Skip to main content

Reps. Frank and Kanjorski call for taxpayer protection against FHFA

NationalMortgageProfessional.com
Aug 23, 2010

Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Congressman Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises have released letters to the White House calling for the Federal Housing Finance Administration (FHFA) to use all of its powers to recover money from companies that used fraud and deceptive practices to shift losses on to Fannie Mae and Freddie Mac. This issue will be a major focus at an oversight hearing on FHFA held by the Capital Markets Subcommittee next month. The House Financial Services Committee and Capital Markets Subcommittee have held five hearings on housing finance in 2010, and the FHFA oversight hearing is one of two new hearings on the topic planned for September. “This week, the debate on the future structure of the U.S. housing finance system advanced greatly during the conference at the Treasury Department,” said Rep. Kanjorski, “In winding down Fannie Mae and Freddie Mac, we must carefully craft a solution that stabilizes our mortgage markets and ensures the continued availability of reasonably priced loans and affordable housing opportunities for all Americans. Simultaneously, FHFA must continue its efforts to protect taxpayers by recouping funds from the underwriters of faulty mortgages and the issuers of underwater securities purchased by Fannie Mae and Freddie Mac.” On Aug. 13, Rep. Kanjorski and committee members Brad Miller (D-NC) and Jackie Speier (D-CA) addressed a letter to President Obama asking that any new Director of the FHFA aggressively pursue claims on behalf of Fannie Mae and Freddie Mac. “We must pursue legitimate legal claims to limit losses to taxpayers,” Rep. Brad Miller (D-NC) said. “Americans need to know that their government is acting on their behalf, not on behalf of powerful financial institutions.” Rep. Frank has joined his colleagues by addressing a letter to the President strongly supporting his colleagues’ request. Click here to view the letter from Rep. Frank to the White House. For more information, visit http://financialservices.house.gov.
Published
Aug 23, 2010
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
Flexibilities Move Forward

Pandemic Priorities Continue To Drive Industry Modernization

Regulation and Compliance
Sep 08, 2021
FHFA And The Enterprises Coordinate Action On Equitable Housing

Today the FHFA is announcing that Fannie Mae and Freddie Mac (the Enterprises) will submit Equitable Housing Finance Plans to the FHFA by the end of 2021.

Regulation and Compliance
Sep 08, 2021
Realtors Encouraged By Biden Plan to Expand Housing Supply

Administration Said Wednesday It Plans To Add 100,000 Affordable Homes In 3 Years

Regulation and Compliance
Sep 03, 2021
Biden Administration Announces Plan For Affordable Housing

President Biden and his administration firmly believe it is time to intervene in the housing market.

Regulation and Compliance
Sep 01, 2021