL STUDY.—The Secretary shall provide for an independent actuarial study of the Fund to be conducted annually, which shall analyze the financial position of the Fund. The Secretary shall submit a report annually to the Congress describing the results of such study and assessing the financial status of the Fund. The report shall recommend adjustments to underwriting standards, program participation, or premiums, if necessary, to ensure that the Fund remains financially sound.
``(5) QUARTERLY REPORTS.—During each fiscal year, the Secretary shall submit a report to the Congress for each calendar quarter, which shall specify for mortgages that are obligations of the Fund—
``(A) the cumulative volume of loan guarantee commitments that have been made during such fiscal year through the end of the quarter for which the report is submitted;
``(B) the types of loans insured, categorized by risk;
``(C) any significant changes between actual and projected claim and prepayment activity;
``(D) projected versus actual loss rates; and
``(E) updated projections of the annual subsidy rates to ensure that increases in risk to the Fund are identified and mitigated by adjustments to underwriting standards, program participation, or premiums, and the financial soundness of the Fund is maintained.
The first quarterly report under this paragraph shall be submitted on the last day of the first quarter of fiscal year 2008, or on the last day of the first full calendar quarter following the enactment of the Building American Homeownership Act of 2008, whichever is later.
``(6) ADJUSTMENT OF PREMIUMS.—If, pursuant to the independent actuarial study of the Fund required under paragraph (4), the Secretary determines that the Fund is not meeting the operational goals established under paragraph (7) or there is a substantial probability that the Fund will not maintain its established target subsidy rate, the Secretary may either make programmatic adjustments under this title as necessary to reduce the risk to the Fund, or make appropriate premium adjustments.
``(7) OPERATIONAL GOALS.—The operational goals for the Fund are—
``(A) to minimize the default risk to the Fund and to homeowners by among other actions instituting fraud prevention quality control screening not later than 18 months after the date of enactment of the Building American Homeownership Act of 2008; and
``(B) to meet the housing needs of the borrowers that the single family mortgage insurance program under this title is designed to serve.’’.
(b) Obligations of Fund.—The National Housing Act is amended as follows:
(1) HOMEOWNERSHIP VOUCHER PROGRAM MORTGAGES.—In section 203(v) (12 U.S.C. 1709(v))—
(A) by striking ``Notwithstanding section 202 of this title, the’’ and inserting ``The’’; and
(B) by striking ``General Insurance Fund’’ the first place such term appears and all that follows through the end of the subsection and inserting ``Mutual Mortgage Insurance Fund.’’.
(2) HOME EQUITY CONVERSION MORTGAGES.—Section 255(i)(2)(A) of the National Housing Act (12 U.S.C. 1715z-20(i)(2)(A)) is amended by striking ``General Insurance Fund’’ and inserting ``Mutual Mortgage Insurance Fund’’.
(c) Conforming Amendments.—The National Housing Act is amended—
(1) in section 205 (12 U.S.C. 1711), by striking subsections (g) and (h); and
(2) in section 519(e) (12 U.S.C. 1735c(e)), by striking ``203(b)’’ and all that follows through ``203(i)’’ and inserting ``203, except as determined by the Secretary’’.
SEC. 119. HAWAIIAN HOME LANDS AND INDIAN RESERVATIONS.
(a) Hawaiian Home Lands.—Section 247(c) of the National Housing Act (12 U.S.C. 1715z-12(c)) is amended—
(1) by striking ``General Insurance Fund established in section 519’’ and inserting ``Mutual Mortgage Insurance Fund’’; and
(2) in the second sentence, by striking ``(1) all references’’ and all that follows through ``and (2)’’.
(b) Indian Reservations.—Section 248(f) of the National Housing Act (12 U.S.C. 1715z-13(f)) is amended—
(1) by striking ``General Insurance Fund’’ the first place it appears through ``519’’ and inserting ``Mutual Mortgage Insurance Fund’’; and
(2) in the second sentence, by striking ``(1) all references’’ and all that follows through ``and (2)’’.
SEC. 120. CONFORMING AND TECHNICAL AMENDMENTS.
