United States · Bill · HR
H.R. 1461 (109th)
Federal Housing Finance Reform Act of 2005
Introduced
5 April 2005
Last action
31 October 2005 · Introduced
Status
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsors
Rep. Baker, Richard H. [R-LA-6], Rep. Oxley, Michael G. [R-OH-4], Rep. Ryun, Jim [R-KS-2], Rep. Hensarling, Jeb [R-TX-5], Rep. Jones, Walter B., Jr. [R-NC-3], Rep. Davis, Geoff [R-KY-4], Rep. Fitzpatrick, Michael G. [R-PA-8], Rep. Shays, Christopher [R-CT-4], Rep. Garrett, Scott [R-NJ-5], Rep. Wolf, Frank R. [R-VA-10], Rep. Gillmor, Paul E. [R-OH-5], Rep. Feeney, Tom [R-FL-24], Rep. Barrett, J. Gresham [R-SC-3], Rep. McHenry, Patrick T. [R-NC-10], Rep. Ros-Lehtinen, Ileana [R-FL-27], Sen. Blunt, Roy [R-MO], Rep. Ryan, Paul [R-WI-1], Rep. McCotter, Thaddeus G. [R-MI-11], Rep. Aderholt, Robert B. [R-AL-4], Rep. Simmons, Rob [R-CT-2]
Subjects
Housing, Taxation
Source updated
7 April 2025
Summary
Federal Housing Finance Reform Act of 2005 - Amends the Housing and Community Development Act of 1992 to establish: (1) the Federal Housing Finance Agency, which shall have supervisory and regulatory authority over the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal Home Loan Banks, and the Federal Home Loan Bank Finance Corporation; and (2) the Housing Finance Oversight Board. Sets forth operations and administrative provisions, including provisions respecting: (1) capital levels, classifications, and undercapitalized entities; (2) loan levels; (3) housing goals; and (4) enforcement and compliance. Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation, which shall: (1) issue and service the consolidated obligations of the Federal Home Loan Banks; and (2) perform all other necessary functions in relation to the issuance and service of such obligations as fiscal agent on behalf of the Federal Home Loan Banks. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to the Corporation. Amends the Federal Home Loan Bank Act to increase total asset requirements for community financial institution members. Abolishes the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) and transfers its functions, personnel, and property to the Federal Housing Finance Agency.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
5 April 2005
Introduced
Introduced in House
Source: IntroReferral
5 April 2005
Introduced
Referred to the House Committee on Financial Services.
Source: IntroReferral
5 April 2005
Introduced
Introduced in House
Source: IntroReferral
25 May 2005
Vote
Ordered to be Reported (Amended) by the Yeas and Nays: 65 - 5.
Source: Committee
25 May 2005
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
14 July 2005
Introduced
Referred sequentially to the House Committee on the Judiciary for a period ending not later than Sept. 16, 2005 for consideration of such provisions of the bill and amendment as fall within the jurisdiction of that committee pursuant to clause 1(1), rule X.
Source: IntroReferral
14 July 2005
Reported
Reported (Amended) by the Committee on 109-171, Part I.
Source: Committee
14 July 2005
Reported
Reported (Amended) by the Committee on 109-171, Part I.
Source: Committee
16 September 2005
Calendars
Placed on the Union Calendar, Calendar No. 126.
Source: Calendars
16 September 2005
Discharge
Committee on Judiciary discharged.
Source: Discharge
16 September 2005
Committee
Committee on Judiciary discharged.
Source: Committee
25 October 2005
Reported
Rules Committee Resolution H. Res. 509 Reported to House. Rule provides for consideration of H.R. 1461 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 considered read. Specified amendments are in order.
Source: Floor
26 October 2005
Floor
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
Source: Floor
26 October 2005
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
26 October 2005
Vote
On passage Passed by recorded vote: 331 - 90 (Roll no. 547).
Source: Floor
26 October 2005
Vote
Passed/agreed to in House: On passage Passed by recorded vote: 331 - 90 (Roll no. 547).
