No Sarge, these measures were needed after nearly a Decade of abuses... It wasn't the new Regulations that destroyed them, it was the people trying to get Loans for people who couldn't afford them.
On Oct 1, 9:31 pm, SgtUSMC <[EMAIL PROTECTED]> wrote: > 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. -~----------~----~----~----~------~----~------~--~---
