Corker Makes Statement On Housing Finance Reform Principles Released By Senate Banking Committee

Tuesday, March 11, 2014

Senator Bob Corker, a member of the Senate Banking Committee, issued the following statement on Tuesday, regarding Chairman Tim Johnson (D-S.D.) and Ranking Member Mike Crapo’s (R-Idaho) announcement on an agreement to reform the housing finance system.

“I have been working with Senator Warner and a bipartisan group of senators for months to advance legislation that ends the failed model of private gains and public losses in our housing finance system and moves our country to a modernized structure that protects the American taxpayer,” said Senator Corker. “I am pleased the Banking Committee is demonstrating their commitment to this effort by putting pen-to-paper and releasing a set of principles based on the bill we introduced, and I look forward to working closely with them in the coming months.”

Chairman Johnson and Senator Crapo announced that the Housing Finance Reform and Taxpayer Protection Act (S. 1217), introduced by Senators Corker and Mark Warner (D-Va.) and cosponsored by a bipartisan group of 10 senators, will serve as the base text for the committee’s housing finance reform bill.

In June 2013, Senator Corker and Warner introduced S.1217 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 market liquidity and protects taxpayers from future economic downturns.

In 2008, Fannie Mae and Freddie Mac were taken into government conservatorship and given a $188 billion capital injection from taxpayers to stay afloat. As a result of this bailout, the private market has almost completely disappeared, and so nearly every loan made in America today comes with a full government guarantee. Despite this unsustainable situation, there has still been no real reform to our housing finance system since the financial crisis.

In addition to Corker and Warner, S. 1217 is currently cosponsored by Senators 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.), Saxby Chambliss (R-Ga.), and Mark Begich (D-Ak.), which includes five Republicans and five Democrats from the Senate Banking Committee.

 


Crye-Leike Posts Record Year Of $6.36 Billion In Sales

Tennessee-based Crye-Leike, the nation's fourth largest privately-held residential real estate brokerage firm and the largest in Tennessee and the Mid-South, posted a record sales year of $6.36 billion in 2016, the highest sales performance in the company’s 40-year history.  In comparison, the company reached its peak sales performance at $6.10 billion in 2006.   Crye-Leike’s ... (click for more)

City Of Chattanooga Grants HOME Funds For 16 Affordable Housing Units In Chattanooga

Chattanooga City Council approved a plan from the Department of Economic & Community Development (ECD) to administer more than half a million dollars in federal funds for the creation of 16 affordable housing units in neighborhoods across Chattanooga. These funds from the United States Department of Housing and Urban Development (HUD) are designated under the HOME program, ... (click for more)

City Police Officer Seriously Injured In Crash On Dodson Avenue

A Chattanooga Police officer was seriously injured in a crash on Dodson Avenue on Friday afternoon.   Police said the injuries to Sean Lynch, 38, are not life-threatening.   Police responded to a traffic crash at 1400 Dodson Ave.   The crash involved a silver Ford 350 van,  a white Ford Crown Victoria police cruiser driven by Officer Lynch, ... (click for more)

Lawsuit Charges That Georgia Law Firm Stole One Of The Woodmore Elementary Cases From Chattanooga Attorneys

A Circuit Court lawsuit charges that one of the Woodmore Elementary bus wreck cases was stolen from a Chattanooga law firm by Georgia attorneys just shortly after the Nov. 21 tragic crash that killed six students and injured others. It is illegal in Tennessee for attorneys to contact victims of a tragedy for 30 days after the incident. The lawsuit brought by Carl Lewis, father ... (click for more)

CVB Should Share Financials With The Home Folks

The recent debate over the Convention and Visitor's Bureau's funding and budget has gotten ugly. A Hamilton County commissioner has asked questions and made comments about the CVB. The director of the CVB has organized a campaign to dismiss the commissioner's questions and comments. The children on the playground are choosing sides and nothing useful seems to be happening. It's ... (click for more)

Roy Exum: The Haggling Must Stop

Far be it for me to suggest the Hamilton County Commission and the School Board need to spend more time at recess but it was obvious this week the two groups need to work at being better friends. We have nine county commissioners and just as many corresponding school board members to work together for the betterment of one entity – Hamilton County. Everybody who thinks that is happening ... (click for more)