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.


Habitat For Humanity Hosts Raise The Roof To Celebrate 30th Anniversary

For 30 years, Habitat for Humanity of Greater Chattanooga Area has worked with financial partners and thousands of volunteers to build 258 energy efficient homes providing over 1,500 women, men, and children with the joy and security of homeownership. To celebrate this grand achievement, Habitat for Humanity will host  Raise the Roof  on Friday, April 8 at 5:30 p.m. ... (click for more)

Planning Agency Staff Recommends Denial Of Request For Doctors Office, Pharmacy On Shallowford Road

The Regional Planning Agency staff is recommending denial on a rezoning request for a doctors office and pharmacy at 7683 Shallowford Road. Wanda Threat is making the request. The staff said it is not in accord with the Land Use Plan. The approximately 1.2-acre site would only have access from Shallowford. The plan is to use an existing building for phase 1 and eventually ... (click for more)

Hamilton County Schools Closed Tuesday Due To Icy Road Conditions, Other Closings Announced

Due to icy road conditions in the mountain areas, Hamilton County School will be closed today. School age child care will be also be closed. Twelve month employees will report by 10 a.m. Chattanooga Christian School began closing early at 10 a.m. Marion, Grundy and Polk schools are closed Tuesday due to the inclement weather. There will be no Bradley-Polk County ... (click for more)

Couple Arrested After 373 Grams Of Ice Meth And Loaded Gun Found At Their Hickory Valley Road Apartment

Federal authorities have arrested a Chattanooga couple after finding them with 373.4 grams of Ice meth at an apartment in East Brainerd. Charged with conspiracy to distribute a controlled substance are Sergio Lizaola and Amy Lee Ramos-Collazo. Lizaola is also charged on a firearm count. Agents said two small children were present along with the couple during a search of ... (click for more)

Rick Smith Should Not Be Paid To Leave

Taxpayers of Hamilton County should take note that a majority of the members of the school board are getting ready to give Rick Smith the buyout that he wants.  Do you agree that someone should be paid for taking the coward's way out?  Rick Smith should be fired for cause. Not paid to leave.   If you don't want the board members to pay him off, call or ... (click for more)

Roy Exum: The Momma Bears Roar

If I could count Hamilton County’s best educators on one hand, Normal Park Elementary Principal Jill Levine would be the biggest finger. What she and her faculty and a dazzling commitment from both her students and parents have accomplished is an educational dream. I am told people literally move to North Chattanooga just so their children will be zoned for the award-winning school. ... (click for more)