Federal Home Loan Mortgage Corporation Transition Act

Summary

Federal Home Loan Mortgage Corporation Transition Act - Amends the Federal Home Loan Mortgage Corporation Act to revise the composition of the Board of Directors of the Federal Home Loan Mortgage Corporation (FHLMC). Specifies that such Board shall consist of 18 members, five appointed by the President, and the remainder elected annually by the voting common stockholders. (Currently, the Board of Directors of the Federal Home Loan Bank Board (FHLBB) serves as the Board of Directors of the FHLMC.) Provides that the Secretary of Housing and Urban Development shall have general regulatory power over the FHLMC. Authorizes the Secretary to require that a reasonable portion of the FHLMC's mortgage purchases be related to providing of adequate housing for low- and moderate-income families. Specifies that the aggregate amount of cash dividends paid by the FHLMC on account of any share of its common stock shall not exceed any rate determined by the Secretary to be a fair rate of return after consideration of the current earnings and capital condition of the FHLMC. Provides that the common stock of the FHLMC shall consist of: (1) nonvoting common stock, which shall be issued only to Federal home loan banks; and (2) voting common stock. Provides for the conversion of outstanding preferred stock of the FHLMC into voting common stock. Specifies that each share of voting common stock shall be entitled to one vote. Prohibits the FHLMC from imposing any fee upon any mortgage approved by the Secretary for participation in any mortgage insurance program under the National Housing Act. Authorizes the Secretary of the Treasury to purchase any obligations issued by FHLMC up to a specified aggregate amount. Declares that any unsecured obligations of the FHLMC shall have such maturities and interest rates as may be determined by the FHLMC with the approval of the Secretary of the Treasury.

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Timeline

1. 2 March 1989

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 2 March 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 March 1989

  Open at official source

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Sponsors

• Sen. Cranston, Alan [D-CA] · D · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Sponsor
• Sen. Heinz, John [R-PA] · R · Cosponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Cosponsor
• Sen. Bond, Christopher S. [R-MO] · R · Cosponsor
• · ssbk00 · Standing

Related records

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