Mortgage Finance Act of 2011
Latest action · Dec 16, 2011 Sponsor introductory remarks on measure. (CR S8722-8723)
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.
- IntroducedDec 8, 2011
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Mortgage Finance Act of 2011 - Appoints the Federal Housing Finance Agency (FHFA) receiver of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) and places them into irrevocable receivership, effective on the date on which the Mortgage Finance Agency (MFA) established by this Act is operational and able to perform the guarantee function for qualified mortgage-backed securities collateralized by qualified residential mortgages.
Directs the FHFA to commence liquidation of the GSEs immediately upon their placement into receivership.
Repeals the charters of Fannie Mae and Freddie Mac.
Requires repayment by the FHFA to the General Fund of the Treasury, in repayment of certain government assistance to the GSEs, of all proceeds from their operations in receivership remaining after their outstanding obligations are fully satisfied.
Requires the FHFA as receiver to manage the combined assets of the GSEs to obtain resolutions that maximize the return for the taxpayer.
Establishes the MFA as an independent agency of the federal government to: (1) guarantee securities issued by qualified issuers and collateralized by pools of qualified residential mortgages in order to provide a dependable, transparent, and liquid market for high quality mortgages and multifamily mortgages for securitization; (2) charge and collect a guarantee fee sufficient to protect the MFA and the Treasury from the risks of guaranteeing the timely payment of principal and interest on qualified mortgage-backed securities; (3) establish and maintain a Catastrophic Fund to minimize the burden on the federal government by setting aside amounts that will be available solely to pay obligations under the MFA guarantee in the event of any future mortgage market collapse; and (4) purchase supplemental insurance coverage.
Requires the MFA to: (1) guarantee the timely payment of the principal and interest to holders of qualified mortgage-back securities, and (2) cover any shortfalls to security holders.
Requires the MFA to charge a guarantee fee with respect to timely payment of principal and interest on the qualified mortgage-backed securities.
Creates in the Treasury the Catastrophic Fund, to which shall be credited the amount of guarantee fees and any amounts earned on investments.
Requires the MFA Board of Directors to issue guidelines to determine whether supplemental coverage: (1) is being offered on commercially reasonable terms, and (2) is reasonably likely to mitigate the risk that the MFA will have to make any payment pursuant to its guarantee.
Declares that nothing in this Act may be construed as preventing the private sector from securitizing qualified residential mortgages, qualified multifamily mortgages, or other non-qualified residential single family or multifamily mortgages.
Terminates the MFA after ten years.
Cosponsors 4
Members who signed on, in the order they did. Signatures ran from Dec 13, 2011 to May 22, 2012.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-GA | Saxby Chambliss | Dec 13, 2011 | |
| D-AK | Mark Begich | Jan 23, 2012 | |
| D-LA | Mary L. Landrieu | Jan 23, 2012 | |
| D-MO | Claire McCaskill | May 22, 2012 |
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 Dec 8, 2011 |
Actions 3
Everything that happened, newest first.
- Dec 16, 2011Sponsor introductory remarks on measure. (CR S8722-8723)
- Dec 8, 2011Introduced in Senate
- Dec 8, 2011Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In the Congressional Record 2
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 S6077 | Richard J. Durbin D-IL | Sep 11, 2012 |
| Senate | Debate and remarks S8722 | Johnny Isakson R-GA | Dec 16, 2011 |
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 5
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. 112-51 | JOINT HEARING TO RECEIVE LEGISLATIVE PRESENTATION OF VETERANS SERVICE ORGANIZATIONS122 pages | Veterans' Affairs Committee | Mar 22, 2012 |
| Serial No. 112-23 | IMPLEMENTATION OF CAREGIVER ASSISTANCE: MOVING FORWARD88 pages | Veterans' Affairs Committee | Jul 11, 2011 |
| — | DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2012160 pages | Appropriations Committee | Jun 22, 2011 |
| Serial No. 112-4 | IMPLEMENTATION OF CAREGIVER ASSISTANCE: ARE WE GETTING IT RIGHT?81 pages | Veterans' Affairs Committee | Mar 11, 2011 |
| S. Hrg. 112-187 | DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2012736 pages | Appropriations Committee | Mar 1, 2011–Jun 22, 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 |
|---|---|---|---|
| R42571 | Changes to the Residential Mortgage Market: Legislation, Demographics, and Other Drivers Archived | Report | Apr 24, 2013 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to revoke the charters for the Federal National Mortgage Corporation and the Federal Home Loan Mortgage Corporation upon resolution of their obligations, to create a new Mortgage Finance Agency for the securitization of single family and multifamily mortgages, and for other purposes.
- Short Titles as Introduced
- Mortgage Finance Act of 2011
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Advisory bodies
- Congressional oversight
- Corporate finance and management
- Executive agency funding and structure
- Financial services and investments
- Government corporations and government-sponsored enterprises
- Government lending and loan guarantees
- Government trust funds
- Housing and Community Development
- Housing finance and home ownership
- Securities
Text 1
Each version as it was printed, newest first.
- Dec 8, 2011Introduced 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.
