US Congress House Bill 1182 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 82-0)
Status: Introduced on March 17 2011 - 25% progression, died in committee
Action: 2011-04-04 - Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Pending: House Subcommittee on Capital Markets and Government Sponsored Enterprises Committee
Text: Latest bill text (Introduced) [PDF]

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 [government-sponsored enterprises, or GSEs].) 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, and (2) the housing trust fund. 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. Repeals certain temporary, general, and permanent high-cost area increases to conforming loan limits. Establishes new conforming loan limits. Amends FHEFSSA to require the Director to require each enterprise to charge a guarantee fee, in connection with any mortrgage guaranteed after a specified three-year period, in an amount equivalent to that which the enterprise would charge if it were held to the same capital standards as private banks or financial institutions. Amends the Federal National Mortgage Association Charter Act (FNMACA) and the Federal Home Loan Mortgage Corporation Act (FHLMCA) to prohibit reduction in the rate of dividends paid on each enterprise's Variable Liquidation Preference Senior Preferred Stock. Amends FHEFSSA to require the Director to establish minimum levels of capital for the enterprises, including levels in excess of such minimums as necessary or appropriate in light of an enterprise's particular circumstances. Authorizes the Director to deem failure of an enterprise to maintain revised minimum capital levels to constitute an unsafe and unsound condition. Amends FNMACA and FHLMCA to: (1) prohibit the enterprises from purchasing mortgages if the mortgagor has paid less than the specified minimum downpayment; and (2) require the enterprises to pay state and local taxes. Repeals the exemption of mortgage-backed securities and subordinate obligations of Fannie Mae, as well as mortgage-backed securities of Freddie Mac, from regulation by the Securities and Exchange Commission (SEC), thus subjecting such securities and obligations to SEC regulation. Prescribes a deadline and procedures for the wind down of operations and dissolution of an enterprise three years after enactment of this Act.

GSE Bailout Elimination and Taxpayer Protection Act

Rep. Jeb Hensarling [R-TX]	Rep. Justin Amash [R-MI]	Rep. Michele Bachmann [R-MN]	Rep. Spencer Bachus [R-AL]
Rep. Roscoe Bartlett [R-MD]	Rep. Dan Benishek [R-MI]	Rep. Rob Bishop [R-UT]	Rep. Diane Black [R-TN]
Sen. Marsha Blackburn [R-TN]	Rep. Mo Brooks [R-AL]	Rep. Paul Broun [R-GA]	Rep. Larry Bucshon [R-IN]
Rep. Francisco Canseco [R-TX]	Rep. Jason Chaffetz [R-UT]	Rep. Tom Cole [R-OK]	Rep. Michael Conaway [R-TX]
Rep. Eric Crawford [R-AR]	Rep. John Culberson [R-TX]	Rep. Scott DesJarlais [R-TN]	Rep. Jeff Duncan [R-SC]
Sen. Jeff Flake [R-AZ]	Rep. John Fleming [R-LA]	Rep. Randy Forbes [R-VA]	Rep. Trent Franks [R-AZ]
Rep. Scott Garrett [R-NJ]	Rep. Bob Gibbs [R-OH]	Rep. Phil Gingrey [R-GA]	Rep. Louie Gohmert [R-TX]
Rep. Paul Gosar [R-AZ]	Rep. Trey Gowdy [R-SC]	Rep. Tom Graves [R-GA]	Rep. Tim Griffin [R-AR]
Rep. Frank Guinta [R-NH]	Rep. Vicky Hartzler [R-MO]	Rep. Wally Herger [R-CA]	Rep. Tim Huelskamp [R-KS]
Rep. Bill Huizenga [R-MI]	Rep. Randy Hultgren [R-IL]	Rep. Robert Hurt [R-VA]	Rep. Lynn Jenkins [R-KS]
Rep. Bill Johnson [R-OH]	Rep. Sam Johnson [R-TX]	Rep. Walter Jones [R-NC]	Rep. Jim Jordan [R-OH]
Rep. Steve King [R-IA]	Rep. John Kline [R-MN]	Rep. Doug Lamborn [R-CO]	Rep. Robert Latta [R-OH]
Rep. Billy Long [R-MO]	Rep. Daniel Lungren [R-CA]	Rep. Donald Manzullo [R-IL]	Rep. Kenny Marchant [R-TX]
Rep. Thaddeus McCotter [R-MI]	Rep. Patrick McHenry [R-NC]	Rep. John Mica [R-FL]	Rep. Jeff Miller [R-FL]
Rep. Mick Mulvaney [R-SC]	Rep. Tim Murphy [R-PA]	Rep. Randy Neugebauer [R-TX]	Rep. Pete Olson [R-TX]
Rep. Ron Paul [R-TX]	Rep. Mike Pence [R-IN]	Rep. Joseph Pitts [R-PA]	Rep. Tom Price [R-GA]
Rep. Benjamin Quayle [R-AZ]	Rep. Reid Ribble [R-WI]	Rep. Scott Rigell [R-VA]	Rep. David Roe [R-TN]
Rep. Thomas Rooney [R-FL]	Rep. Dennis Ross [R-FL]	Rep. Paul Ryan [R-WI]	Rep. Steve Scalise [R-LA]
Rep. David Schweikert [R-AZ]	Rep. James Sensenbrenner [R-WI]	Rep. Cliff Stearns [R-FL]	Rep. Marlin Stutzman [R-IN]
Rep. Tim Walberg [R-MI]	Rep. Joe Walsh [R-IL]	Rep. Lynn Westmoreland [R-GA]	Rep. Joe Wilson [R-SC]
Rep. Steve Womack [R-AR]	Rep. Kevin Yoder [R-KS]

Date	Chamber	Action
2011-04-04	House	Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
2011-03-17	House	Referred to the House Committee on Financial Services.

SB693 (Same As) 2011-03-31 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB1224 (Related) 2011-04-06 - Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 20 - 14 .
HB2436 (Related) 2011-07-12 - Forwarded by Subcommittee to Full Committee by Voice Vote .

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/1182/all-info
Text	https://www.congress.gov/112/bills/hr1182/BILLS-112hr1182ih.pdf