Corker Responds To Reports Of FHA Bailout

Wednesday, September 25, 2013

Senator Bob Corker, R-Tn., a member of the Senate Banking Committee, released the following statement responding to reports that the FHA will need a taxpayer-funded bailout from the U.S. Treasury to remain solvent:

“No reasonable person could believe that we should continue along with the current housing finance system in this country when three separate entities – Fannie, Freddie, and, according to reports, now the FHA – have all had to come to the taxpayer for billions of dollars in bailout funds,” said Corker.  

In July, Senator Corker commended the Senate Banking Committee for approving the bipartisan FHA Solvency Act of 2013, saying, “I applaud Chairman Johnson and Ranking Member Crapo for passing a bill that puts in place necessary tools and resources to get the FHA on better footing, and I am glad they have committed to building on this momentum and quickly moving a structural and bipartisan housing finance reform bill.”

In June, Senator Corker and Senator Mark Warner, D-Va.., introduced S. 1217, the Housing Reform and Taxpayer Protection Act of 2013, which would strengthen America’s housing finance system by replacing government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac with a modernized system that preserves market liquidity and protects taxpayers from future economic downturns.

Cosponsors of S.1217 include Mike Johanns, R-Ne., Jon Tester, D-Mt., Dean Heller, R-Ne., Heidi Heitkamp, D-N.D., Jerry Moran, R-Ks., Kay Hagan, D-N.C., Mark Kirk, R-Il., Joe Manchin, D-W.V., and Saxby Chambliss, R-Ga.


Trent Development Seeks PILOT For $17 Million Highway 58 Apartment Project

Trent Development is seeking a PILOT (payment in lieu of taxes) tax break for a planned apartment complex on Highway 58. The Flats at 58 is a project costing over $17 million across from Linda's Produce and just up from Central High School. Alex Trent said rents will range from $595 for two-bedroom and $835 for three-bedroom. There will be 120 units in the complex that ... (click for more)

Building On South Market Near 20th Street To Be Auctioned Feb. 24

A building on South Market Street near 20th Street will be auctioned on Feb. 24 at noon. Marc Gravitt of Gravitt Auction said the owner has retired, moved out of town and must sell the property. He said, "This is a highly visible piece of real estate on the south end of Market Street near the 20th Street intersection. The building, built in 1997, has approximately 1,152 ... (click for more)

Man, Child Killed In Crash On Highway 136 In Walker County; 2nd Child Seriously Injured

  A man and an unrestrained five-year-old child were killed when a vehicle went out of control on Highway 136 in Walker County on Saturday. A 10-year-old in the car was seriously injured. The driver was thrown from the van and was dead at the scene. The four-year-old was trapped in the vehicle and also died at the wreck site at Ponder Creek Road. The Georgia State ... (click for more)

2 People Shot After Domestic Dispute In Brainerd; Corey Moon Taken Into Custody On Saturday Night

Two people were shot during a domestic dispute in Brainerd late Friday night.   Chattanooga Police responded at 11:17 p.m. to the 4700 block of Rogers Road on a shooting. The following are the preliminary facts of that investigation.   Officers were able to locate two victims, Cortez Moon, 23, and Terri Dossett, 45, suffering from non-life threatening gunshot ... (click for more)

Rhonda Thurman: Speaking The Truth About CSLA

One parent called me a “Liar” during Thursday’s Facilities meeting. Others from CSLA have been a bit more creative saying that I spread “misinformation”, “falsehoods” and “spread inaccurate statements”. Then there were more descriptive terms- “arrogant”, “uninformed”, “unprofessional”- if these CSLA parents don’t stop, they are going to hurt my feelings. In this letter, I will attempt ... (click for more)

Roy Exum: It Ain’t Gonna Work

In the last seven days, there have been seven different people who have been shot in separate incidents in Chattanooga. On Tuesday, the City Council approved a total $223,656 in street cameras and accessories to take pictures of our gangstas when the cops already know them by first names. Late last month it was announced the Chattanooga Police Department would double our gang violence ... (click for more)