Corker: There Is Finally Momentum To Move Beyond Fannie And Freddie

Tuesday, August 6, 2013

In reaction to President Obama's remarks in Arizona regarding housing finance reform Tuesday, U.S. Senator Bob Corker, a member of the Senate Banking, Housing and Urban Affairs Committee, told the Southern Middle Tennessee Association of Realtors at a meeting in Columbia he is finally seeing momentum to move a structural housing finance reform bill that ends the Fannie and Freddie model of private gains and public losses.

“There is real momentum growing to finally move a structural housing finance reform bill that ends the Fannie and Freddie model of private gains and public losses, and I look forward to working with my colleagues in the Senate, the House and the White House to see it through,” said Senator Corker.

In June, Senator Corker, Senator Mark Warner, D-Va., and a bipartisan group of senators introduced the “Housing Finance Reform and Taxpayer Protection Act” to strengthen America’s housing finance system by replacing government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac with a privately capitalized system that preserves the availability of desirable mortgage products to creditworthy borrowers and fully protects taxpayers from future economic downturns. 

The Corker-Warner bill, which has drawn broad support from stakeholders and industry experts, includes the following:
 
·       Mandates 10 percent capital, up front, for the system to protect taxpayers against future bailouts. 

·       Winds down Fannie Mae, Freddie Mac and the Federal Housing Finance Agency (FHFA) within five years of bill passage.

·       Transfers appropriate utility duties and functions to the modernized, streamlined and accountable Federal Mortgage Insurance Corporation (FMIC), modeled in part after the FDIC.

·       Replaces the failed “housing goals” of the past with a transparent and accountable market access fund that focuses on ensuring there is sufficient decent housing available. The fund is NOT paid for with tax dollars, but through a small FMIC user fee that only those who choose to use the system pay.

·       Ensures institutions of all sizes have direct access to the secondary market so local banks and credit unions aren’t gobbled up by the mega banks when Fannie and Freddie are dissolved.

Later Tuesday Senator Corker will discuss his bill with the Middle Tennessee Association of Home Builders at an event in Brentwood.  On Wednesday, he will meet with the Sumner County Association of Realtors in Hendersonville and community bankers in Lebanon. 

For more information on the Housing Finance Reform and Taxpayer Protection Act (S. 1217) click here.
 
Press Release: Banking Committee Senators Introduce Legislation to Modernize and Reform America's Broken Housing Finance System
 
Banking Committee Senators Garner Broad Support for Bipartisan Housing Finance Reform Bill
 
Bill Text: Housing Finance Reform and Taxpayer Protection Act
 
Summary of Legislation: Housing Finance Reform and Taxpayer Protection Act
 
Press Release: Corker Statement on House Financial Services Committee Plan to Reform Housing Finance System, Wind Down Fannie and Freddie


Brant Mason Selected As Habitat For Humanity's Chief Financial Officer

Habitat for Humanity of Greater Chattanooga Area, a faith based non-profit organization dedicated to transforming the Chattanooga area by working with financial partners and volunteers to build simple, decent and affordable homes for working families, announced the addition of Brant Mason to its leadership team as chief financial officer. Mr. Mason is a Certified Public ... (click for more)

Real Estate Transfers For April 12-18

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) ... (click for more)

Man Who Killed 4 At Waffle House Is In Custody

Travis Reinking, 29, the suspect in the shooting at a Waffle House near Nashville on Sunday, has been taken into custody, according to police. Reinking, who killed four people and injured two others at a Waffle House near Nashville on Sunday morning was on the loose Monday morning and had been added to the Tennessee Bureau of Investigation's ‘Top 10 Most Wanted’ list. ... (click for more)

Pet Raccoon That Was Destroyed Did Not Have Rabies

A pet raccoon that was destroyed in order to test for rabies after biting a neighbor child did not have rabies, Chattanooga attorney Chris Jones. The family has been advised it can pick up the remains of Boomer at the Chattanooga Hamilton County Health Department. Attorney Jones, who specializes in wildlife cases, earlier argued there was no valid reason for health ... (click for more)

Set Up A Council On Love, Not A Council On Hate - And Response

In Mayor Berke's April 19 version of the Berke Bulletin, he announced plans to establish a Council on Hate and indicated a focus on tolerance. I beg of him to reconsider that plan. One problem in Chattanooga and in other places in America is that there are some people who have already established an informal version of a Council on Hate. I suggest that a more productive plan ... (click for more)

Roy Exum: Always Know The Facts

I adore the fact so many of America’s high school and college students are very active in our battle against violence in our schools but bemoan the fact that when you combine youth and ‘lack of experience’ they often are misguided and ill-informed. The best example came on Saturday when a reporter for Campus Reform walked around the Cal State-Santa Barbara campus asking the students ... (click for more)