PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Congressional Research Service
Version 00 · Introduced in House · Nov 30, 2011
Freddie Mac Debt Reduction Act of 2011 - Amends the Housing and Community Development Act of 1992 with respect to the exercise of options on mortgage-backed securities by the Federal Home Loan Mortgage Corporation (Freddie Mac) or, during the term of any conservatorship or receivership of Freddie Mac, the Director of the Federal Housing Finance Agency (FHFA).
Directs Freddie Mac (or FHFA as its conservator or receiver) to exercise any option on a mortgage-backed security with a clean-up call option Freddie Mac has issued if the residual holder of the security is willing to share at least 50% of any excess proceeds from the exercise of the option with FHFA as conservator or receiver, which would thereby reduce the liability of taxpayers.
(A clean-up call option allows a transferor of assets, in this case mortgage assets, to buy them back after the outstanding asset values have been reduced substantially.)
Showing the opening paragraphs of the official summary.
Defines mortgage-backed security with a clean-up call option as any mortgage-backed security under which there is an option or right to redeem all remaining classes of the security whenever the aggregate remaining principal of the mortgage would be less than the optional redemption or clean-up call percentage.
Directs the Director to prohibit Freddie Mac and the Federal National Mortgage Association (Fannie Mae) from issuing any mortgage-backed security with a clean-up call option.
Directs the Director to ensure that any excess proceeds received as a result of the exercise of any clean-up call options be used only to reduce the budget deficit of the federal government.
People & committees
Rep. Perlmutter, Ed [D-CO-7] · D–CO
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze H.R.3530 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.3530 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.3530 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.3530 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.