On Tuesday, the House Financial Services Subcommittee is set to discuss seven new bills, which are aimed to reform the operations of Fannie Mae and Freddie Mac. By Alyse Rzemek
There have been a total of 15 bills introduced since March, so far the subcommittee has approved only eight bills reforming the two mortgage giants.
Lawmakers will mull several bills with a variety of topics regarding the GSEs, but little movement is expected. One bill prevents the treasury from lowering the current 10 percent dividend the two mortgage giants pay, which some have speculated the GSEs have been lobbying Treasury to reduce the dividend payments for some time. This would almost guarantee that they will be unable to post any true net earnings. Another bill deals with the issue of making Fannie and Freddie subject to Freedom of Information Act requests.
The legislation that everyone is eying are the bills that would end the government bailout of the two —either abruptly or over time.
Republican lawmakers are keen to lessen the government’s involvement in the $10.6 trillion residential mortgage market, but they have failed to coalesce around a single approach. Some want to entirely shut down Fannie Mae and Freddie Mac, the two largest providers of mortgage funding, while others want to lessen their influence over time.
Not much is expected to happen on Tuesday, due to federal debt ceiling negations at a stand-still. Some , a final decision might wait until after 2012 elections.
"It will be interesting to see where Fannie Mae and Freddie Mac go from here" Kristi Ballard- Castle Properties & Investments LLC.
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