McCain - Federal Housing Enterprise Regulatory Reform Act of 2005 (Democrats blocked reform)

govtrack.us ^ | 1/26/2005 | Congressional Research Service

[Rodm]

Federal Housing Enterprise Regulatory Reform Act of 2005

Bill Summary

1/26/2005--Introduced. Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) 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 which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board. Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting. Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation. Excludes the Federal Home Loan Banks from certain securities reporting requirements. Abolishes the Federal Housing Finance Board.

[Azzurri]

This needs to be screamed from the rooftops, TV commercials made blasting this information from Ocean to Ocean, and McCain driving home this point in all three debates.

[MissyMa]

I am hoping he makes this known during the debates because I am so ticked off that Obama and his cohorts are trying to blame this mess on Republicans. We can't rely on the media to set things straight so it is up to us.

I want McCain to be out there with both guns blazing right now. Grrrrr.

I can't wait for this election to be over with so I can calm down. Seriously, I can't even watch any news anymore because I find myself screaming at the TV.

[silverleaf]

bookmark
Sean Hannity read John McCain’s comments on this bill that are in the Senate record. He was prophetic.

[antisocial]

BUMP

[GOPJ]

McCain is on the ball and the Democrats blocked reform sucked out millions in campaign funds and salaries out of Freddie/Fannie.

If the MSM had two brain cells to rub together, they would look into this.

[stocksthatgoup]

H.R.2895 (110th Congress) - National Affordable Housing Trust Fund Act of 2007
Status: Voted on by House

To establish the National Affordable Housing Trust Fund in the Treasury of the United States to provide for the construction, rehabilitation, and preservation of decent, safe, and affordable housing for low-income families.
Sponsor: Rep. Barney Frank [D, MA-4]Committees: Senate Banking, Housing, and Urban Affairs, House Financial Services

Bill summary

* Establishes the National Affordable Housing Trust Fund in the Treasury of the United States (Sec. 2).[1]
* Increases the amount of funding appropriated for housing counseling under the Housing and Urban Development Act of 1968 by $100.00 million for each of the fiscal years 2008 through 2012 (Sec. 2).[1]
* Appropriates $25.00 million for each of the fiscal years 2008 through 20012 for increasing funding for the improvement of technology, procedures, processes, program performance, and salaries for mortgage insurance programs under the National Housing Act (Sec. 2).[1]
* Requires the Secretary of Housing and Urban Development to establish a formula for allocating money for housing assistance among states, Indian tribes, insular areas, and local jurisdictions based on the needs and population of the area and the funding for each fiscal year (Sec. 2).[1]
* Allows organizations receiving grants from the Trust Fund to give preference to awarding affordable housing grants to first responders, public safety officers, teachers, and other eligible public employees (Sec. 2).[1]
* Requires at least 75 percent of Trust Fund grant amounts to be used for affordable housing to families whose incomes do not exceed the higher amount of either the poverty line for a family of the size involved or 30 percent of the median family income for their location (Sec. 2).[1]
* Allows a family to receive a rent contribution grant of up to 30 percent of the family's adjusted income if the rental unit is legally bound to charge a rent equal to the lesser of the existing fair market rental and 30 percent of the adjusted gross income of a family whose income is 65 percent of the median income for the area (Sec. 2).[1]
* Requires preference for housing assistance grants to be given to families who have applied to a public housing agency for assistance and been on the Section 8 or Public Housing waiting list for 12 months or longer (Sec. 2).[1]
Key votes

* Vote to pass a bill that creates a trust fund to increase the availability of affordable housing for low-income families.[1] House Record Vote (958)
October 10, 2007
On Passage: H R 2895 National Affordable Housing Trust Fund Act of 2007
On Passage
Percentage of 'Aye' votes: 61% - Passed
Required percentage of 'Aye' votes: 1/2 (50%)
Ayes 223 Dems 41 Rep
Nays 0 Dems 148 Reps
Abst. 8 dems 11 Reps

[boycott]

Ding!!!

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190

[ljswisc]

Why isn’t the McCain campaign putting this on commercials? They need to get on the ball here!

[boycott]

“I don’t see a SINGLE democrats name on either bill to attempt to reign this in long before it got to this point.”

---

The demos weren’t going to complain because they were all getting paid off.

[torchthemummy]

Why isn’t the McCain campaign putting this on commercials? They need to get on the ball here!

Don't worry. I am going to presume that McCain was pulling a rope-a-dope on Obama. He waited for Obama and Dems to scream to high heaven that it was the Republicans fault (ie. McCain) and now he will be schooled.

[VRWCmember]

Please make this NY Times article a post.

Already done by perdogg. See this thread: New Agency Proposed to Oversee Freddie Mac and Fannie Mae (September 2003)

[1035rep]

Bump!

[Corin Stormhands]

Bill has been stuck in committee for three years.

And it was stuck in committee in a GOP controlled Senate. I think we'd better learn more about the committee vote before we start waving this around.

[ding_dong_daddy_from_dumas]

[blhblhblh]

This is a big deal.
O is pushing his expertise on the economy, and Mc saw this problem back in 2006.

Why is this not getting more coverage?

[NoDRodee]

Somethings not right, McCain would have already used this in an ad. Not sure why but there must be something in the Bill that will backfire on him.

[syriacus]

don't see a SINGLE democrats name on either bill to attempt to reign this in long before it got to this point.

I don't either.

[syriacus]

Somethings not right, McCain would have already used this in an ad.

Maybe he is waiting for the best time.

[syriacus]

Somethings not right, McCain would have already used this in an ad. Not sure why but there must be something in the Bill that will backfire on him.

McCain talked about this on GMA today

It's on YouTube at McCain's record of reform: the economy

[NoLibZone]

WOW!

So Bush and MCCain DID try to avert this disaster 6 years ago!

And Barney Fag and Fageets stopped them.