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Secondary Mortgage Market Enterprises Regulatory Improvement Act

Introduced: June 24, 2003 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 25, 2003
Committee Hearings Held.
Jul 9, 2003
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Jun 24, 2003
Referred to the House Committee on Financial Services.
Jun 24, 2003
Introduced in House
 Plain-English summary Congressional Research Service
Secondary Mortgage Market Enterprises Regulatory Improvement Act - Amends the Home Owners' Loan Act to rename the Office of Thrift Supervision as the Office of Housing Finance Supervision.

Amends the Housing and Community Development Act of 1992 to transfer supervisory and regulatory authority over specified government sponsored enterprises (Fannie Mae and Freddie Mac) to the Director of the Office of Housing Finance Supervision from the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) and from the Secretary of Housing and Urban Development.

Requires the Director to ensure that the enterprises operate in a financially safe manner and remain adequately capitalized.

Sets forth operating, administrative, and regulatory provisions, including: (1) public disclosure of information; (2) assessment authority; (3) authority to limit nonmission-related assets and set specified conforming loan limits; (4) establishment of a housing price index; (5) minimum and critical capital levels; (6) risk-based capital test; (7) capital classifications and undercapitalized enterprises; (8) receivership; (9) enforcement actions and penalties; and (10) reporting.

Sets forth retained and new authorities of the Secretary.

Abolishes the Office of Federal Housing Enterprise Oversight. Sets forth related transfer of personnel and facility and property provisions.

What's happening now September 25, 2003

Committee Hearings Held.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1