Source: Floor
26 October 2005
Vote
On motion to recommit with instructions Failed by recorded vote: 200 - 220 (Roll no. 546). (consideration: CR H9192-9195; text: CR H9192)
Source: Floor
26 October 2005
Floor
The previous question on the motion to recommit with instructions was ordered without objection.
Source: Floor
26 October 2005
Floor
Mr. Frank (MA) moved to recommit with instructions to Financial Services.
Source: Floor
26 October 2005
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. (text: CR H9141-9172)
Source: Floor
26 October 2005
Floor
The previous question was ordered pursuant to the rule.
Source: Floor
26 October 2005
Floor
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1461.
Source: Floor
26 October 2005
Floor
Considered under the provisions of rule H. Res. 509. (consideration: CR H9126-9188)
Source: Floor
26 October 2005
Floor
Committee of the Whole House on the state of the Union rises leaving H.R. 1461 as unfinished business.
Source: Floor
26 October 2005
Floor
Rule provides for consideration of H.R. 1461 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 considered read. Specified amendments are in order.
Source: Floor
26 October 2005
Floor
The Speaker designated the Honorable Michael K. Simpson to act as Chairman of the Committee.
Source: Floor
26 October 2005
Floor
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 509 and Rule XVIII.
Source: Floor
26 October 2005
Passed
Rule H. Res. 509 passed House.
Source: Floor
31 October 2005
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 · 31 October 2005 · Download file
- Engrossed in House · 26 October 2005 · Download file
- Reported in House · 16 September 2005 · Download file
- Introduced in House · 5 April 2005 · Download file
Documents
10 official files
Referred in Senate (text)
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Referred in Senate (text)
Referred in Senate · EN · 31 October 2005
Referred in Senate (PDF)
Referred in Senate · EN · 31 October 2005
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Engrossed in House (text)
Engrossed in House · EN · 26 October 2005
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Engrossed in House (PDF)
Engrossed in House · EN · 26 October 2005
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Passed House amended
summary · EN · 26 October 2005
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Reported in House (text)
Reported in House · EN · 16 September 2005
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Reported in House (PDF)
Reported in House · EN · 16 September 2005
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Introduced in House (text)
Introduced in House · EN · 5 April 2005
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Introduced in House (PDF)
Introduced in House · EN · 5 April 2005
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Introduced in House
summary · EN · 5 April 2005
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Sponsors
- Rep. Baker, Richard H. [R-LA-6] · R · Sponsor
- Rep. Oxley, Michael G. [R-OH-4] · R · Sponsor
- Rep. Ryun, Jim [R-KS-2] · R · Sponsor
- Rep. Hensarling, Jeb [R-TX-5] · R · Sponsor
- Rep. Jones, Walter B., Jr. [R-NC-3] · R · Sponsor
- Rep. Davis, Geoff [R-KY-4] · R · Sponsor
- Rep. Fitzpatrick, Michael G. [R-PA-8] · R · Sponsor
- Rep. Shays, Christopher [R-CT-4] · R · Sponsor
- Rep. Garrett, Scott [R-NJ-5] · R · Cosponsor
- Rep. Wolf, Frank R. [R-VA-10] · R · Cosponsor
- Rep. Gillmor, Paul E. [R-OH-5] · R · Cosponsor
- Rep. Feeney, Tom [R-FL-24] · R · Cosponsor
- Rep. Barrett, J. Gresham [R-SC-3] · R · Cosponsor
- Rep. McHenry, Patrick T. [R-NC-10] · R · Cosponsor
- Rep. Ros-Lehtinen, Ileana [R-FL-27] · R · Cosponsor
- Sen. Blunt, Roy [R-MO] · R · Cosponsor
- Rep. Ryan, Paul [R-WI-1] · R · Cosponsor
- Rep. McCotter, Thaddeus G. [R-MI-11] · R · Cosponsor
- Rep. Aderholt, Robert B. [R-AL-4] · R · Cosponsor
- Rep. Simmons, Rob [R-CT-2] · R · Cosponsor
- · ssbk00 · Standing
- · hsju00 · Standing
- · hsba00 · Standing
Related records
- related to → Providing for consideration of the bill (H.R. 1461) to reform the regulation of certain housing-related Government-sponsored enterprises, and for other purposes.
