Federal Housing Finance Reform Act of 2007

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 9 March 2007

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 9 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 9 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

4. 28 March 2007

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

5. 29 March 2007

   Reported

   Ordered to be Reported (Amended) by Voice Vote.

   Source: Committee

6. 29 March 2007

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

7. 9 May 2007

   Calendars

   Placed on the Union Calendar, Calendar No. 84.

   Source: Calendars

8. 9 May 2007

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 110-142.

   Source: Committee

9. 9 May 2007

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 110-142.

   Source: Committee

10. 15 May 2007

    Reported

    Rules Committee Resolution H. Res. 404 Reported to House. Rule provides for consideration of H.R. 1427 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be read by title. Bill is open to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in the report of the Committee on Rules accompanying this resolution.

    Source: Floor

11. 16 May 2007

    Introduced

    Sponsor introductory remarks on measure. (CR E1071)

    Source: IntroReferral

12. 17 May 2007

    Floor

    The Speaker designated the Honorable Mike Ross to act as Chairman of the Committee.

    Source: Floor

13. 17 May 2007

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 404 and Rule XVIII.

    Source: Floor

14. 17 May 2007

    Passed

    ORDER OF PROCEDURE - Mr. Spratt asked unanimous consent that, during further consideration of H.R. 1427 pursuant to H. Res. 404, the Chair may reduce to two minutes the minimum time for electronic voting under clause 6 of rule 18 and clauses 8 and 9 of rule 20. Agreed to without objection.

    Source: Floor

15. 17 May 2007

    Reported

    Considered under the provisions of rule H. Res. 404. (consideration: CR H5374-5430, H5430-5447, H5447-5467; text of measure as reported in House: CR H5383-5417)

    Source: Floor

16. 17 May 2007

    Passed

    Rule H. Res. 404 passed House.

    Source: Floor

17. 18 May 2007

    Floor

    Committee of the Whole House on the state of the Union rises leaving H.R. 1427 as unfinished business.

    Source: Floor

18. 18 May 2007

    Passed

    On motion that the Committee rise Agreed to by voice vote.

    Source: Floor

19. 18 May 2007

    Floor

    Mr. Frank (MA) moved that the Committee rise.

    Source: Floor

20. 18 May 2007

    Floor

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Hensarling amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Hensarling demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.

    Source: Floor

21. 22 May 2007

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

22. 22 May 2007

    Floor

    The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 1427.

    Source: Floor

23. 22 May 2007

    Vote

    On passage Passed by recorded vote: 313 - 104 (Roll no. 396).

    Source: Floor

24. 22 May 2007

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 313 - 104 (Roll no. 396).

    Source: Floor

25. 22 May 2007

    Vote

    On motion to recommit with instructions Failed by recorded vote: 182 - 232 (Roll no. 395).

    Source: Floor

26. 22 May 2007

    Floor

    The previous question on the motion to recommit with instructions was ordered pursuant to the rule. (consideration: CR H5571)

    Source: Floor

27. 22 May 2007

    Floor

    Mr. Cantor moved to recommit with instructions to Financial Services. (consideration: CR H5569-5571)

    Source: Floor

28. 22 May 2007

    Passed

    The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.

    Source: Floor

29. 22 May 2007

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H5568)

    Source: Floor

30. 22 May 2007

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1427.

    Source: Floor

31. 22 May 2007

    Floor

    The House resolved into Committee of the Whole House on the state of the Union for further consideration.

    Source: Floor

32. 22 May 2007

    Floor

    Considered as unfinished business. (consideration: CR H5560-5572)

    Source: Floor

33. 22 May 2007

    Floor

    UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of amendments which had been debated earlier and on which further proceedings had been postponed.

    Source: Floor

34. 24 May 2007

    Introduced

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

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Referred in Senate · 24 May 2007 · Download file
• Engrossed in House · 22 May 2007 · Download file
• Reported in House · 9 May 2007 · Download file
• Introduced in House · 9 March 2007 · Download file

Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 24 May 2007

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• Referred in Senate (PDF)

  Referred in Senate · EN · 24 May 2007

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• Engrossed in House (text)

  Engrossed in House · EN · 22 May 2007

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• Engrossed in House (PDF)

  Engrossed in House · EN · 22 May 2007

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• Passed House amended

  summary · EN · 22 May 2007

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• Reported in House (text)

  Reported in House · EN · 9 May 2007

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• Reported in House (PDF)

  Reported in House · EN · 9 May 2007

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• Reported to House with amendment(s)

  summary · EN · 9 May 2007

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• Introduced in House (text)

  Introduced in House · EN · 9 March 2007

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• Introduced in House (PDF)

  Introduced in House · EN · 9 March 2007

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• Introduced in House

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Sponsors

• Rep. Frank, Barney [D-MA-4] · D · Sponsor
• Rep. Watt, Melvin L. [D-NC-12] · D · Sponsor
• Rep. Baker, Richard H. [R-LA-6] · R · Sponsor
• Rep. Miller, Gary G. [R-CA-42] · R · Sponsor
• Rep. Maloney, Carolyn B. [D-NY-12] · D · Cosponsor
• Rep. Terry, Lee [R-NE-2] · R · Cosponsor
• · ssbk00 · Standing
• · hsba00 · Standing

Related records

• related to → Providing for consideration of the bill (H.R. 1427) to reform the regulation of certain housing-related Government-sponsored enterprises, and for other purposes.
• amends ← An amendment numbered 25 printed in the Congressional Record to make economically disadvantaged counties that receive payments under the Secure Rural Roads and Community Self-Determination Act eligible to receive Affordable Housing fund grants.
• amends ← An amendment numbered 5 printed in the Congressional Record to redistribute affordable housing grants for use in disaster areas that were allotted to Louisiana and Mississippi to include both Alabama and Texas in addition to Louisiana and Mississippi.
• amends ← An amendment numbered 32 printed in the Congressional Record to strike the High Cost Area increases in Section 133 to the Conforming Loan Limit.
• amends ← An amendment numbered 33 printed in the Congressional Record.
• amends ← An amendment numbered 26 printed in the Congressional Record to add a new section providing for consideration of location and energy efficiency in enterprise underwriting guidelines.
• amends ← An amendment numbered 21 printed in the Congressional Record to permit the director, at the request of a State, to waive the requirement that homebuyers attend in-person financial management counseling before receiving affordable housing grants, and allows the homebuyers to receive the counseling through alternate forms such as online, or over the phone.
• amends ← An amendment numbered 10 printed in the Congressional Record to requrie the Director of the new GSE Regulator to provide information to mortgage originators about any added mortgage costs to consumers associated with the new Housing Fund; in turn, originators would have to furnish this written information to homebuyers at or before closing to qualify their mortgages for purchase, service, holding, lending on the security of or selling by the GSE's. The amendment provides that all of the costs associated with the new regulatory requirement created would be paid for with funds from the new Housing Fund.
• amends ← An amendment numbered 4 printed in the Congressional Record to clarify that potential risks should be posed to the enterprises with respect to the nature of portfolio holdings.

Showing 9 of 25 related records.