Reform Oversight Of Fannie And Freddie
posted June 26, 2008
U.S. Sen. Bob Corker, a member of the Senate Banking, Housing, and Urban Affairs Committee, voted Wednesday for legislation to modernize the Federal Housing Administration and reform oversight of the government-sponsored enterprises Fannie Mae and Freddie Mac.
"This is a reasonable approach to putting in place tools to help deal with our troubled housing market," said Sen. Corker. "These tools will go a long way toward enabling the private sector to stabilize falling housing prices and toward creating safety and soundness guidelines for the lending industry to help prevent this type of situation from occurring in the future."
For months in Banking Committee hearings, Sen. Corker pressed for modernizing the FHA before expanding its role and exposure to more risky borrowers and made it clear that he could not support Senate passage of housing reform legislation that did not include twice-passed Senate language to modernize the FHA, he said.
"FHA modernization is long past overdue, and by including it in this bill we will allow the private sector to respond to our housing dilemma responsibly," said Sen. Corker.
Sen. Corker also praised the "long overdue and significant reform to the oversight of the government-sponsored enterprises, Fannie Mae and Freddie Mac" included in the bill.
"These entities were created to provide liquidity and stability to the conventional conforming loan mortgage market, and they are needed now more than ever. The inferred liability that our taxpayers have as it relates to these entities demands that we have a strong regulator in place. This bill is a very positive development to ensure the integrity of these organizations and to ensure that they do not become liabilities to our citizens."
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