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.


Herman Walldorf And Company Realtors To Serve As Salvation Army Drop-Off Location

The Salvation Army’s Christmas presence is back downtown after a lapse of more than 30 years of always being at the corner of 8th Street and Broad Street, the old American National Bank plaza.  It has moved 1.5 blocks to 109 E 8th St., Herman Walldorf & Company Realtors for an easy ground floor drop off.   Walldorf, the oldest family name in Chattanooga real estate, ... (click for more)

Planning Commission Agenda For Monday

Here is the Planning Commission agenda for Monday: I. Opening Comments & Announcements (Chairman) II. Subdivision Plats & Variances Variances SD 2016-066 North Chattanooga Land Company Lots 67A and 67B-Lot Frontage, Lot Size, and Existing Structure Setback-626 Spears Avenue (City of Chattanooga District 1, Hamilton County District 6) STAFF: Approve ... (click for more)

City Administrator Lurone Jennings Suspended For Misallocation Of Funds

Rev. Lurone Jennings, administrator of City Youth and Family Development, has been suspended for one week for misallocation of funds. He also is to be issued a letter of reprimand and will undergo ethics training. The action came after a critical audit report from City Auditor Stan Sewell. It says Mr. Jennings transferred $18,500 of funds to a program, Journey Educational ... (click for more)

New Walker County Commissioner Whitfield To Move Public Meetings To Evenings And To Larger Venue; Will Also Be Listening Sessions

Walker County Sole Commissioner-Elect Shannon Whitfield said there will be a new arrangement for holding of public commissioner sessions when he takes place at the start of January. Current Commissioner Bebe Heiskell has held Thursday meetings at 3:30 p.m. from time to time in a conference room at her office near the Walker County Courthouse in LaFayette. Mr. Whitfield said those ... (click for more)

Roy Couldn't Possibly Be More Wrong - And Response (5)

Spreading false information isn't only harmful, as we've been made aware recently. The spread of false information can be outright dangerous.   Calling himself a Christian and all, Roy truly disappoints on so many levels with his recently opinion piece about black students attending predominately white schools being the cause of so much problems and grief at those schools. ... (click for more)

Roy Exum: The Facebook Starlet

The Pants Store, a toney women’s boutique in Birmingham’s Mountain Book community, held its annual Holiday Open House about a week or so and, as usual, the popular store was full of customers and holiday cheer. It was a festive gathering, fun for all, but as store employees cleaned up for the next day, they happened across an empty designer-shoe box and a brassiere somebody had ... (click for more)