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

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.

I don’t understand why we’re not getting the word out with details and names. This reform act attempt, killed by the Dems, should be all over the news and it isn’t.

Hannity touched on it - named Dobbs and Barney and the dems as the ones that wouldn't allow the bill sponsored by McC and other pubbies in 2005 to head this off.

the dems have created this whole scenario, starting with a bill they put forth during the last years of bubba, and that bubba signed into law - letting these insane mortgages be given out to people who not only couldn't afford them - but in many cases, didn't even have jobs.

They then kept the pubbies from making corrections - a set up from the get go?

We need to remember that the Marxists have spent the last 3 decades systematically and deliberately infiltrating and taking over the democrat party...with the goal of taking over the country and instituting Marxism.

They are a whispers breath away from their goal. They are in great jeopardy of loosing to McC/Sarah...If they do, that is the end of their movement. Pubbies will hold the WH for the foreseeable future.

These are driven, evil people. Do you think they wouldn't keep this whole Fanny May/Freddie etc, simmering all this time for a last ditch weapon - and pull the plug to create this crisis in order to win?

Something to think about - evils greatest weapon is the naivete of decent people, who's minds just don't work that way.

Wow, September 16th seems so long ago.

What’s funny is that this article on FT.com predates even that:

http://www.ft.com/cms/s/0/8780c35e-7e91-11dd-b1af-000077b07658.html

The bill’s sponsor - Mike Oxley (not quite the torrid liberal) - seems to blame the White House and Greenspan for the failure of that bill. Democrats love regulation, remember!

I’m just adding factual data to this thread :

Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005
http://www.presidency.ucsb.edu/ws/index.php?pid=24851

Statement of Administration Policy: H.R. 1427 - Federal Housing Finance Reform Act of 2007
http://www.presidency.ucsb.edu/ws/index.php?pid=74353

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