(a) Repeals.—The following provisions of the National Housing Act are repealed:
(1) Subsection (i) of section 203 (12 U.S.C. 1709(i)).
(2) Subsection (o) of section 203 (12 U.S.C. 1709(o)).
(3) Subsection (p) of section 203 (12 U.S.C. 1709(p)).
(4) Subsection (q) of section 203 (12 U.S.C. 1709(q)).
(5) Section 222 (12 U.S.C. 1715m).
(6) Section 237 (12 U.S.C. 1715z-2).
(7) Section 245 (12 U.S.C. 1715z-10).
(b) Definition of Area.—Section 203(u)(2)(A) of the National Housing Act (12 U.S.C. 1709(u)(2)(A)) is amended by striking ``shall’’ and all that follows and inserting
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Here is the New Federal Housing Authority that was the bailout for Fannie and Freddie on page S2552 of DODD’S AMENDMENT:
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`(C) any independent contractor for a regulated entity (including any attorney, appraiser, or accountant), if—
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``(i) the independent contractor knowingly or recklessly participates in—
``(I) any violation of any law or regulation;
``(II) any breach of fiduciary duty; or
``(III) any unsafe or unsound practice; and
``(ii) such violation, breach, or practice caused, or is likely to cause, more than a minimal financial loss to, or a significant adverse effect on, the regulated entity; and
``(D) any not-for-profit corporation that receives its principal funding, on an ongoing basis, from any regulated entity.’’.
(8) by redesignating paragraphs (8) through (13) as paragraphs (12) through (17), respectively; and
(9) by inserting after paragraph (7) the following new paragraph:
``(11) FEDERAL HOME LOAN BANK.—The term `Federal home loan bank’ means a bank established under the authority of the Federal Home Loan Bank Act.’’;
(10) by redesignating paragraphs (2) through (7) as paragraphs (5) through (10), respectively; and
(11) by inserting after paragraph (1) the following new paragraphs:
``(2) AGENCY.—The term `Agency’ means the Federal Housing Finance Agency.
``(3) AUTHORIZING STATUTES.—The term `authorizing statutes’ means—
``(A) the Federal National Mortgage Association Charter Act;
``(B) the Federal Home Loan Mortgage Corporation Act; and
``(C) the Federal Home Loan Bank Act.
``(4) BOARD.—The term `Board’ means the Federal Housing Enterprise Board established under section 1313B.’’.
TITLE I—REFORM OF REGULATION OF ENTERPRISES AND FEDERAL HOME LOAN BANKS
Subtitle A—Improvement of Safety and Soundness
SEC. 101. ESTABLISHMENT OF THE FEDERAL HOUSING FINANCE AGENCY.
(a) In General.—The Housing and Community Development Act of 1992 (12 U.S.C. 4501 et seq.) is amended by striking sections 1311 and 1312 and inserting the following:
``SEC. 1311. ESTABLISHMENT OF THE FEDERAL HOUSING FINANCE AGENCY.
``(a) Establishment.—There is established the Federal Housing Finance Agency, which shall be an independent agency of the Federal Government.
``(b) General Supervisory and Regulatory Authority.—
``(1) IN GENERAL.—Each regulated entity shall, to the extent provided in this title, be subject to the supervision and regulation of the Agency.
``(2) AUTHORITY OVER FANNIE MAE, FREDDIE MAC, AND FEDERAL HOME LOAN BANKS.—The Director of the Federal Housing Finance Agency shall have general supervisory and regulatory authority over each regulated entity and shall exercise such general regulatory and supervisory authority, including such duties and authorities set forth under section 1313 of this Act, to ensure that the purposes of this Act, the authorizing statutes, and any other applicable law are carried out. The Director shall have the same supervisory and regulatory authority over any joint office of the Federal home loan banks, including the Office of Finance of the Federal Home Loan Banks, as the Director has over the individual Federal home loan banks.
``(c) Savings Provision.—The authority of the Director to take actions under subtitles B and C shall not in any way limit the general supervisory and regulatory authority granted to the Director.
``SEC. 1312. DIRECTOR.
