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H.R.3838 / 110th Congress

To temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, affordable loans, and for other purposes.

Referred to the House Committee on Financial Services.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Oct 16, 2007

Requires the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development to terminate, suspend, modify, or otherwise lift: (1) the limitation on growth provision set forth in the Fannie Mae Consent Decree (the OFHEO order dated May 23, 2006, in the matter of the Federal National Mortgage Association (Fannie Mae)); and (2) the voluntary temporary growth limitation described in the Freddie Mac Letter (dated July 31, 2006, from the Chairman and Chief Executive Officer of the Federal Home Loan Mortgage Corporation (Freddie Mac) to the OFHEO Director).

Requires: (1) the Director to increase the mortgage portfolio limitations of both enterprises by at least 10%; and (2) to use of 85% of such increase for refinancing subprime mortgages at risk of foreclosure.

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People & committees

Who introduced it

Rep. Frank, Barney [D-MA-4] · D–MA

Committees

  • Financial Services Committee
0 cosponsorship records, including any withdrawals

    Legislative record

    Actions

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    1. Referred to the House Committee on Financial Services.

    2. Introduced in House

    3. Introduced in House

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