- amends ← An amendment numbered 3 printed in House Report 109-254 to clarify the definition of `rural' to make it consistent with the same definition in the Housing Act of 1949; and to retain `micro-politan area' and `tribal trust lands' as part of the definition.
- amends ← An amendment numbered 7 printed in House Report 109-254 to strike the language in the bill that raises the Conforming Loan Limit.
- amends ← An amendment numbered 4 printed in House Report 109-254 to give the newly created regulator (FHFA) greater authority to impose capital strictures on GSEs.
- amends ← An amendment numbered 1 printed in House Report 109-254 to expand the affordable housing role of Fannie Mae and Freddie Mac; include new sections on new single-family and multi-family housing goals, duty to serve lower-income markets, and a new affordable housing fund with contributions from the enterprises. The amendment moves the effective date of the entire bill up from one year to six months following enactment, including the affordable housing fund. For the first two years, Fannie Mae and Freddie Mac will contribute 3.5% of after-tax earnings, and subsequently 5% of such earnings. 25% of the GSEs' contributions will go annually to the Treasury Department to help payoff REFCorp (S&L) bonds, with the remainder going to the fund. The amendment sunsets the fund in five years, when its extension will be considered. During the first two years, priority consideration will be given to areas impacted by Hurricanes Katrina and Rita, thereafter priority in funding will be based on greatest impact, geographic diversity, timely action, as well as other disaster area needs. Eligible recipients-- for-profit builders, state housing agencies, and non-profit organizations--must have a demonstrated capacity for affordable housing activities and make assurances that they will comply with limits on the use of funds. Funds may not be used for.political activities, advocacy, lobbying, counseling services, travel expenses, and tax return advice. Non-profit recipients must have affordable housing as their primary purpose and, beginning one-year before applying, non-profits and their affiliates cannot have engaged in federal election activity, electioneering communication, or lobbying. Recipient use of funds will be closely tracked. Those misusing funds will be permanently barred from participation and must make reimbursement. The amendment also clarifies that federally recognized tribes and Alaskan Native villages qualify for funding under the Affordable Housing Fund established by the bill. In addition, the amendment includes a request from the Judiciary Committee to require consultation with the Attorney General by the GSE regulator when exercising new litigation authority, and from the Government Reform Committee to remove a FOIA exemption for the proceedings of the new agency's oversight board. The Federal Housing Finance Agency will establish an ombudsman to hear complaints and appeals from the GSEs and those having business relationships with the GSEs. H.R. 1461 consolidates current GSE regulation by two agencies and HUD into one agency. The manager's amendment clarifies that existing rules and regulations willremain in force during the six-month transition period and until changed by the new Federal Housing Finance Agency.
- amends ← An amendment numbered 8 printed in House Report 109-254 to add "alternative credit scoring" as an additional element to the Annual Housing Report Regarding Regulated Entities (Section 1324).
- amends ← An amendment numbered 9 printed in House Report 109-254 to restore Presidential appointees on the boards of Fannie Mae and Freddie Mac by retaining the regulatory appointees on the boards of the Federal Home Loan Banks. Makes modifications to the boards of the Federal Home Loan Banks related to the number of regulatory appointees, the expertise of appointees in community and economic development, and the allowable continued service of appointees after the expiration of their terms.
- amends ← An amendment numbered 2 printed in House Report 109-254 to permit personal property loans secured by manufactured housing to be considered in determining whether a GSE has met its duty to serve underserved markets and to permit manufactured homes that have not been attached to ground owned by a manufactured home owner to count towards this goal.
- amends ← An amendment numbered 6 printed in House Report 109-254 toeliminate the ability of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank Board to borrow from the Treasury.
Showing 9 of 10 related records.
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/109th-congress/house-bill/1461
- Open data entity: https://api.congress.gov/v3/bill/109/hr/1461
- us · 109-hr-1461 · source updated 7 April 2025