H.R. 1182 (112th): GSE Bailout Elimination and Taxpayer Protection Act

Introduced:
Mar 17, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Jeb Hensarling [R-TX5]
Status:
Died (Referred to Committee)
See Instead:

S. 693 (same title)
Referred to Committee — Mar 31, 2011

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on March 17, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 17, 2011
Referred to Committee Mar 17, 2011
Cosponsors
81 cosponsors (81R) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

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.

Summary

No summaries available.

Text

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Last updated Mar 17, 2011.
25 pages

Primary Source

View on THOMAS (The Library of Congress)

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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.

3/17/2011--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

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United States Code

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Statutes at Large

The United States Statutes at Large is the compilation of all laws enacted by Congress.

  • 122 Stat. 619
  • 123 Stat. 225
  • 123 Stat. 2973
  • 124 Stat. 2615