Here are the facts. Let's Review:
In 2004/early 2005, a Bill captioned, the "Federal Housing Enterprise Regulatory Reform Act" of 2004/2005, sponsored by Republicans, .John McCain, Elizabeth Dole, John Sununu, and Chuck Hagel, was put before the Congress. The Bill was blocked, by the Democrats in the Senate, and the majority of Democrats in the House of Representatives. http://www.govtrack.us/congress/bill.xpd?bill=s109-190 The summary of the Bill, written by Congressional Services: 1/26/2005--Introduced. Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board. Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting. Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation. Excludes the Federal Home Loan Banks from certain securities reporting requirements. Abolishes the Federal Housing Finance Board. ========== Now you're getting someplace. This was the major problem. They took deregulation way too far. Before, it had hurt the economy. We saw that but, no one wanted to do anything about it. These bills in 2004 & 2005 took us over the edge. Foreclosures were imminent. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
