GSE Subsidy Elimination Act of 2011
Latest action · Apr 6, 2011 Forwarded by Subcommittee to Full Committee by the Yeas and Nays: 25 - 9 .
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.
- IntroducedMar 29, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
GSE Subsidy Elimination Act of 2011 - Amends the Housing and Community Development Act of 1992 to require the Director of the Federal Housing Finance Agency to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) to charge a guarantee fee in connection with any guarantee of the timely payment of principal and interest on securities, notes, and other obligations based on or backed by mortgages on residential real properties designed principally for occupancy of from one to four families. Requires the fee to be set at an amount that appropriately reflects risk of loss as well as the cost of capital allocated to similar assets held by other fully private regulated financial institutions.
Directs the Director to require each GSE to increase its guarantee fee gradually over two years in a manner sufficient to comply with this Act.
Cosponsors 6
Members who signed on, in the order they did. Signatures ran from Mar 29, 2011 to Jun 2, 2011; 4 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-TX | Jeb Hensarling | Original | Mar 29, 2011 |
| R-NJ | Scott Garrett | Original | Mar 29, 2011 |
| R-AL | Spencer Bachus | Original | Mar 29, 2011 |
| R-NM | Stevan Pearce | Original | Mar 29, 2011 |
| R-WV | Shelley Moore Capito | Apr 5, 2011 | |
| R-TX | Francisco "Quico" Canseco | Jun 2, 2011 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 29, 2011 |
| Capital Markets Subcommittee | Hearings Mar 31, 2011Referred Apr 4, 2011Markup Apr 6, 2011Reported Apr 6, 2011 |
Actions 7
Everything that happened, newest first.
- Apr 6, 2011Subcommittee Consideration and Mark-up Session Held.
- Apr 6, 2011Forwarded by Subcommittee to Full Committee by the Yeas and Nays: 25 - 9 .
- Apr 5, 2011Subcommittee Consideration and Mark-up Session Held.
- Apr 4, 2011Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
- Mar 31, 2011Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
- Mar 29, 2011Introduced in House
- Mar 29, 2011Referred to the House Committee on Financial Services.
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.
Constitutional authority
The sponsor’s statement, as printed in the page H2038.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 112-91 | H.R. ll, THE PRIVATE MORTGAGE MARKET INVESTMENT ACT, PART 2111 pages | Financial Services Committee | Dec 7, 2011 |
| Serial No. 112-82 | H.R., THE PRIVATE MORTGAGE MARKET INVESTMENT ACT, PART 1172 pages | Financial Services Committee | Nov 3, 2011 |
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 |
|---|---|---|---|
| R41822 | Proposals to Reform Fannie Mae and Freddie Mac in the 112th Congress Archived | Report | Nov 30, 2011 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To increase the guarantee fees charged by Fannie Mae and Freddie Mac with respect to mortgage-backed securities guaranteed by such enterprises.
- Short Titles as Introduced
- GSE Subsidy Elimination Act of 2011
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- Mar 29, 2011Introduced in House
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.
