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.


CNE To Host Homeownership Fair On June 6 In Celebration of NeighborWorks Week

Chattanooga Neighborhood Enterprise is hosting a free homeownership fair open to the public on Saturday, June 6 from 10 a.m. -2 p.m. The fair will consist of mini workshops covering topics such as budgeting, buying a home, and home maintenance. The Homeownership Fair is for both prospective and current homeowners. The day will be broken up into two different sections: Buying ... (click for more)

Home Sales Increase In April In Chattanooga

Home sales increased in April in Chattanooga, according to a report from the Greater Chattanooga Association of Realtors.   The report said, "As we turn the page to the second quarter of 2015, a proliferation of new  listings is expected in most markets across the U.S. Spring is traditionally the  commonplace time of the year that we see some of the most desirable ... (click for more)

Driver Of Fleeing Truck Almost Hits Patrol Vehicle Of Bradley County Sheriff Eric Watson; Gooch Arrested After Wreck

Deputies with the Bradley County Sheriff’s Office took an area man into custody on Friday afternoon after the stolen truck he was driving forced Sheriff Eric Watson to take evasive action to avoid striking the vehicle.   Sheriff Watson was patrolling in the area of Bates Pike when an alert was issued for a light blue F-150 pickup truck for a possible vandalism in progress. ... (click for more)

Man Drove On Pineville Railroad Tracks Trying To Flee Police

Chattanooga Police Officer Giuseppe Troncone didn’t try to follow a 49-year-old man who tried to escape by driving his Cadillac on railroad tracks in the Pineville area, according to an affidavit filed in Hamilton County Criminal Sessions Court. Instead, he soon caught up with Alvin Donell Davis just by driving along East Elmwood Drive toward the “cloud of smoke coming from the ... (click for more)

Best City, Really? - And Response

I believe the success Chattanooga has had in the best outdoor city contest has got to be the "Ridge Cut" trail. To be able to sit in your vehicle while inching along right beside the old steel plant and, of course, the train yard where tankers sit loaded with hazardous gases. Then passing through one of the city's most active areas for gunfire, it's a win win.   It's ... (click for more)

Roy Exum: City Limits Worry Dogs, Cats

If you are a dog or a cat in the Chattanooga area, it is very important to know exactly where the city limits are. You need to know that if a stray animal is rescued in the city, it is taken to one of the finest animal shelters in all of America. But if the errant pooch or tabby is found in Hamilton County – outside the city limits -- it is taken to arguably the worst animal facility ... (click for more)