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Article: Affordable housing fund passes house in GSE reform bill: bill's sponsor believes billions of dollars will be generated for the construction, maintenance and preservation of affordable housing.(Federal Housing Finance Reform Act)(Government Sponsored Enterprises)
- Article from:
- Nation's Cities Weekly
- Article date:
- May 28, 2007
- Author:
CopyrightCOPYRIGHT 2007 National League of Cities. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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After two days of debate, the Federal Housing Finance Reform Act (H.R. 1427) passed the House by vote of 313-104.
The bill reforms the federal regulatory oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks, collectively known as the Government Sponsored Enterprises (GSEs). The GSEs are federally chartered companies, owned by investors, that together serve as the largest source of mortgage funds in the world.
The bill creates a new, independent regulatory agency, called the Federal Housing Finance Agency, that would replace two current regulators, the Office of Federal Home Enterprise Oversight and the Federal Housing Finance Board. The ...