WASHINGTON — Last week, the House passed the Federal Housing Finance Reform Act of 2007 (H.R. 1427)–better known as the GSE bill–by a vote of 313-104.
The legislation seeks to tighten regulatory oversight of the housing government sponsored enterprises by creating a new regulator that can limit portfolio growth of Fannie Mae and Freddie Mac for safety and soundness concerns. NAFCU had lobbied hard for the clarification that the portfolio caps could only be for safety and soundness reasons. "Credit unions are doing a lot of business with Fannie and Freddie and a cap could severely limit their ability to access the secondary market," NAFCU Director of Legislative Affairs Brad Thaler explained.
House Financial Services Committee Chairman Barney Frank (D-Mass.) was the primary sponsor on the measure.
A similar bill, S. 1100, was introduced in the Senate April 12 by Senator Chuck Hagel (R-Neb.), where it has been referred to the Senate Banking, Housing, and Urban Affairs Committee.
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