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Eight Bills Winding Down Freddie/Fannie Clear House Panel
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Eight Bills Winding Down Freddie/Fannie Clear House Panel
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Eight Bills Winding Down Freddie/Fannie Clear House Panel
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April 7, 2011 (Jeff Alan)
mortgage-8bills-image
The Capital Markets and Government Sponsored Enterprises Subcommittee approved the eight bills introduced by House Republicans designed to start winding down government mortgage giants Freddie Mac and Fannie Mae. The eight bills now advance to the House Financial Services Committee for approval and then to the House floor for vote.

The eight bills are part of an effort put forth by House Republicans to immediately begin reducing Freddie Mac and Fannie Mae’s role in the housing market and their exposure of taxpayers to bailouts. GOP lawmakers may ultimately introduce as many as 24 separate bills in their bid to substantially reduce the size of the mortgage giants in five years.

Provisions of the eight bills include:

– Require Freddie Mac and Fannie Mae to comply with new rules being formulated that will require private mortgage lenders to retain 5 percent of the credit risk for non-conforming Qualified Residential Mortgages (QRM) when packaged as mortgage-backed securities.
– Bar Freddie Mac and Fannie Mae from engaging in any new business activities while under conservatorship
– Require Freddie Mac and Fannie Mae to get Treasury Department approval before issuing any new debt
– Cut Freddie Mac and Fannie Mae’s combined $1.5 trillion mortgage portfolios to $400 billion over five years.
– Cut executive pay for Freddie Mac and Fannie Mae employees putting them in line with government pay scales
– Require Freddie Mac and Fannie Mae to increase fees to lenders in putting them more in line with what private lenders charge
– Give more authority to the inspector general of the Federal Housing Finance Agency (FHFA) to oversee the mortgage giants
– The repeal of Freddie Mac and Fannie Mae’s affordable housing goals

Subcommittee Chairman Garrett said, “The passage of these eight bills represents an important milestone in our ongoing effort to end the bailout of Fannie Mae and Freddie Mac, protect taxpayers from further losses and level the playing field so that the private sector can reenter the marketplace. I appreciate all of the effort my colleagues put into these bills and I look forward to working closely with them as we advance them through the full committee and then to the House floor.”

Tags: GSE, Freddie Mac, Fannie Mae, mortgage giants, mortgage lenders, executive pay cut, increased fees, inspector general, taxpayers, private sector

Sources:
Committee on Financial Services

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WE VERIFY & TRANSMIT TO LENDERS
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REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

April 7, 2011 (Jeff Alan)
mortgage-8bills-image
The Capital Markets and Government Sponsored Enterprises Subcommittee approved the eight bills introduced by House Republicans designed to start winding down government mortgage giants Freddie Mac and Fannie Mae. The eight bills now advance to the House Financial Services Committee for approval and then to the House floor for vote.

The eight bills are part of an effort put forth by House Republicans to immediately begin reducing Freddie Mac and Fannie Mae’s role in the housing market and their exposure of taxpayers to bailouts. GOP lawmakers may ultimately introduce as many as 24 separate bills in their bid to substantially reduce the size of the mortgage giants in five years.

Provisions of the eight bills include:

– Require Freddie Mac and Fannie Mae to comply with new rules being formulated that will require private mortgage lenders to retain 5 percent of the credit risk for non-conforming Qualified Residential Mortgages (QRM) when packaged as mortgage-backed securities.
– Bar Freddie Mac and Fannie Mae from engaging in any new business activities while under conservatorship
– Require Freddie Mac and Fannie Mae to get Treasury Department approval before issuing any new debt
– Cut Freddie Mac and Fannie Mae’s combined $1.5 trillion mortgage portfolios to $400 billion over five years.
– Cut executive pay for Freddie Mac and Fannie Mae employees putting them in line with government pay scales
– Require Freddie Mac and Fannie Mae to increase fees to lenders in putting them more in line with what private lenders charge
– Give more authority to the inspector general of the Federal Housing Finance Agency (FHFA) to oversee the mortgage giants
– The repeal of Freddie Mac and Fannie Mae’s affordable housing goals

Subcommittee Chairman Garrett said, “The passage of these eight bills represents an important milestone in our ongoing effort to end the bailout of Fannie Mae and Freddie Mac, protect taxpayers from further losses and level the playing field so that the private sector can reenter the marketplace. I appreciate all of the effort my colleagues put into these bills and I look forward to working closely with them as we advance them through the full committee and then to the House floor.”

Tags: GSE, Freddie Mac, Fannie Mae, mortgage giants, mortgage lenders, executive pay cut, increased fees, inspector general, taxpayers, private sector

Sources:
Committee on Financial Services

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

April 7, 2011 (Jeff Alan)
mortgage-8bills-image
The Capital Markets and Government Sponsored Enterprises Subcommittee approved the eight bills introduced by House Republicans designed to start winding down government mortgage giants Freddie Mac and Fannie Mae. The eight bills now advance to the House Financial Services Committee for approval and then to the House floor for vote.

The eight bills are part of an effort put forth by House Republicans to immediately begin reducing Freddie Mac and Fannie Mae’s role in the housing market and their exposure of taxpayers to bailouts. GOP lawmakers may ultimately introduce as many as 24 separate bills in their bid to substantially reduce the size of the mortgage giants in five years.

Provisions of the eight bills include:

– Require Freddie Mac and Fannie Mae to comply with new rules being formulated that will require private mortgage lenders to retain 5 percent of the credit risk for non-conforming Qualified Residential Mortgages (QRM) when packaged as mortgage-backed securities.
– Bar Freddie Mac and Fannie Mae from engaging in any new business activities while under conservatorship
– Require Freddie Mac and Fannie Mae to get Treasury Department approval before issuing any new debt
– Cut Freddie Mac and Fannie Mae’s combined $1.5 trillion mortgage portfolios to $400 billion over five years.
– Cut executive pay for Freddie Mac and Fannie Mae employees putting them in line with government pay scales
– Require Freddie Mac and Fannie Mae to increase fees to lenders in putting them more in line with what private lenders charge
– Give more authority to the inspector general of the Federal Housing Finance Agency (FHFA) to oversee the mortgage giants
– The repeal of Freddie Mac and Fannie Mae’s affordable housing goals

Subcommittee Chairman Garrett said, “The passage of these eight bills represents an important milestone in our ongoing effort to end the bailout of Fannie Mae and Freddie Mac, protect taxpayers from further losses and level the playing field so that the private sector can reenter the marketplace. I appreciate all of the effort my colleagues put into these bills and I look forward to working closely with them as we advance them through the full committee and then to the House floor.”

Tags: GSE, Freddie Mac, Fannie Mae, mortgage giants, mortgage lenders, executive pay cut, increased fees, inspector general, taxpayers, private sector

Sources:
Committee on Financial Services

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.