Corker Applauds Senate Banking Committee Passage Of Housing Finance Reform Bill

Thursday, May 15, 2014

Senator Bob Corker, a member of the Senate Banking Committee, on Thursday commended the committee’s passage of the Housing Finance Reform and Taxpayer Protection Act (S.1217) and called on the Senate Majority Leader to schedule a floor vote on the bill this Congress. The bill passed the committee in a 13-9 bipartisan vote.

Senator Corker said, “After more than a year of discussions and a dozen hearings, I am extremely proud the banking committee took a significant step toward building a modern and more efficient housing finance system that provides access to creditworthy borrowers while protecting taxpayers from writing massive checks in the heat of a future financial crisis. This bill serves as a model of how we can tackle the major challenges in our economy and should become the framework for how our housing finance system will ultimately look.”

“I hope the Senate Majority Leader recognizes this tremendous opportunity to address the unfinished business of the 2008 financial crisis and schedules a floor vote on this important, bipartisan bill,” said Senator Corker. “The Senate should not let this moment pass by, allowing the status quo of private gains and public losses to continue.”

In June 2013, Senators Corker and Mark Warner (D-Va.) introduced S.1217, which gained the support of 10 Senate cosponsors, 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.

Officials said, "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."

In addition to Corker and Warner, Chairman Tim Johnson (D-S.D.), Ranking Member Mike Crapo (R-Id.), Senators Tom Coburn (R-Ok.), 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.), and Joe Manchin (D-W.V.), voted in favor of passing S. 1217 out of the Senate Banking Committee.

Click here to watch Senator Corker’s opening statement at the Senate Banking Committee’s markup on housing finance reform.


Mike Croxall: New Homes Benefit More Than Just Buyers And Builders

National New Homes Month, observed every April by area home builders, highlights the far-reaching positive impact of new residential construction on families, businesses and services throughout our Chattanooga-area community. According to economists at the National Association of Home Builders, the one-year estimated local impacts of building 100 single-family homes in a typical ... (click for more)

Building Industry Associations Award Best Of The Best With 2nd Annual BRIC Awards

The American Institute of Architects of Chattanooga, green|spaces and Sustainability Professionals of Greater Chattanooga recognized the best of the best in the building industry at the second annual BRIC (Building Recognition in Chattanooga) Awards ceremony on Tuesday. Awards were presented to the following winners in these categories: AIA Best Residential Design of ... (click for more)

Attorney General Files Lawsuit Against Predatory Law Firm Targeting Grieving Families

Tennessee Attorney General Herbert H. Slatery III on Wednelsday announced the filing of a lawsuit against a Texas law firm, its sole attorney, and two investigators working for the firm, in connection with the tragic Woodmore Elementary bus crash. The civil enforcement action, filed in Hamilton County Chancery Court, alleges that the Witherspoon Law Group PLLC, based in Dallas, ... (click for more)

Multi-Agency Drug Bust Leads To 1 Of The Largest Meth Seizures In Hamilton County

Agents with the Hamilton County Sheriff’s Office Narcotics and Special Operations Division, along with personnel from the Tennessee Bureau of Investigation, Chattanooga Police Department and the DEA, arrested Mathew Turner, of Chattanooga, in the parking lot of the Holiday Inn Express in Tiftonia on Tuesday night.     A search of Turner’s vehicle revealed approximately ... (click for more)

Don't Clog Up The Last Remaining Semi-Unobstructed Route Into Town From North Of The River - And Response (2)

The proposal to turn Hixson Pike in Riverview into a more pedestrian friendly street is more than absurd.   Let's be honest. This is the last semi-unobstructed route into town from north of the river, due to I-27 construction and the bike lane/parking lot that is North Market Street.  So, now the businesses in Riverview would like parking on this main artery? ... (click for more)

Roy Exum: A One-Sided Opportunity

State education commissioner Candace McQueen has apparently fallen and hit her head. She most certainly needs to be examined after she came to Chattanooga on Monday and told the Times-Free Press about an exciting “partnership.” Are you kidding me? Despite the newspaper’s editors actually touting the venture as “promising,” the lady is clearly dancing by herself. With her Achievement ... (click for more)