House Financial Serivces Committee Passes GSE Reform

On March 29, 2007, the House Financial Services Committee passed H.R. 1427, the "Federal Housing Finance Reform Act of 2007."  The Bill was passed by a bipartisan vote of 45-19.

This important legislation would overhaul the regulatory oversight of the Government Sposnored Enterprises (GSE) - Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.  Specifically, the Bill would create a new independent regulator and create an affordable housing fund which will dedicate millions of dollards for the contruction, maintenance, and preservation of affordable housing.  The first year of the affordable housing fund would be targeted to the areas impacted by Hurricanes Katrina, Rita, and Wilma.

The full text of the Bill is included below.  Click here to view the press release issued by the House Financial Services Committee.