``(a) Establishment of Position.—There is established the position of the Director of the Federal Housing Finance Agency, who shall be the head of the Agency.
``(b) Appointment; Term.—
``(1) APPOINTMENT.—The Director shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of capital markets, including the mortgage securities markets and housing finance.
``(2) TERM AND REMOVAL.—The Director shall be appointed for a term of 5 years and may be removed by the President only for cause.
``(3) VACANCY.—A vacancy in the position of Director that occurs before the expiration of the term for which a Director was appointed shall be filled in the manner established under paragraph (1), and the Director appointed to fill such vacancy shall be appointed only for the remainder of such term.
``(4) SERVICE AFTER END OF TERM.—An individual may serve as the Director after the expiration of the term for which appointed until a successor has been appointed.
``(5) TRANSITIONAL PROVISION.—Notwithstanding paragraphs (1) and (2), the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development shall serve as the Director until a successor has been appointed under paragraph (1).
``(c) Deputy Director of the Division of Enterprise Regulation.—
``(1) IN GENERAL.—The Agency shall have a Deputy Director of the Division of Enterprise Regulation, who shall be appointed by the Director from among individuals who are citizens of the United States, and have a demonstrated understanding of financial management or oversight and of mortgage securities markets and housing finance.
``(2) FUNCTIONS.—The Deputy Director of the Division of Enterprise Regulation shall have such functions, powers, and duties with respect to the oversight of the enterprises as the Director shall prescribe.
``(d) Deputy Director of the Division of Federal Home Loan Bank Regulation.—
``(1) IN GENERAL.—The Agency shall have a Deputy Director of the Division of Federal Home Loan Bank Regulation, who shall be appointed by the Director from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight and of the Federal Home Loan Bank System and housing finance.
``(2) FUNCTIONS.—The Deputy Director of the Division of Federal Home Loan Bank Regulation shall have such functions, powers, and duties with respect to the oversight of the Federal home loan banks as the Director shall prescribe.
``(e) Deputy Director for Housing.—
``(1) IN GENERAL.—The Agency shall have a Deputy Director for Housing, who shall be appointed by the Director from among individuals who are citizens of the United States, and have a demonstrated understanding of the housing markets and housing finance and of community and economic development.
``(2) FUNCTIONS.—The Deputy Director for Housing shall have such functions, powers, and duties with respect to the oversight of the housing mission and goals of the enterprises, and with respect to oversight of the housing finance and community and economic development mission of the Federal home loan banks, as the Director shall prescribe.
``(f) Limitations.—The Director and each of the Deputy Directors may not—
``(1) have any direct or indirect financial interest in any regulated entity or regulated entity-affiliated party;
``(2) hold any office, position, or employment in any regulated entity or regulated entity-affiliated party; or
``(3) have served as an executive officer or director of any regulated entity, or regulated entity-affiliated party, at any time during the 3-year period ending on the date of appointment of such individual as Director or Deputy Director.
``(g) Ombudsman.—The Director shall establish the position of the Ombudsman in the Agency. The Director shall provide that the Ombudsman will consider complaints and appeals from any regulated entity and any person that has a business relationship with a regulated entity and shall specify the duties and authority of the Ombudsman.’’.
(b) Appointment of Director.—Notwithstanding any other provision of law or of this Division, the President may, any time after the date of the enactment of this Act, appoint an individual to serve as the Director of the Federal Housing Finance Agency, as such office is established by the amendment made by subsection (a). This subsection shall take effect on the date of the enactment of this Act.
SEC. 102. DUTIES AND AUTHORITIES OF DIRECTOR.
(a) In General.—The Housing and Community Development Act of 1992 (12 U.S.C. 4513) is amended by striking section 1313 and inserting the following new sections:
``SEC. 1313. DUTIES AND AUTHORITIES OF DIRECTOR.
