GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Fannie Mae and Freddie Mac Full Disclosure Act - Amends the Federal National Mortgage Association Charter Act to declare that stock, obligations, securities, participations, or other instruments issued by the Federal National Mortgage Association (Fannie Mae) shall not be exempt securities within the meaning of the laws administered by the Securities and Exchange Commission (SEC) (thus subjecting such securities to SEC regulation). Amends the Federal Home Loan Mortgage Corporation Act to declare that any securities issued or guaranteed by the Federal Home Loan Mortgage Corporation (Freddie Mac) shall not be exempt securities within the meaning of SEC-administered laws (thus subjecting such securities also to SEC regulation). States that transactions involving the initial disposition by an approved seller of pooled certificates acquired by the seller from Fannie Mae or Freddie Mac upon the initial issuance of the pooled certificates shall be deemed to be transactions by a person other than as an issuer, underwriter, or dealer within the meaning of the laws administered by the SEC. Defines pooled certificates as single class mortgage-backed securities guaranteed by Fannie Mae or Freddie Mac that have been issued by Fannie or Freddie directly to the approved seller in exchange for the mortgage loans underlying such mortgage-backed securities. Amends the Securities Act of 1933 to exempt specified applicants filing a securities registration statement subject to a fee from being required to pay aggregate fees in excess of 5% of the target offsetting collection amount for the fiscal year. States that fees paid in connection with registration statements relating to business combinations shall not be included in calculating the total fees paid by any applicant.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.