Corker, Warner Offer Jumpstart GSE Reform Amendment

Wednesday, March 25, 2015

In an effort to spur substantive and structural housing finance reform, U.S. Senators Bob Corker (R-Tenn.) and Mark Warner (D-Va.), members of the Senate Banking Committee, Wednesday offered a component of the Jumpstart GSE Reform Act as an amendment to S.Con.Res.11, the fiscal year 2016 budget resolution. The amendment would prohibit the sale of Treasury-owned senior preferred shares in government-sponsored enterprises Fannie Mae and Freddie Mac without congressional approval. 

“Much effort has been put forth to develop a bipartisan, bicameral consensus that congressional action is needed to wind down Fannie Mae and Freddie Mac and reform our housing finance system,” said Senator Corker. “The fate of these failed enterprises should be determined by Congress, and I hope this amendment will signal that strong sentiment in the Senate.” 

“Given Fannie and Freddie’s significance to our housing market, any decision about their future should be based on bipartisan policy goals that have been reviewed and approved by Congress,” said Senator Warner. “It’s been seven years of limbo and volatility since the GSEs were taken into conservatorship. It’s time for Congress to act on a long-term solution for our housing finance system.” 

In addition to Senators Corker and Warner, the amendment is cosponsored by Senators David Vitter (R-La.), Elizabeth Warren (D-Mass.), Heidi Heitkamp (D-N.D.), and Jon Tester (D-Mont.). 

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 the bailout, the U.S. Department of Treasury purchased senior preferred stock in the GSEs and was given sole discretion to sell or otherwise dispose of those shares. There is broad agreement that the status of the GSEs prior to conservatorship was a failure and the best way to prevent a repeat and protect taxpayers is through comprehensive housing finance reform. This amendment will help ensure the ultimate resolution of Fannie Mae and Freddie Mac is determined by Congress, and it does not indicate which housing finance reform proposal should be adopted, said officials. 

Text of the amendment is available here.


CARTA Releases Concepts For Chattanooga's Transit Future

Leadership Cleveland Celebrates 2018-19 Graduates

Law Office Of Andrew Morgan Now Offering Mediation Services


CARTA will host a public meeting to discuss four possible transit concepts as part of the second phase of CARTA’s Redesign: Planning for the Future planning study. The meeting will be held ... (click for more)

The Leadership Cleveland Alumni Association celebrated the 2018-19 class graduates on Thursday, which included a keynote address by Ron Harris, vice president Diversity and Inclusion with BlueCross ... (click for more)

The Law Office of Andrew B. Morgan provides civil mediation services now that the managing attorney, Andrew B. Morgan, has received his certification as a Rule 31 civil mediator. Rule 31 mediation ... (click for more)


Business

CARTA Releases Concepts For Chattanooga's Transit Future

CARTA will host a public meeting to discuss four possible transit concepts as part of the second phase of CARTA’s Redesign: Planning for the Future planning study. The meeting will be held Thursday at 5:30 p.m. at the Downtown Chattanooga Public Library - Main Auditorium. CARTA wants the community to help decide what the future of public transit should look like in Chattanooga. ... (click for more)

Leadership Cleveland Celebrates 2018-19 Graduates

The Leadership Cleveland Alumni Association celebrated the 2018-19 class graduates on Thursday, which included a keynote address by Ron Harris, vice president Diversity and Inclusion with BlueCross BlueShield of Tennessee. The annual luncheon benefits the Alumni Association Scholarship fund. Leadership Cleveland is a nine-month community development initiative that brings professionals ... (click for more)

Breaking News

Police Charge Jason Ansley In Wreck On Main Street In Which 9-Year-Old Boy Was Killed; Going 62 MPH In 35 MPH Zone

Chattanooga Police have arrested 38-year-old Jason Ansley in a June 7 wreck on Main Street in which 9-year-old Liam Haddock was killed and two other family members injured. Police said it was determined that Ansley was traveling 62 mph in a 35 mph zone and he was caught on video running a red light at S. Orchard Knob just prior to the 9:08 p.m. crash. Police said Ansley, who ... (click for more)

Smedley, Bankston Say They Are No Votes On Property Tax Increase

Two County Commission members on Monday told members of the Pachyderm Club that they are no votes on a property tax increase. Sabrena Smedley, who currently chairs the commission, said there are a number of unanswered questions about the school system, including how the latest test scores will turn out and how much in repairs the schools will face under a new study. She said ... (click for more)

Opinion

Earl Freudenberg: Remembering 3 Friends (Glenn Draper, Marshall Roberson And Betsy Anderson)

Waking up this Sunday morning (Father's Day), I learned of the passing of three friends who had an impact on my life - Glenn Draper, Marshall Roberson and Betsy Anderson. Glenn was a guest on my radio program many times. He and his musicians represented Chattanooga around the world. In the 50's, Glenn had a national weekly radio program on NBC. He recorded several dozen CD's ... (click for more)

Roy Exum: VW Needs Big Repairs

The banner headline on Monday morning read, “Gov. Lee, top Republicans celebrate failed UAW bid to unionize Volkswagen,” and that’s the second-worst thing that the headline could have said. The worst, of course, is if the UAW had won, and the Detroit-based union that lost 35,000 members last year would be revived -- breaking a hole into the tight wall of foreign-owned auto assembly ... (click for more)