``(a) Duties.—
``(1) PRINCIPAL DUTIES.—The principal duties of the Director shall be—
``(A) to oversee the operations of each regulated entity and any joint office of the Federal Home Loan Banks; and
``(B) to ensure that—
``(i) each regulated entity operates in a safe and sound manner, including maintenance of adequate capital and internal controls;
``(ii) the operations and activities of each regulated entity foster liquid, efficient, competitive, and resilient national housing finance markets that minimize the cost of housing finance (including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities);
``(iii) each regulated entity complies with this title and the rules, regulations, guidelines, and orders issued under this title and the authorizing statutes; and
``(iv) each regulated entity carries out its statutory mission only through activities that are consistent with this title and the authorizing statutes.
``(2) SCOPE OF AUTHORITY.—The authority of the Director shall include the authority—
``(A) to review and, if warranted based on the principal duties described in paragraph (1), reject any acquisition or transfer of a controlling interest in an enterprise; and
``(B) to exercise such incidental powers as may be necessary or appropriate to fulfill the duties and responsibilities of the Director in the supervision and regulation of each regulated entity.
``(b) Delegation of Authority.—The Director may delegate to officers or employees of the Agency, including each of the Deputy Directors, any of the functions, powers, or duties of the Director, as the Director considers appropriate.
``(c) Litigation Authority.—
``(1) IN GENERAL.—In enforcing any provision of this title, any regulation or order prescribed under this title, or any other provision of law, rule, regulation, or order, or in
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any other action, suit, or proceeding to which the Director is a party or in which the Director is interested, and in the administration of conservatorships and receiverships, the Director may act in the Director’s own name and through the Director’s own attorneys, or request that the Attorney General of the United States act on behalf of the Director.
``(2) CONSULTATION WITH ATTORNEY GENERAL.—The Director shall provide notice to, and consult with, the Attorney General of the United States before taking an action under paragraph (1) of this subsection or under section 1344(a), 1345(d), 1348(c), 1372(e), 1375(a), 1376(d), or 1379D(c), except that, if the Director determines that any delay caused by such prior notice and consultation may adversely affect the safety and soundness responsibilities of the Director under this title, the Director shall notify the Attorney General as soon as reasonably possible after taking such action.
``(3) SUBJECT TO SUIT.—Except as otherwise provided by law, the Director shall be subject to suit (other than suits on claims for money damages) by a regulated entity or director or officer thereof with respect to any matter under this title or any other applicable provision of law, rule, order, or regulation under this title, in the United States district court for the judicial district in which the regulated entity has its principal place of business, or in the United States District Court for the District of Columbia, and the Director may be served with process in the manner prescribed by the Federal Rules of Civil Procedure.
``SEC. 1313A. PRUDENTIAL MANAGEMENT AND OPERATIONS STANDARDS.
``(a) Standards.—The Director shall establish standards, by regulation, guideline, or order, for each regulated entity relating to—
``(1) adequacy of internal controls and information systems, including information security and privacy policies and practices, taking into account the nature and scale of business operations;
``(2) independence and adequacy of internal audit systems;
``(3) management of credit and counterparty risk, including systems to identify concentrations of credit risk and prudential limits to restrict exposure of the regulated entity to a single counterparty or groups of related counterparties;
``(4) management of interest rate risk exposure;
``(5) management of market risk, including standards that provide for systems that accurately measure, monitor, and control market risks and, as warranted, that establish limitations on market risk;
``(6) adequacy and maintenance of liquidity and reserves;
``(7) management of any asset and investment portfolio;
``(8) investments and acquisitions by a regulated entity, to ensure that they are consistent with the purposes of this Act and the authorizing statutes;
``(9) maintenance of adequate records, in accordance with consistent accounting policies and practices that enable the Director to evaluate the financial condition of the regulated entity;
``(10) issuance of subordinated debt by that particular regulated entity, as the Director considers necessary;
``(11) overall risk management processes, including adequacy of oversight by senior management and the board of directors and of processes and policies to identify, measure, monitor, and control material risks, including reputational risks, and for adequate, well-tested business resumption plans for all major systems with remote site facilities to protect against disruptive events; and
``(12) such other operational and management standards as the Director determines to be appropriate.
