GSE

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  • How to Prevent Another Financial Crisis
    Posted in In Case You Missed It on September 19, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, GSE, Federal Reserve

    In 2008 we saw the consequences of the risky, irresponsible lending and financial practices resulting from the false ideology that financial markets can somehow properly police themselves. Lax mortgage standards and an unhealthy amount of risk taken by financial institutions and other market participants led to an economy that was not rooted in reality. The result was a series of events that left an indelible mark on our financial system, our housing market and our way of life as Americans. In a... Read more

  • How Waters' Bill Could Shift GSE Debate
    Posted in In Case You Missed It on April 1, 2014 | Preview rr
    Tags: GSE, Housing Finance Reform

    WASHINGTON — Rep. Maxine Waters' plan to let banks control a sole entity to issue government-backed mortgage securities is dead-on-arrival, but her proposal still significantly alters the housing reform debate. A different housing finance bill in the Senate — which envisions private-market competition for securitizing loans — has greater bipartisan support and is scheduled for a Banking Committee vote next month. But Waters' bill, which would create a single cooperative — in which banks have an ... Read more

  • Waters Unveils Housing Finance Reform Legislation
    Posted in Press Releases on March 27, 2014 | Preview rr
    Tags: GSE, Housing Finance Reform

    Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released a comprehensive legislative proposal to reform the housing finance market. Known as the Housing Opportunities Move the Economy (HOME) Forward Act of 2014, the legislation ends Fannie Mae and Freddie Mac, and creates a new, cooperative-owned securities issuer. For months, Waters has been working with her Committee colleagues, outside stakeholders, and consumer and affordable housing advocates to craft... Read more

  • Waters Offers Her Own Housing Overhaul
    Posted in In Case You Missed It on March 27, 2014 | Preview rr
    Tags: GSE, Housing Finance Reform

    A top House Democrat has offered her own take on overhauling the mortgage market, introducing legislation as Congress begins to move toward comprehensive legislation. Rep. Maxine Waters (D-Calif.) unveiled her spin on the bipartisan priority Thursday, dubbing it the Housing Opportunities Move the Economy Forward Act. “Reforming a 10 trillion dollar housing finance market is an immense undertaking that must be carefully considered,” said Waters. “I believe that we have an opportunity to address s... Read more

  • Waters Releases GSE Reform Bill to Unwind Fannie, Freddie
    Posted in In Case You Missed It on March 27, 2014 | Preview rr
    Tags: GSE, Housing Finance Reform

    WASHINGTON — Rep. Maxine Waters, D-Calif., unveiled a new plan Thursday to overhaul the housing finance market, entering what's becoming a crowded field of proposals to restructure the mortgage system. The discussion draft, titled the Housing Opportunities Move the Economy Forward Act, would unwind Fannie Mae and Freddie Mac, like many of the competing plans in both the House and Senate. Unlike the other bills, the Waters proposal would replace the government-sponsored enterprises with a new len... Read more

  • Proposed Housing Bill Would Create a Co-op of Mortgage Lenders
    Posted in In Case You Missed It on March 26, 2014 | Preview rr
    Tags: GSE, Housing Finance Reform

    Yet another proposal for winding down Fannie Mae and Freddie Mac and overhauling the nation’s housing finance system will be put before Congress on Thursday, this one by Representative Maxine Waters of California, the ranking Democratic member of the Financial Services Committee. The major distinction of Ms. Waters’s proposal is that it would make the mortgage lending system more like a public utility, by creating a co-op of lenders that would be the sole issuer of mortgage-backed securities gua... Read more

  • Waters Applauds Senate Progress on Housing Finance Reform
    Posted in Press Releases on March 11, 2014 | Preview rr
    Tags: GSE, Housing Finance Reform

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today applauded Senators Tim Johnson (D-SD) and Mike Crapo (R-ID) for reaching agreement on an effort to reform the housing finance system. She released the following statement: “I am encouraged by the news that Senators Johnson and Crapo have reached agreement on principles for the reform of Fannie Mae and Freddie Mac. Reforming a 10 trillion dollar housing finance market is an immense undertaking that... Read more

  • What Jeb Hensarling Doesn’t Know from Compromise
    Posted in In Case You Missed It on March 11, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, TRIA, GSE

    Jeb Hensarling is finding out the hard way that conservative purity and running a powerful House committee don’t always mix. Even though he holds the gavel of the House Financial Services Committee, he recently had a bill yanked from under him by leadership because he wouldn’t compromise, while top priorities — like overhauling the housing finance system — are stuck in limbo because he can’t muster a coalition for a floor vote. The Texas Republican’s struggles on issues such as flood insurance, ... Read more

  • Waters Statement on GSE Repayment of Taxpayer Funds
    Posted in Press Releases on February 21, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, GSE, Department of the Treasury

