Chattanooga Softball Gets Alabama Regional With Alabama, Stanford, Murray State

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.


Virnig Manufacturing’s New Facility Opens In Pikeville

Driver Services Offers At-Home Knowledge Testing

New Hamilton County Business Licenses


Virnig Manufacturing has opened its new 62,000-square-foot manufacturing facility in Pikeville. The Minnesota-based company held a grand opening at the facility, at 403 Allen P. Deakins Road, ... (click for more)

The Tennessee Department of Safety and Homeland Security's Driver Services division is now offering a new online service, "At-Home Knowledge Testing," for Tennessee teenagers. Teenagers ... (click for more)

Here are the new business licenses from the County Clerk's office: 2 GIRLS AND A LASER KIMBERLY KOSAL 2130 N FORK DR SODDY DAISY TN 37379 ADH CONSTRUCTION AVERY HALLORAN 8460 JAY TRENT ... (click for more)



Business

Virnig Manufacturing’s New Facility Opens In Pikeville

Virnig Manufacturing has opened its new 62,000-square-foot manufacturing facility in Pikeville. The Minnesota-based company held a grand opening at the facility, at 403 Allen P. Deakins Road, on Monday. The project will allow the family-owned business to meet the growing demands for the various skid steer attachments it produces. “I am excited to welcome Virnig Manufacturing ... (click for more)

Driver Services Offers At-Home Knowledge Testing

The Tennessee Department of Safety and Homeland Security's Driver Services division is now offering a new online service, "At-Home Knowledge Testing," for Tennessee teenagers. Teenagers between the ages of 15 to 17 may now take their written knowledge test online under a proctor's supervision (parent/legal guardian) via the Tennessee Proctor IDentification (PID) app. Those ... (click for more)

Breaking News

Woman Gets 6-Year Suspended Sentence In 2018 Stabbing Death Of George Deramus

A woman charged in the stabbing death of 60-year-old George Deramus pleaded guilty on Monday morning to the lesser charge of voluntary manslaughter. Tavowia Hinton, who was 49 at the time of the Dec. 2, 2018, incident, had been facing a charge of second-degree murder. She was given a six-year prison sentence, but it was suspended. Ms. Hinton was directed not to have any contact ... (click for more)

Florida Man Says Deal Should Go Through To Buy 6,161 Acres In Hamilton, Sequatchie Counties From Pattens

A Florida man has filed suit in Federal Court, saying he had a deal to buy 6,160 acres in Hamilton and Sequatchie counties from Bryan and Cartter Patten, but they are backing out of the deal. C. Lee Eggert, of Brandon, Fla., said the agreed purchase price was over $11.6 million. He acknowledged that he was being furnished the money by a logging company, Consolidated Timberlands. ... (click for more)

Opinion

Election Integrity

I find the complaints about the recent win by Weston Wamp in the Hamilton County mayor’s primary to be interesting and amusing. Interesting because of the attempt by some to portray his win as the result of some kind of nefarious manipulation by a group of clergy to get Black voters to crossover and vote for Wamp. Also interesting because for weeks it was assumed by the local political ... (click for more)

Roy Exum: "Miss Mary Frances"

I have written dozens of obituaries in my life and eulogized many people. I am not ashamed to admit I think I am good at it and I am flattered when a friend’s family approaches me to ask for my help. I have written a number of obituaries on those who are still alive who want to “proof-read” what will be turned into the funeral home and I have honored death-bed requests that this ... (click for more)