- NMHC/NAA Coalition Principles for Multifamily Finance Reform (October 2013)
Broad coalition outlines common key elements for multifamily housing finance reform and the government-sponsored enterprises.
- NMHC Outline for Privatizing the GSEs’ Multifamily Operations (May 2012)
Initial plan ensures liquidity remains available for the multifamily sector in markets nationwide.
Federal Housing Finance Authority (FHFA) GSE "Strategic Plan"
Obama Administration Blueprint for Reform
- Administration Blueprint (February 11, 2011)
- NMHC/NAA Analysis: Impact on Multifamily Sector
- NMHC/NAA Press Statement
House GOP Bills (Piecemeal Legislation)
- The Fannie Mae and Freddie Mac Taxpayer Payback Act (H.R. 2436)
As part of ensuring Fannie and Freddie would repay taxpayers for the bailout, the two companies are required to make dividend payments on the senior preferred stock held by Treasury. Recent reports, however, have indicated the Obama Administration is considering lowering the dividend payments required.
- The Housing Trust Fund Elimination Act (H.R. 2441)
Ensures American taxpayers are not on the hook for funding the Affordable Housing Trust Fund.
- The Market Transparency and Taxpayer Protection Act (H.R. 2440)
Reduces the government’s role in the mortgage market by directing FHFA to require Fannie Mae and Freddie Mac to dispose of all non-mission critical assets.
- The Fannie Mae and Freddie Mac Transparency Act (H.R. 463)
Subjects Fannie Mae and Freddie Mac to the Freedom of Information Act (FOIA). Since Fannie and Freddie were originally chartered by the federal government, but are not technically part of the federal government, they have been exempt from FOIA.
- The Cap the GSE Bailout Act (H.R. 2462)
Ends the blank check provided to Fannie Mae and Freddie Mac by the Obama Administration on Christmas Eve 2009.
- The Removing GSEs Charters During Receivership Act (H.R. 2439)
Gives FHFA the power to revoke the charters of Fannie Mae and Freddie Mac and requires FHFA to revoke the charter when a successor, limited-life entity is dissolved.
- ‘‘The Risk Reduction Act of 2011’’ (H.R. 1224)
Would accelerate and formalize the reductions in the size of the GSEs’ portfolios. In the first year, the GSEs would have their portfolios capped at no more than $700 billion, declining to $600 billion for year two, $475 billion for year three, $350 billion for year four, and finally to $250 billion in year five.
- ‘‘The Equity in Government Compensation Act of 2011’’ (H.R. 1221)
Would put Fannie and Freddie employees on the government pay scale and expresses the sense of Congress that 2010 pay packages to senior executives were excessive.
- ‘‘Fannie Mae and Freddie Mac Accountability and Transparency for Taxpayers Act of 2011’’ (H.R. 31)
Would expand the reporting requirements and enhance the authority of the FHFA’s Inspector General.
- ‘‘GSE Credit Risk Equitable Treatment Act of 2011’’ (H.R. 1223)
Requires Fannie Mae and Freddie Mac to comply with proposed risk retention requirements for financial institutions that securitize mortgages (as required by the Dodd-Frank financial reform legislation enacted in 2010).
- ‘‘GSE Subsidy Elimination Act of 2011’’ (H.R. 1222)
Would mandate that the FHFA gradually require higher guarantee fees at Fannie Mae and Freddie Mac over the next two years.
- ‘‘GSE Debt Issuance Approval Act of 2011’’ (H.R. 1225)
Would require Treasury Department approval for any new GSE debt issuances.
- ‘‘GSE Mission Improvement Act of 2011’’ (H.R. 1226)
Would eliminate the GSEs' affordable housing goals.
- ‘‘GSE Risk and Activities Limitation Act of 2011’’ (H.R. 1227)
Would prohibit the GSEs from offering, undertaking, transacting, conducting or engaging in any new business activities while in conservatorship or receivership.
- NMHC Summary of the Eight GOP Bills (April 1, 2011)
House GOP Bills (Comprehensive Reform)
- Private Mortgage Market Investment Act (H.R. ____)
Sponsored by Rep. Scott Garrett (R-NJ), would create a robust private market for single-family housing finance by tasking the Federal Housing Finance Agency (FHFA), the current GSE regulator, with developing and enforcing standards for all residential mortgage-backed securities. The measure is aimed at eliminating the federal role in guaranteeing mortgage finance.
- GSE Bailout Elimination and Taxpayer Protection Act (H.R. 1182)
Sponsored by Rep. Jeb Hensarling (R-TX), would wind down the GSEs and completely privatize the housing finance system over the next five years.
Mortgage Finance Act of 2011 (S. ____)
Sponsored by Senator Johnny Isakson, would wind down Fannie Mae and Freddie Mac and create a new regulatory framework for high-quality mortgage securitization for both single-family and multifamily mortgages.
- GSE Bailout Elimination and Taxpayer Protection Act (S. 693)
Sponsored by Senators John McCain (R-AZ) and Orrin Hatch (R-UT), would wind down the GSEs and completely privatize the housing finance system over the next five years.
Treasury Department Call for Public Comment on GSE Reform
- Treasury Department Ruling: Easing Portfolio Limits (December 2009)
- FHFA Interim Rule: Portfolio Holdings (January 27, 2009)
- NMHC/NAA Comments on FHFA Interim Rule (May 29, 2009)
Affordable Housing Goals
- NMHC Comments on the GSEs' 2010-2011 Goals (April 12, 2010)