    Today, Government Sponsored Enterprise (GSE) Fannie Mae announced it has earned a fourth quarter profit of $6.5 billion in 2013 and will repay $7.2 billion to the U.S. Department of the Treasury in March. The payment will mean the company has returned $121.1 billion back to the taxpayers –returning even more than the $116.1 billion it received after being taken over by the government in 2008. This comes following a similar announcement by Freddie Mac late last year. Congresswoman Maxine Waters,... Read more

  • Maxine Waters Places Housing Reform on Chopping Block
    Posted in In Case You Missed It on November 4, 2013 | Preview rr
    Tags: GSE, Housing Finance Reform

    Calls for principal reduction, more equal access to market After several critical years in the wake of the housing meltdown, the market recovery is continue to take shape. However, the recovery could be much stronger if housing reform sees immediate action, specifically the pursuit of more widespread principal reduction, which would provide the best return for taxpayers, argues Rep. Maxine Waters, D-Calif., attending the Bipartisan Policy Center Housing Commission Policy Forum Monday. “With hous... Read more

  • Waters Statement on Senate Blockage of Mel Watt to Lead FHFA
    Posted in Press Releases on October 31, 2013 | Preview rr
    Tags: GSE, FHFA

    Congresswoman Maxine Waters¸ Ranking Member of the House Financial Services Committee, offered the following statement in reaction to the failure of the U.S. Senate to invoke cloture on Melvin L. Watt as Director of the Federal Housing Finance Agency. “I am extremely disappointed that the U.S. Senate has blocked the nomination of Mel Watt to head the Federal Housing Finance Agency. Mel has over four decades of experience on issues related to housing and housing finance. He is highly respected on... Read more

  • Republicans Block Nomination of Mel Watt to be Key Housing Regulator
    Posted in In Case You Missed It on October 31, 2013 | Preview rr
    Tags: GSE, FHFA

    The nomination of Rep. Mel Watt to be the regulator for housing finance giants Fannie Mae and Freddie Mac failed a key procedural vote Thursday because of strong Republican opposition.. President Obama nominated Watt, a veteran Democrat from North Carolina, in May to be director of the Federal Housing Finance Agency. But attempts to bring his nomination to a vote by the full Senate failed Thursday as supporters were unable to muster the 60 votes needed to stop a threatened Republican filibuster.... Read more

  • New GSE Proposals Could Splinter House GOP
    Posted in In Case You Missed It on October 25, 2013 | Preview rr
    Tags: Full Committee, GSE, Housing Finance Reform

    WASHINGTON — With the leading House Republican plan to overhaul the mortgage finance market stuck in limbo, several Democrats have begun work on alternative proposals that could further divide support for the GOP bill. Rep. Jeb Hensarling, chairman of the House Financial Services Committee, introduced his legislation to unwind Fannie Mae and Freddie Mac and remove a government backstop from the market earlier this year. The bill passed the committee in late July with a vote mainly down party lin... Read more

  • New Effort to Reform US Mortgage Banks
    Posted in In Case You Missed It on October 17, 2013 | Preview rr
    Tags: GSE, Housing Finance Reform

    A third bill will be introduced to the US Congress to tackle the last major remnant of the financial crisis: reform of the mortgage giants Fannie Mae and Freddie Mac. Maxine Waters, the top Democrat on the House Financial Services Committee, is the latest lawmaker to put forward a plan to overhaul Fannie and Freddie. The final version will probably reflect a combination of at least two of the proposals. Dealing with Fannie and Freddie is a priority since their continuing existence five years aft... Read more

  • Ranking Member Waters’ Statement on President Obama’s Housing Finance Reform Plan
    Posted in Press Releases on August 6, 2013 | Preview rr
    Tags: GSE, Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to President Barack Obama’s speech outlining his plan for housing finance reform in Phoenix. “I’m pleased that the President is making housing finance reform a top priority, and has outlined an approach that is consistent with our recently-released House Financial Services Committee Democratic Principles. Democrats in the House have been taking this effort ver... Read more

  • Waters Responds to Committee Passage of Bill to End Affordable 30-Year-Fixed Rate Mortgage
    Posted in Press Releases on July 24, 2013 | Preview rr
    Tags: GSE, Housing Finance Reform

    Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee released the following statement in response to committee passage of the inaptly-named “Protecting American Taxpayers and Homeowners Act” or “PATH Act” (H.R. 2767). H.R. 2767 is a Republican bill that would unwind Fannie Mae and Freddie Mac and remove any government support from the secondary mortgage market. However, because the bill would remove a government guarantee, it would end the affordable 30-year fix... Read more

  • Financial Services Democrats Release Principles on Housing Finance Reform
    Posted in Press Releases on July 18, 2013 | Preview rr
    Tags: GSE, Housing Finance Reform