``(b) Failure To Meet Standards.—
``(1) PLAN REQUIREMENT.—
``(A) IN GENERAL.—If the Director determines that a regulated entity fails to meet any standard established under subsection (a)—
``(i) if such standard is established by regulation, the Director shall require the regulated entity to submit an acceptable plan to the Director within the time allowed under subparagraph (C); and
``(ii) if such standard is established by guideline, the Director may require the regulated entity to submit a plan described in clause (i).
``(B) CONTENTS.—Any plan required under subparagraph (A) shall specify the actions that the regulated entity will take to correct the deficiency. If the regulated entity is undercapitalized, the plan may be a part of the capital restoration plan for the regulated entity under section 1369C.
``(C) DEADLINES FOR SUBMISSION AND REVIEW.—The Director shall by regulation establish deadlines that—
``(i) provide the regulated entities with reasonable time to submit plans required under subparagraph (A), and generally require a regulated entity to submit a plan not later than 30 days after the Director determines that the entity fails to meet any standard established under subsection (a); and
``(ii) require the Director to act on plans expeditiously, and generally not later than 30 days after the plan is submitted.
``(2) REQUIRED ORDER UPON FAILURE TO SUBMIT OR IMPLEMENT PLAN.—If a regulated entity fails to submit an acceptable plan within the time allowed under paragraph (1)(C), or fails in any material respect to implement a plan accepted by the Director, the following shall apply:
``(A) REQUIRED CORRECTION OF DEFICIENCY.—The Director shall, by order, require the regulated entity to correct the deficiency.
``(B) OTHER AUTHORITY.—The Director may, by order, take one or more of the following actions until the deficiency is corrected:
``(i) Prohibit the regulated entity from permitting its average total assets (as such term is defined in section 1316(b)) during any calendar quarter to exceed its average total assets during the preceding calendar quarter, or restrict the rate at which the average total assets of the entity may increase from one calendar quarter to another.
``(ii) Require the regulated entity—
``(I) in the case of an enterprise, to increase its ratio of core capital to assets.
``(II) in the case of a Federal home loan bank, to increase its ratio of total capital (as such term is defined in section 6(a)(5) of the Federal Home Loan Bank Act (12 U.S.C. 1426(a)(5)) to assets.
``(iii) Require the regulated entity to take any other action that the Director determines will better carry out the purposes of this section than any of the actions described in this subparagraph.
``(3) MANDATORY RESTRICTIONS.—In complying with paragraph (2), the Director shall take one or more of the actions described in clauses (i) through (iii) of paragraph (2)(B) if—
``(A) the Director determines that the regulated entity fails to meet any standard prescribed under subsection (a);
``(B) the regulated entity has not corrected the deficiency; and
``(C) during the 18-month period before the date on which the regulated entity first failed to meet the standard, the entity underwent extraordinary growth, as defined by the Director.
``(c) Other Enforcement Authority Not Affected.—The authority of the Director under this section is in addition to any other authority of the Director.’’.
(b) Independence in Congressional Testimony and Recommendations.—Section 111 of Public Law 93-495 (12 U.S.C. 250) is amended by striking ``the Federal Housing Finance Board’’ and inserting ``the Director of the Federal Housing Finance Agency’’.
SEC. 103. FEDERAL HOUSING ENTERPRISE BOARD.
(a) In General.—Title XIII of the Housing and Community Development Act of 1992 (12 U.S.C. 4501 et seq.) is amended by inserting after section 1313A, as added by section 102 of this Division, the following new section:
``SEC. 1313B. FEDERAL HOUSING ENTERPRISE BOARD.
``(a) In General.—There is established the Federal Housing Enterprise Board, which shall advise the Director with respect to overall strategies and policies in carrying out the duties of the Director under this title.
``(b) Limitations.—The Board may not exercise any executive authority, and the Director may not delegate to the Board any of the functions, powers, or duties of the Director.
``(c) Composition.—The Board shall be comprised of 3 members, of whom—
``(1) one member shall be the Secretary of the Treasury;
``(2) one member shall be the Secretary of Housing and Urban Development; and
``(3) one member shall be the Director, who shall serve as the Chairperson of the Board.
