Corker Criticizes Reconsideration Of Pay Cap For Fannie Mae/Freddie Mac CEOs

Tuesday, May 5, 2015

Senator Bob Corker released the following statement regarding reports that Federal Housing Finance Agency (FHFA) director Mel Watt will reconsider the executive compensation cap for the CEOs of government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.

He said, “Just last week, FHFA’s own stress test showed that Fannie Mae and Freddie Mac could require a $157 billion taxpayer bailout to stay afloat during a future crisis.

While Director Watt’s decision to reassess the existing compensation cap may seem minor, it is emblematic of a much larger problem: FHFA appears ready and willing to unilaterally drive the GSEs back to the failed model of private gains and public losses. If Congress doesn’t act to reform our housing finance system, it will be blessing FHFA’s push to recreate the failed pre-conservatorship model.”

Legislation first introduced by Senator Corker and Senator Mark Warner (D-Va.) in June 2013, the Housing Finance Reform and Taxpayer Protection Act (S.1217), passed the Senate Banking Committee in May 2014 by a vote of 13 to 9.

Senator Corker said, "During the 2008 financial crisis, 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, the private market almost completely disappeared, and 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."

 


Thrivent Financial Partners With Habitat For Humanity Of Greater Chattanooga On Faith Build House

Luken Sells Property For Red Wolves Stadium Site For $4.4 Million

Real Estate Transfers For July 4-10


Habitat for Humanity of Greater Chattanooga is partnering with Thrivent Financial on a home that will be built by members of Chattanooga’s faith-based community. Located at 2026 Bachman Ave., ... (click for more)

Businessman Henry Luken has sold 61 acres by I-75 at the site of a planned Red Wolves soccer complex for $4.4 million. Red Wolves owner Bob Martino is leading the development that is in East ... (click for more)

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)


Real Estate

Thrivent Financial Partners With Habitat For Humanity Of Greater Chattanooga On Faith Build House

Habitat for Humanity of Greater Chattanooga is partnering with Thrivent Financial on a home that will be built by members of Chattanooga’s faith-based community. Located at 2026 Bachman Ave., the house under construction is being built for a single mom of two. "Raquel Wilson is a Chattanooga native, who works full-time and is enrolled at Chattanooga State with a goal of becoming ... (click for more)

Luken Sells Property For Red Wolves Stadium Site For $4.4 Million

Businessman Henry Luken has sold 61 acres by I-75 at the site of a planned Red Wolves soccer complex for $4.4 million. Red Wolves owner Bob Martino is leading the development that is in East Ridge. Mr. Martino said the total development will be $125 million, including a hotel and other commercial and residential projects. (click for more)

Breaking News

Signal Mountain Council Finalizes Tax Rise Of Over 20%; Cheryl Graham Takes Spalding Seat

The Signal Mountain Council voted to increase property taxes by 20.434 percent on second and final reading on Monday night. This makes the tax rate $1.8866 for every $100 of assessed value of a property. For a median price home in the town of $250,000, this will mean an increase of $200.07. Moves to reduce the budget to the get to this rate included eliminating an unfilled ... (click for more)

Girl, 16, In Critical Condition After Sunday Morning Rafting Accident On The Ocoee River

A 16-year-old girl was listed in critical condition at a Chattanooga hospital after a rafting accident on the Ocoee River. The incident happened around 10 a.m. on Sunday on a trip by Quest Expeditions. The girl was reportedly on life support. Ryan Cooke, president of the Ocoee River Outfitters Association, said, "I would like to extend my sincere sympathy to the family ... (click for more)

Opinion

I Support Erlanger - And Response

I write this opinion today under my own free will, without any suggestion or prodding from the management of Erlanger Health System. As a medical doctor employed by Erlanger, I am on the front lines taking care of people. Erlanger is an excellent health system and an excellent place to receive care. It is easy to sit back at a distance and decree how things should run. It is a different ... (click for more)

Roy Exum: The Mendicant’s Poem

Anthony de Mello, a Jesuit monk before he died in 1972, would have us to believe, “I was neurotic for years. I was anxious and depressed and selfish. Everyone kept telling me to change. I resented them and I agreed with them, and I wanted to change, but simply couldn't, no matter how hard I tried. “Then one day someone said to me, “Don't change. I love you just as you are,” Tony ... (click for more)