    House Democrats, led by Financial Services Committee Ranking Member Maxine Waters, today released a “set of critical core principles” they believe should be part of legislative efforts to address the future of housing finance reform. Since the beginning of the 113th Congress, Democrats on the Financial Services Committee have held a series of briefings, roundtables, and caucuses on housing finance reform. As a result of this work, Committee Democrats have developed principles to guide their cons... Read more

  • Ranking Member Waters' Opening Statement on the Republican "PATH to Nowhere Act”
    Posted in Press Releases on July 18, 2013 | Preview rr
    Tags: Full Committee, GSE, Housing Finance Reform, Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, delivered the following opening statement at today's full Committee hearing. The hearing, entitled, “A Legislative Proposal to Protect American Taxpayers and Homeowners by Creating a Sustainable Housing Finance System,” examined draft legislation proposed by Republicans to “reform” our nation’s housing finance system. However, the bill, inaptly named the Protecting American Taxpayers and Homeowners or PATH Act... Read more

  • Ranking Member Waters’ Statement on Republican Housing Finance Reform Proposal
    Posted in Press Releases on July 11, 2013 | Preview rr
    Tags: GSE, Housing Finance Reform

    Today, in response to Financial Services Chairman Jeb Hensarling’s release of a proposal to reform the nation’s housing finance system, Financial Services Committee Ranking Member Maxine Waters released the following statement: “I am strongly disappointed in the Chairman’s legislation, which is little more than an attempt to reinvent America’s housing finance system using the same kind of right-wing ideology that has eroded America’s middle class for decades. This bill eliminates the 30-year fix... Read more

  • Waters Hosts Members, Industry Leaders for GSE Reform Roundtable
    Posted in Press Releases on June 28, 2013 | Preview rr
    Tags: GSE, Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, convened her second bipartisan panel this morning on Capitol Hill to discuss various proposals for reform of the Government-Sponsored Enterprises and the secondary mortgage market. Today’s discussion, builds on the April session by providing an opportunity for industry stakeholders to share their point of view on how to approach reform. “I convened this discussion today because I believe it is essential for th... Read more

  • *Media Advisory* - Waters to Host Second Panel Discussion on Future of GSEs and Secondary Mortgage Market
    Posted in Press Releases on June 25, 2013 | Preview rr
    Tags: GSE, Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, will moderate her second bipartisan panel discussion on plans to reform the nation’s secondary mortgage market. The panel discussion will be held on Friday, June 28th on Capitol Hill. In April, Ranking Member Waters hosted the first in a series of panel discussions on the topic of how to best provide safe, decent, and affordable rental and homeownership options to American families, while taking steps to preve... Read more

  • Ranking Member Waters’ Statement on Housing Finance Models, Expresses Concerns about Republican Priorities
    Posted in Press Releases on June 12, 2013 | Preview rr
    Tags: Full Committee, GSE, Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following opening statement today at the full committee hearing, titled “Beyond the GSEs: Examples of Successful Housing Finance Models without Explicit Government Guarantees.” Ranking Member Waters in her statement reveals “that while other countries may invest fewer resources in homeownership than the U.S., these foreign nations also make more significant investments in public and assisted rental ho... Read more

  • Waters Convenes Panel to Jumpstart Discussion on GSE Reform
    Posted in Press Releases on April 12, 2013 | Preview rr
    Tags: GSE, Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, convened a bipartisan panel this morning on Capitol Hill to discuss various proposals for reform of the Government-Sponsored Enterprises and the secondary mortgage market. “The goal of this panel is to emphasize the imperative for reform, inform our members, and hopefully spur the Financial Services Committee to continue this dialogue through the hearing and mark-up process,” said Waters in her opening remarks... Read more

  • Waters to Host Panel Discussion on Future of GSEs
    Posted in Press Releases on April 11, 2013 | Preview rr
    Tags: GSE, Housing Finance Reform

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, will moderate a bipartisan panel discussion on plans to reform the nation’s secondary mortgage market. The discussion will consider the lingering challenges facing the housing market, the principles that should frame Congress’s consideration of housing finance reform, and various approaches to ensure access to and affordability of mortgage credit. What: Panel discussion: A Way Forward For Housing Finance Refor... Read more

  • Ranking Member Waters’ Opening Statement at Hearing on the Federal Housing Finance Agency
    Posted in Press Releases on March 19, 2013 | Preview rr
    Tags: Full Committee, GSE, FHFA, Speeches and Committee Statements

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today made the following opening statement at the full committee hearing on the Federal Housing Finance Agency (FHFA). The FHFA is conservator of the Government Sponsored Enterprises, Fannie Mae and Freddie Mac. Edward DeMarco, Acting Director of the FHFA, will appear before the committee as a witness today. Thank you, Mr. Chairman for holding this hearing this morning on oversight of the Federal Housing Finan... Read more



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