GSE Mission Improvement Act
Latest action · Nov 16, 2007 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S14630-14640)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 16, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Government Sponsored Enterprise Mission Improvement Act, or the GSE Mission Improvement Act - Amends the Housing and Community Development Act of 1992 to modify requirements for annual reports to specified congressional committees by the Secretary of Housing and Urban Development on the activities of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises).
Requires the contents of such reports to: (1) identify the extent to which the enterprises are involved in mortgage purchases and secondary market activities involving subprime loans; and (2) compare the characteristics of subprime loans purchased and securitized by the enterprises to their other loans.
Revises requirements for the establishment by the Secretary of housing goals to emphasize single-family housing goals and a multifamily special affordable housing goal, with annual targets.
Revises the duty of the enterprises to serve underserved markets. Requires them to purchase or securitize mortgage investments and to improve the distribution of investment capital available for mortgage financing for underserved markets such as: (1) manufactured housing; (2) affordable housing preservation; (3) subprime borrowers; (4) community development financial institutions; (5) assisting depository institutions in meeting their obligations under the Community Reinvestment Act; and (6) rural and other underserved markets.
Revises requirements for monitoring and enforcing compliance with such housing goals.
Requires the enterprises to set aside and allocate certain of their funds for the affordable housing program of block grants to states to assist low- and moderate-income borrowers facing foreclosure or to make foreclosed property available to low- and moderate-income homebuyers.
Establishes in the Treasury within the Community Development Financial Institutions Fund a Capital Magnet Fund to carry out a competitive grant program to attract private capital for and increase investment in: (1) the development, preservation, rehabilitation, and purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and (2) certain economic development activities or community service facilities.
Revises requirements for: (1) the issuance of cease-and-desist orders; and (2) the imposition of civil money penalties on the enterprises for failure to meeting housing goals.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Nov 16, 2007 |
Actions 3
Everything that happened, newest first.
- Nov 16, 2007Introduced in Senate
- Nov 16, 2007Sponsor introductory remarks on measure. (CR S14630)
- Nov 16, 2007Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S14630-14640)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S14630Text printed S14630–S14640 | Jack Reed D-RI (text) | Nov 16, 2007 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 110-957 | REFORMING THE REGULATION OF THE GOVERNMENT-SPONSORED ENTERPRISES331 pages | Banking, Housing, and Urban Affairs Committee | Feb 7, 2008–Mar 6, 2008 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R40781 | The Housing Trust Fund: An Overview | Report | Sep 8, 2026 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to provide for affordable housing relief, and for other purposes.
- Short Titles as Introduced
- Government Sponsored Enterprise Mission Improvement Act
- GSE Mission Improvement Act
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Affordable housing
- Apartment houses
- Block grants
- Community development
- Community development banking
- Congress
- Congressional reporting requirements
- Economic development
- Economics and Public Finance
- Federally-assisted loans
- Finance and Financial Sector
- Fines (Penalties)
- Foreclosure
- Government Operations and Politics
- Government trust funds
- Housing and Community Development
- Infrastructure
- Injunctions
- Law
- Low-income housing
- Mobile homes
- Moderate income housing
- Mortgage banks
- Mortgages
- Residential rehabilitation
- Rural housing
- Secondary mortgage market
- Single family housing
Text 1
Each version as it was printed, newest first.
- Nov 16, 2007Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
