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United States · Bill · HR

H.R. 1427 (110th)

Federal Housing Finance Reform Act of 2007

referredUnited States· United States Congress· EN

Introduced

9 March 2007

Last action

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Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Federal Housing Finance Reform Act of 2007 - Amends the Housing and Community Development Act of 1992 (Act) to establish the Federal Housing Finance Agency (FHFA), which shall have supervisory and regulatory authority over the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) ("enterprises") and the Federal Home Loan Banks. Establishes the Federal Housing Enterprise Finance Oversight Board to advise the Director. Authorizes the Director to: (1) raise minimum capital levels to ensure that regulated entities operate in a safe and sound manner; (2) establish temporary minimum capital increases; and (3) establish additional capital and reserve requirements for a particular program. Amends the Federal Financial Institutions Examination Council Act of 1978 to include the Director on the Federal Financial Institutions Examination Council (FFIEC). Transfers from the Department of Housing and Urban Development (HUD) to FHFA, the authority to approve programs and to oversee the mission requirements of the enterprises. Sets forth enterprise conforming loan limits for small family residences, and related requirements. Requires the Director to establish an annual purchase goal for each enterprise for conventional, conforming, single-family, owner-occupied, and purchase money mortgages for: (1) low-income families; (2) families residing in low-income areas; and (3) very low-income families. Requires the Director to establish a Multifamily Special Affordable Goal for mortgages that finance: (1) dwelling units for low-income families and very low-income families; and (2) dwelling units assisted by the low-income housing tax credit. Requires each enterprise to: (1) undertake activities relating to mortgages on housing for very low-, low-, and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities; and (2) increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for underserved markets. Requires the Director to establish and manage an affordable housing fund. Amends the Act to require the Director to establish capital classifications for regulated entities. Prohibits a regulated entity from making a capital distribution that would result in its undercapitalization. Prescribes supervisory action governing undercapitalized and significantly undercapitalized regulated entities. Authorizes the Director to establish a conservatorship or receivership over a critically undercapitalized regulated entity . Amends the Federal Home Loan Bank Act to replace the Federal Housing Finance Board with FHFA. Abolishes: (1) the Office of Federal Housing Enterprise Oversight (OFHEO) of HUD; and (2) the Federal Housing Finance Board. Directs the Secretary of HUD to transfer the enterprise-related functions and employees of HUD to FHFA.

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Documents

11 official files

Referred in Senate (text)

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