Federal Housing Finance Reform Act of 2007
Sponsor: BARNEY FRANK (D-MA)
Federal Housing Finance Reform Act of 2007 - Title I: Reform of Regulation of Enterprises and Federal Home Loan Banks - Subtitle A: Improvement of Safety and Soundness - (Sec. 101) Amends the Housing and Community Development Act of 1992 (Act) to establish, in place of the present Office of Federal Housing Enterprise Oversight, a Federal Housing Finance Agency (FHFA), headed by a Director (Director) possessing general supervisory and regulatory authority over the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the federal home loan banks ("the regulated entities"). (Sec. 102) Requires the Director to establish standards for each regulated entity, especially standards relating to: (1) adequacy of internal controls and information systems; (2) independence and adequacy of internal audit systems; (3) management of credit and counterparty risk; (4) management of any asset and investment portfolio; (5) investments and acquisitions; and (6) overall risk management processes, particularly adequacy of oversight by senior management and the board of directors, and of processes and policies to identify and control material risks, including reputational risks. (Sec. 103) Establishes the Federal Housing Enterprise Board to advise the Director.
Housing and Community Development Topic assigned by the Congressional Research Service.
Who won, and how much of the country was behind them
The dotted gap is 4.1% of U.S. adults whose member did not vote, voted “present,” or whose seat was vacant.
| Side | Outcome | Votes | Share of U.S. adults |
|---|---|---|---|
| Nay | Won | 244 | 54.8% |
| Yea | Lost | 173 | 41.1% |
| Not represented on this question | No position taken | 0 | 4.1% |