Corker Says There Is Broad Support To Wind Down Fannie Mae And Freddie Mac

Tuesday, April 29, 2014

Over five years after taxpayers footed a $188 billion bailout to rescue mortgage giants Fannie Mae and Freddie Mac, the Senate Banking Committee on Tuesday announced it will continue discussions and in the near future vote on the Housing Finance Reform and Taxpayer Protect Act (S.

1217), a bill introduced last year by Senator Bob Corker and Senator Mark Warner (D-Va.) and cosponsored by a bipartisan group of 10 senators.

 

“The work we’ve done to craft a bipartisan bill to strengthen our housing finance system is a model for what can happen when legislators put politics aside and come to the table committed to solving the big problems facing our nation,” said Senator Corker. “After a dozen hearings on housing finance reform, there is broad bipartisan support to wind down Fannie Mae and Freddie Mac to protect the American taxpayer from future bailouts. I appreciate Chairman Johnson and Ranking Member Crapo’s leadership throughout this process, and I look forward to continuing constructive talks to finalize the bill.”

 

In June 2013, Senators 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 still has been no real reform to our housing finance system since the financial crisis, officials said.

In addition to Senators 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.


The Enclave At East Hamilton To Host 2 Community Meetings

Bassam Issa of the ANT Group announced plans for two additional meetings with members of the East Brainerd community to receive input on the proposed Enclave at East Hamilton project.  He noted that meetings have taken place with residents at Emerald Valley and Windstone neighborhoods as well as at two additional public meetings.  The project under discussion is ... (click for more)

Real Estate Transfers For July 17-23

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)

County Commission Chairmanship Up For Grabs After Exit Of Henry, Skillern

The chairmanship of the County Commission is up for grabs after the exit of two commissioners who have held the post in recent years. Larry Henry is moving on to serve as Circuit Court clerk. Fred Skillern was upset by Randy Fairbanks in the Republican primary. Most of the returning commissioners have their eye on the possibility of taking over as chairman, or at least getting ... (click for more)

PAST Act On Horse Abuse Stalls Out In U.S. House Despite 70% Support

Rep. Ed Whitfield (KY-01), chairman of the House Subcommittee on Energy and Power, issued the following statement today regarding the Prevent All Soring Tactics (PAST) Act, H.R. 1518:   “I regret to inform you that Speaker of the House, John Boehner, currently refuses  to bring the Prevent All Soring Tactics (PAST) Act to the floor for a vote.  His decision ... (click for more)

Curtis Adams: Beck, Mackey Should Be Considered For County Commission Leadership

Just think about this;  a person highly qualified applying for a job.  As he is just about finished filling out his papers for his interview, he sees at the bottom there is a place for him to check Democrat or Republican.  He would think, “if I mark the wrong one I may not get the job.” Being a real leader requires honesty, integrity, and, most importantly, fairness. ... (click for more)

Roy Exum: Orchids And Onions

With record low temperatures being recorded around the South, I didn’t know what I’d find in my garden on the first day of August but – sure enough -- there is a profusion of orchids and onions. The start of college football will be later this month and, with the chilly mornings, fall practice is a far cry from what it will be when the sweltering heat comes back next week. Here’s ... (click for more)