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HR 1929 111th Congress House Housing and Community Development Accounting and auditing Advisory bodies Bankruptcy Corporate finance and management Government corporations and government-sponsored enterprises Government studies and investigations Housing finance and home ownership Securities Wages and earnings

Fannie Mae and Freddie Mac Investigative Commission Act

Introduced: April 2, 2009 Introduced by: Kaptur, Marcy Democratic · Ohio See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 2, 2009
Referred to the House Committee on Financial Services.
Apr 2, 2009
Introduced in House
 Plain-English summary Congressional Research Service

Fannie Mae and Freddie Mac Investigative Commission Act - Establishes the Fannie Mae and Freddie Mac Investigative Commission to investigate and make recommendations to Congress regarding certain decisions of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises) that led to financial instability and federal conservatorship.

Requires the Commission to analyze specified topics, including: (1) the role of the enterprises in expanding homeownership and in helping housing market recovery; (2) enterprise involvement in the development of faulty risk standards, accounting practices, and the creation and proliferation of the securitized mortgage instrument, and how such instrument affected the solvency of such enterprises; (3) the role of the respective boards of directors in voting for the policies relating to risk assessments, subprime mortgages, and the international securitization of mortgages; and (4) compensation, stock options, and financial benefits that accrued to executive officers and members of the boards of directors.

Requires the enterprises and the Director of the Federal Housing Finance Agency to grant the Commission access to requested records and information.

What's happening now April 2, 2009

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1