``(d) Meetings.—
``(1) IN GENERAL.—The Board shall meet upon notice by the Director, but in no event shall the Board meet less frequently than once every 3 months.
``(2) SPECIAL MEETINGS.—Either the Secretary of the Treasury or the Secretary of Housing and Urban Development may, upon giving written notice to the Director, require a special meeting of the Board.
``(e) Testimony.—On an annual basis, the Board shall testify before Congress regarding—
``(1) the safety and soundness of the regulated entities;
``(2) any material deficiencies in the conduct of the operations of the regulated entities;
``(3) the overall operational status of the regulated entities;
``(4) an evaluation of the performance of the regulated entities in carrying out their respective missions;
``(5) operations, resources, and performance of the Agency; and
``(6) such other matters relating to the Agency and its fulfillment of its mission, as the Board determines appropriate.’’.
(b) Annual Report of the Director.—Section 1319B(a) of the Housing and Community Development Act of 1992 (12 U.S.C. 4521 (a)) is amended—
(1) in paragraph (3), by striking ``and’’ at the end; and
(2) by striking paragraph (4) and inserting the following new paragraphs:
``(4) an assessment of the Board or any of its members with respect to—
``(A) the safety and soundness of the regulated entities;
``(B) any material deficiencies in the conduct of the operations of the regulated entities;
``(C) the overall operational status of the regulated entities; and
``(D) an evaluation of the performance of the regulated entities in carrying out their missions;
The fact is her comments are vague at best from your own point of view, they aren't a statement of her position and you should know better. She's been very consistent all year that she wants the borders secured and she doesn't want amnesty.
Like I said, you can believe all you want, but it doesn't make it so........except in the minds of about a dozen freeper posters........
While I like much (not all) of what most of those you listed have to say, I've never thought they could be president in today's environment. Perhaps you should ask what someone believes before wrongly assuming and posting stupid stuff.
I was under the impression you were one of Rabscuttle's nutcase Paulist friend ping list, if not....my apologies.
I’ve never looked into Baldwin at all. As for Paul, he provides a lot of good info on legislation related to the economy and financial matters and he’s been more right than wrong, IMO.
Yes, I’m on Rabscuttle’s pinglist (not nutcases) — I’m on a lot of pinglists. But I’m perfectly capable of thinking for myself and don’t agree with anyone all the time. So please don’t try to lump me in with any group.
Apology accepted.
I’ve read ALL OF IT, retard. You obviously haven’t. Here is the just the FIRST DAMN CHAPTER in the Congressional Record of the DODD AMENDMENT of April you call a “weak plan by the senate democrats”
Hey classless and clueless...
You're supposed to compare the text of the May House vote with the text of the July House vote.
If anything, your post and the stark differences between the April Senate bill and the final July bill makes makes my point, only you're too stupid to realize it.
I reiterate, there was no Paulson stuff in the May bill. There was NO Paulson stuff raising the debt ceiling to 800 billion in May and there was no Paulson stuff granting power to the FHA for a possible take over of F&F in May. Those things are found in the July bill. And beyond that many things were changed from the May bill to the July bill.
Your precious one voted for the Paulson bailout in July after voting against an earlier bailout in May.
Try not to get your brainless, teeny-tiny, tri-segmented ant body in a twist over it.
You short bus little mama’s boy, you didn’t bother to read it did you? That was right in Dodd’s amendment
HR 3221 (Roll Call 301). The House adopted a bill expanding the government-sponsored housing authorities, guaranteeing loans made by Fannie Mae and Freddie Mac while reducing their capital by creating a $4 billion trust fund available to ACORN and other groups. ACU opposed the federal takeover of these entities but the bill was passed May 8, 2008 by a vote of 266-154.
Mortgage Bailout
HR 3221 (Roll Call 519). The House adopted Senate amendments vastly expanding the federal government’s authority to interfere in the national housing markets, allowing higher limits on risky loans and changing regulations on Fannie Mae and Freddie Mac. This version added another $4 billion grant program to be handed out by local governments. ACU opposes this interference in the housing market and further nationalization of the housing industry, but the bill was adopted July 23 by a vote of 272-152.33
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