PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · Introduced in Senate · Apr 12, 2007
Federal Housing Enterprise Regulatory Reform Act of 2007 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency, headed by a Director, which shall have authority over: the Federal Home Loan Banks, the Finance Facility, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac).
Establishes the Federal Housing Enterprise Board, without executive authority, to advise the Director.
Sets forth operating, administrative, and regulatory provisions of the Agency, including: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) mandatory affordable housing focused portfolios; (5) risk-based capital test; (6) capital classifications and undercapitalized enterprises; (7) enforcement actions and penalties; (8) golden parachutes and (9) mandatory reporting of fraudulent loans.
Showing the opening paragraphs of the official summary.
Amends the Federal National Mortgage Association Charter Act to require registration of enterprise securities.
Requires prior approval by the Director for any initial enterprise product offering.
Sets forth conforming loan limitations for Fannie Mae and Freddie Mac (enterprises).
Makes it the duty of such enterprises to increase mortgage investments liquidity and improve the distribution of investment capital available for mortgage financing for underserved markets.
Instructs the Director to establish an annual home purchase goal for the purchase by each enterprise of mortgage financing of owner-occupied single family dwelling units.
Prescribes requirements for prompt corrective and enforcement actions.
Amends the Federal Home Loan Bank Act to: (1) revise criteria for Federal Home Loan Bank Board directors, providing for at least two independent directors; and (2) establish the Federal Home Loan Bank Finance Facility. Authorizes the Facility to issue and service consolidated Federal Home Loan Bank obligations.
Exempts the Federal Home Loan Banks from certain securities reporting requirements.
Authorizes reduction of Federal Home Loan Bank districts by voluntary merger.
Transfers to such Facility the functions of the Office of Finance of the Federal Home Loan Banks.
Abolishes: (1) the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development; and (2) the Federal Housing Finance Board.
Requires the Director to review annually the Freddie Mac Foundation and the Office of Corporate Giving of the Federal National Mortgage Corporation ("Fannie Mae Foundation") to ensure that they are not engaged in impermissible lobbying activities.
People & committees
Sen. Hagel, Chuck [R-NE] · R–NE
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Primary sources
Text links open the official source. We currently store references to these documents.
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 S.1100 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 S.1100 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 S.1100 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 S.1100 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.