Category Archives: Fannie and Freddie

Senate Votes on Dodd, McCain Fannie/Freddie Financial Reform Amendments

https://i0.wp.com/obxmarketreport.com/wp-content/uploads/2009/10/freddie-mac-fannie-mae.jpg

An amendment offered by Senator Chris Dodd (D-CT) to the Restoring American Financial Stability Act (S. 3217) has been adopted by a vote of 63-36.

It would require “the Secretary of the Treasury to conduct a study on ending the conservatorship of Fannie Mae and Freddie Mac,” according to the Senate Periodical Press Gallery.

An amendment offered by Senator John McCain (R-AZ) was defeated by a vote of 43-56.

It would put in place “an orderly transition period to end the conservatorship of both Fannie Mae and Freddie Mac and eventually requires each to operate – without government subsidies – in a fair and equitable manner with private sector competitors,” according to a press release.

Read more about what the “conservatorship” term means for these two entities here.

(credit image – obx market report)

1 Comment

Filed under Banks, Fannie and Freddie, Wall Street

Warner Says Democrats Plan Fannie/Freddie Reforms Next Year

Democrats plan legislation “to reform mortgage giants Fannie Mae and Freddie Mac next year, Sen. Mark Warner (D-Va.) said Monday,” The Hill reports.

Warner, a member of the Senate Banking Committee, said that the panel’s chairman, Sen. Chris Dodd (D-Conn.) had put in motion a process to address the government-run enterprises next year.

“This is a big, massive bill as it is,” Warner said during an appearance on CNBC. “He’s [Dodd] put in place an effort to try to come back next year. He won’t be here, but we’ll come back next year and take on Fannie and Freddie in a more thoughtful way.”

Republicans have complained “that reforming Fannie and Freddie must be an essential part of the effort to overhaul the nation’s financial regulations.”

(credit image – getty)

Leave a comment

Filed under Fannie and Freddie

Dodd Says Fannie and Freddie Won’t be Addressed in Financial Reform Bill

https://i0.wp.com/cache.daylife.com/imageserve/0enu6ZzfzD70C/610x.jpg

Senator Chris Dodd (D-CT) “said Friday that legislation to address troubled mortgage lenders Fannie Mae and Freddie Mac will have to come after the current financial reform effort,” The Hill reports.

Dodd, who is chairman of the Banking Committee and has led the effort to craft a financial regulatory reform bill, said that there was not enough room in the legislation intended to place additional restrictions on the banking industry.

"Fannie and Freddie and the whole GSE system and it’s a great question and a legitimate one in desperate need of reform," he said on CNBC. "But candidly there’s only so much I could only take on with this bill and so that comes up, But not in this round. It’s in the next wave here we have to deal with GSEs."

(credit image – reuters)

Leave a comment

Filed under Banks, Fannie and Freddie, Interviews, Wall Street

Corker Says Financial Reform Won’t Deal with Fannie & Freddie

Home lending giants “Fannie Mae and Freddie Mac will be left untouched for now by financial reform legislation, Sen. Bob Corker (R-Tenn.) said Tuesday,” The Hill reports.

Corker, a member of the Senate Banking Committee who’s been a lead Republican negotiator on a financial reform bill, said that the legislation under consideration wouldn’t deal with the two government-administered companies, but that lawmakers hope to revisit regulation of the companies soon.

"I would have liked to have seen the Fannie and Freddie reforms in this bill," Corker said during an appearance on SNBC. "They’re not going to be in this bill."

(credit image – getty)

Leave a comment

Filed under Banks, Fannie and Freddie, Wall Street

Gregg Wants Plan to Privatize Fannie Mae and Freddie Mac

Senate Budget Committee Ranking Member Judd Gregg (R-NH) said today that the “federal government should begin drafting a plan to privatize large mortgage lenders Fannie Mae and Freddie Mac,” The Hill reports.

Sen. Judd Gregg (R-N.H.) said that the federal government’s effort to keep the embattled lenders on "life support" siphons away too many tax dollars.

"We should have a game plan for privatizing those institutions and moving them off the federal books," he said on CNBC. " Basically, Fannie and Freddie…the fact that we’re keeping them on life support at the cost of billions of American taxpayers’ dollars is a huge mistake."

(credit image – getty)

Leave a comment

Filed under Fannie and Freddie, Interviews