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Debate on GSE Reform Bill Moves Forward
 Despite the diligent work of House Financial Services Committee Chairman Michael Oxley (R-Ohio), Ranking Member Barney Frank (D-Mass.) and GSE Subcommittee Chairman Richard Baker (R-La.) to craft a bill that would reform the government sponsored enterprises Fannie Mae, Freddie Mac and the Federal Home Loan Banks, there are a number of provisions in the “Federal Housing Finance Reform Act of 2005,” H.R. 1461, that are troublesome for the nation’s home builders, according to Jerry Howard, executive vice president and chief executive officer of NAHB.
Approved by the committee last Wednesday, the legislation would establish an independent agency to replace the Office of Federal Housing Enterprise Oversight. The new regulator would have the authority to approve new programs and place the companies into receivership.
“We recognize that various competing constituencies had to be served and the legislation that emerged yesterday from the House panel represents a good starting point as the debate moves forward,” said Howard.
“It is tough legislation that, on balance, contains several elements that will strengthen GSE regulation, maintain confidence in the nation’s housing finance system and enable the housing finance entities to successfully fulfill their congressional mandate to provide low-cost and available housing credit to consumers.”
To read the legislation, click here and enter H.R. 1461 in the box at the upper left.
For more information, e-mail Michael Strauss, or call him at 800-368-5242 x8252.
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