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Tag Archives: Senate Banking Committee

Lawmakers Request More Transparency From FHFA On Transfer of Credit Risk

U.S. Senators Mark R. Warner (D-Virginia), Bob Corker (R-Tennessee), Heidi Heitkamp (D-North Dakota), Mike Crapo (R-Idaho), Jon Tester (D-Montana), and Dean Heller (R-Nevada) sent a letter to the FHFA Director Mel Watt, requesting for clarity in risk sharing transactions to help drive competition in the secondary mortgage market.

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Senate Banking Committee Approves Financial Regulatory Relief Bill

One provision of the bill prohibits increases in guarantee fees charged by Fannie Mae and Freddie Mac to offset losses or reductions in revenue, or for any other purpose besides business functions for the GSEs or housing finance reform. The bill also prohibits the sale of Treasury-owned senior preferred shares in the GSEs without approval from Congress.

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Report: Senator Drafting Proposal to Reform Federal Reserve

Senator Jack Reed (D-Rhode Island) has reportedly included in the draft of the legislation a provision that would make the appointment of the president of the Federal Reserve Bank of New York subject to Senate approval. Currently, the president of each of the 12 regional Federal Reserve Banks is selected by a search committee and subject to approval of the Federal Reserve Board of Governors.

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Senate Banking Committee Chairman Says GSE Reform is Unlikely

Fannie Mae and Freddie Mac required a combined taxpayer bailout of $188 billion in 2008 after the government seized control of them. The two GSEs returned to profitability in 2012. The future of the two GSEs has been a hotly contested topic in Washington as well as in the rest of the housing industry. Both parties appear to want to wind down the FHFA's conservatorship of the two, but cannot agree on what, if anything, should replace them as well as what role the government should play in housing, if any.

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