H.R.3221 - A bill to provide needed housing reform and for other purposes. Sponsor: Nancy Pelosi / 110th Congress

Title
110th Congress - A bill to provide needed housing reform and for other purposes.
Summary
A bill to provide needed housing reform and for other purposes. (by CRS)
Status
The bill has become law.

Customize

Customize the interests supporting and opposing this bill

To remove an interest, click the Remove button next to its name below this box.

To add an interest, choose one from this list:

To add an interest, click Support or Oppose.

You can share your customized pages with other people by sending them the URL for pages about this bill. Other MAPLight.org users will not see your customizations unless they use the URL you send them. To save your customizations for your next visit, create a free New Account, then Sign In.

Done

Interests who did want this bill to become law included these interests and specific groups:

Interests who did not want this bill to become law included these interests and specific groups:

Contribution data provided by the Center for Responsive Politics (OpenSecrets.org)

Comments RSS feed

A controversial amendment by Tiffany Hsieh, Mar 5, 2008 (6:35pm)

The main controversy over this bill involves an amendment that would change bankruptcy laws by giving bankruptcy judges the latitude to reduce interest rates and the amount that is owed on mortgages to at-risk homeowners faced with bankruptcy. Civil rights groups, consumer groups, anti-poverty groups and labor Unions strongly support this provision. Opponents support the bill only if the amendment is not passed. S 2636 was the original bill, and after it was amended it was attached to HR 3221, which was formerly a renewable energy measure.

Reply to this comment
Reply to this comment close
[ Tags ]
[ Tags ] close
[ Spam ]
[ Spam ] close

Bankruptcy amendment withdrawn by , Apr 10, 2008 (9:22pm)

The bankruptcy amendment was tabled, so now mortgage brokers support the bill, and consumer groups are disappointed.

Reply to this comment
Reply to this comment close
[ Tags ]
[ Tags ] close
[ Spam ]
[ Spam ] close

Increasing the role of government sponsored enterprises in the housing market by Angela Xu, Jun 9, 2008 (2:20am)

On May 8, the House passed HR 3221 after attaching several other bills to it. In its current form, the bill is drawing attention for its provisions regarding Freddie Mac and Fannie Mae, which are government sponsored enterprises (GSEs) that promote access to mortgage credit. HR 3221 would permanently increase the mortgage cap for the GSEs, allowing them to buy loans of up to $730,000 from lenders. Supporters argue that this would help decrease mortgage costs and jumpstart the housing market, while banks oppose the higher caps because they may give the GSEs (which are for-profit companies) a competitive advantage.

HR 3221 also includes regulatory reform for the GSEs, which would appease longstanding Republican desires to give the GSEs a new federal regulator.

Reply to this comment
Reply to this comment close
[ Tags ]
[ Tags ] close
[ Spam ]
[ Spam ] close

Fannie Mae and Freddie Mac tacked on by Anna Costello-Dougherty, Jul 23, 2008 (8:05pm)

In the midst of national concerns over the economy, mortgage rates and the fate of Fannie Mae and Freddie Mac, an amendment has been added to HR 3221. The amendment is designed to reassure investors about the stability of the American housing market.

It sets out specifications in the event that Fannie Mae and Freddie Mac need a government bail out. The amendment strengthens the GSE which will oversee Fannie Mae and Freddie Mac’s operations and business practices.

In the event that Fannie Mae and Freddie Mac need financial intervention the Treasury department is the stand-by authority. There will also be a temporary capital backstop for both mortgage financers.

Reply to this comment
Reply to this comment close
[ Tags ]
[ Tags ] close
[ Spam ]
[ Spam ] close