3.0.0 4889 2023-01-11T13:16:23Z 2023-01-11T13:16:23Z House H HR 2010-03-19 111 hsba00 Financial Services Committee House Standing Referred to 2010-03-19T13:00:48Z 2010-03-19 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2010-03-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-03-19 Introduced in House IntroReferral 1000 9 Library of Congress H001036 Rep. Hensarling, Jeb [R-TX-5] Jeb Hensarling R TX 5 N P000587 Rep. Pence, Mike [R-IN-6] MIKE PENCE R IN 6 2010-03-19 True P000591 Rep. Price, Tom [R-GA-6] Tom Price R GA 6 2010-03-19 True F000444 Rep. Flake, Jeff [R-AZ-6] JEFF FLAKE R AZ 6 2010-03-19 True M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2010-03-19 True A000358 Rep. Akin, W. Todd [R-MO-2] W. AKIN R MO TODD 2 2010-03-19 True B000208 Rep. Bartlett, Roscoe G. [R-MD-6] ROSCOE BARTLETT R MD G. 6 2010-03-19 True L000566 Rep. Latta, Robert E. [R-OH-5] Robert Latta R OH E. 5 2010-03-19 True P000373 Rep. Pitts, Joseph R. [R-PA-16] JOSEPH PITTS R PA R. 16 2010-03-19 True S001164 Rep. Schmidt, Jean [R-OH-2] Jean Schmidt R OH 2 2010-03-19 True G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 2010-03-19 True O000168 Rep. Olson, Pete [R-TX-22] Pete Olson R TX 22 2010-03-19 True D000533 Rep. Duncan, John J., Jr. [R-TN-2] JOHN DUNCAN R TN J. 2 2010-03-19 True P000585 Rep. Platts, Todd Russell [R-PA-19] TODD PLATTS R PA RUSSELL 19 2010-03-19 True S000583 Rep. Smith, Lamar [R-TX-21] LAMAR SMITH R TX 21 2010-03-19 True B000013 Rep. Bachus, Spencer [R-AL-6] SPENCER BACHUS R AL 6 2010-03-25 False M001177 Rep. McClintock, Tom [R-CA-4] Tom McClintock R CA 4 2010-03-25 False J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2010-03-25 False S000244 Rep. Sensenbrenner, F. James, Jr. [R-WI-5] F. SENSENBRENNER R WI JAMES 5 2010-04-15 False B001149 Rep. Burton, Dan [R-IN-5] DAN BURTON R IN 5 2010-04-15 False M001147 Rep. McCotter, Thaddeus G. [R-MI-11] Thaddeus McCotter R MI G. 11 2010-04-22 False B001248 Rep. Burgess, Michael C. [R-TX-26] Michael Burgess R TX C. 26 2010-05-13 False Housing and Community Development Bankruptcy Business investment and capital Congressional oversight Corporate finance and management Government corporations and government-sponsored enterprises Government lending and loan guarantees Government studies and investigations Housing finance and home ownership Securities State and local taxation User charges and fees Housing and Community Development 00 2010-03-19 Introduced in House 2010-05-03T20:06:45Z GSE Bailout Elimination and Taxpayer Protection Act - Sets a deadline for the Director of the Federal Housing Finance Agency (FHFA) to terminate the conservatorship of either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) if the Director determines that it is financially viable. (Refers to both Fannie Mae and Freddie Mac as enterprises.)

Requires the Director to appoint the FHFA immediately as receiver of either enterprise if it is found not to be financially viable.

Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (FHEFSSA) to repeal: (1) its housing goals if the Director determines that an enterprise is financially viable; and (2) the new housing price index.

Amends the Housing and Community Development Act of 1992 to restrict the authority of an enterprise to acquire mortgage assets following its emergence from conservatorship.

Increases the minimum capital level required for each enterprise.

Instructs the Director to establish minimum levels of capital for the enterprises. Authorizes the Director to: (1) establish minimum capital levels in excess of levels specified in the FHEFSSA; and (2) deem failure of an enterprise to maintain revised minimum capital levels to constitute an unsafe and unsound condition.

Amends the Continuing Appropriations Resolution, 2010, the American Recovery and Reinvestment Act of 2009, and the Economic Stimulus Act of 2009 to repeal temporary increases to conforming loan limits.

Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to repeal provisions governing enterprise authority to purchase and sell certain insured and conventional mortgages and to engage in certain lending activities (general limit and permanent high-cost area increases).

Amends the Housing and Economic Recovery Act of 2008 to repeal its conforming loan limits. Prescribes conforming loan limits for conventional mortgages that may be purchased by the enterprises.

Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to: (1) prohibit the enterprises from purchasing mortgages that exceed the median area price for the affected property; (2) prohibit the enterprises from purchasing mortgages if the mortgagor has paid less than the specified minimum downpayment; and (3) require the enterprises to pay state and local taxes.

Instructs the Director of FHFA to assess each enterprise for the amount necessary to recoup to the federal government the full value of the benefit received from the federal guarantee of its obligations and financial viability.

Directs the Comptroller General to study and report to Congress on a risk-based pricing mechanism to determine accurately the value of the benefit the enterprises receive from the federal guarantee of their obligations and financial viability.

Prescribes a deadline and procedures for the wind down of operations and dissolution of an enterprise.

]]> GSE Bailout Elimination and Taxpayer Protection Act Display Title GSE Bailout Elimination and Taxpayer Protection Act Official Title as Introduced To establish a term certain for the conservatorships of Fannie Mae and Freddie Mac, to provide conditions for continued operation of such enterprises, and to provide for the wind down of such operations and the dissolution of such enterprises. Introduced in House IH Short Titles as Introduced GSE Bailout Elimination and Taxpayer Protection Act Introduced in House 2010-03-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr4889ih/xml/BILLS-111hr4889ih.xml 2010-03-19 Referred to the House Committee on Financial Services. 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.