3.0.0 2391 2023-01-11T20:08:11Z 2023-01-11T20:08:11Z Senate S S 2007-11-16 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-11-16T17:35:57Z 2007-11-16 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S14630-14640) IntroReferral 2007-11-16 Sponsor introductory remarks on measure. (CR S14630) IntroReferral B00100 9 Library of Congress 2007-11-16 Introduced in Senate IntroReferral 10000 9 Library of Congress R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. N Housing and Community Development Affordable housing Apartment houses Block grants Community development Community development banking Congress Congressional reporting requirements Economic development Economics and Public Finance Federally-assisted loans Finance and Financial Sector Fines (Penalties) Foreclosure Government Operations and Politics Government trust funds Infrastructure Injunctions Law Low-income housing Mobile homes Moderate income housing Mortgage banks Mortgages Residential rehabilitation Rural housing Secondary mortgage market Single family housing Housing and Community Development 00 2007-11-16 Introduced in Senate 2008-02-14T21:58:15Z Government Sponsored Enterprise Mission Improvement Act, or the GSE Mission Improvement Act - Amends the Housing and Community Development Act of 1992 to modify requirements for annual reports to specified congressional committees by the Secretary of Housing and Urban Development on the activities of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises).

Requires the contents of such reports to: (1) identify the extent to which the enterprises are involved in mortgage purchases and secondary market activities involving subprime loans; and (2) compare the characteristics of subprime loans purchased and securitized by the enterprises to their other loans.

Revises requirements for the establishment by the Secretary of housing goals to emphasize single-family housing goals and a multifamily special affordable housing goal, with annual targets.

Revises the duty of the enterprises to serve underserved markets. Requires them to purchase or securitize mortgage investments and to improve the distribution of investment capital available for mortgage financing for underserved markets such as: (1) manufactured housing; (2) affordable housing preservation; (3) subprime borrowers; (4) community development financial institutions; (5) assisting depository institutions in meeting their obligations under the Community Reinvestment Act; and (6) rural and other underserved markets.

Revises requirements for monitoring and enforcing compliance with such housing goals.

Requires the enterprises to set aside and allocate certain of their funds for the affordable housing program of block grants to states to assist low- and moderate-income borrowers facing foreclosure or to make foreclosed property available to low- and moderate-income homebuyers.

Establishes in the Treasury within the Community Development Financial Institutions Fund a Capital Magnet Fund to carry out a competitive grant program to attract private capital for and increase investment in: (1) the development, preservation, rehabilitation, and purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and (2) certain economic development activities or community service facilities.

Revises requirements for: (1) the issuance of cease-and-desist orders; and (2) the imposition of civil money penalties on the enterprises for failure to meeting housing goals.

]]> Government Sponsored Enterprise Mission Improvement Act Official Title as Introduced A bill to provide for affordable housing relief, and for other purposes. Introduced in Senate IS Display Title Government Sponsored Enterprise Mission Improvement Act Short Titles as Introduced Government Sponsored Enterprise Mission Improvement Act Short Titles as Introduced GSE Mission Improvement Act Introduced in Senate 2007-11-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2391is/xml/BILLS-110s2391is.xml 2007-11-16 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S14630-14640) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.