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house Bill H.R. 3550

Pushing Government Out of Home Financing

Argument in favor

Would eliminate policies that distort markets and facilitate risky lending for low-income borrowers looking for homes. Taxpayers should be off the hook from another $187 billion bailout.

Argument opposed

Fannie Mae and Freddie Mac provide much needed liquid assets in home financing markets. Without them, it would be harder for the government to help low-income borrowers purchase homes.

bill Progress

  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Research and Technology
      Committee on Appropriations
      Committee on Financial Services
      Committee on Science, Space, and Technology
      Committee on the Judiciary
      Antitrust, Commercial and Administrative Law
      Committee on Transportation and Infrastructure
      Highways and Transit
    IntroducedNovember 20th, 2013

Bill Details

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New Fair Deal Banking and Housing Stability Act of 2013

Official Title

To stabilize the housing and banking sectors by eliminating policies that distort markets and facilitate risky lending, and for other purposes.


New Fair Deal Banking and Housing Stability Act of 2013 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (FHEFSSA), the Federal National Mortgage Association Charter Act (FNMACA), and the Federal Home Loan Mortgage Corporation Act (FHLMCA) to repeal housing goals and related provisions, including the Housing Trust Fund and the Capital Magnet Fund, with respect to the  Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises) (GSEs). Amends the FNMACA and the FHLMCA to limit Fannie Mae and Freddie Mac mortgage purchases on property comprising 1- to 4-family dwelling units. Amends the FHLMCA to repeal the authority of banking entities with respect to Freddie Mac transactions. Amends the FNMACA and the FHLMCA to: (1) reduce GSE conforming loan limits, and (2) set a loan-to-value limitation on GSE mortgage purchases. Amends the FHEFSSA to: (1) replace mandatory risk-based standards for GSEs with mandatory non-risk-based standards, and (2) increase the minimum and critical capital levels for GSEs. Amends the Housing and Community Development Act of 1992 to place specified restrictions on the mortgage assets owned by GSEs Repeals the FNMACA and the FHLMCA, and denies Fannie Mae and Freddie Mac any authority to conduct new business. Pledges the full faith and credit of the United States to pay all amounts which may be required under existing Fannie Mae and Freddie Mac obligations. Prescribes requirements for winding down Fannie Mae and Freddie Mac operations. Amends the National Housing Act to revise requirements for Federal Housing Administration (FHA) credit programs and: (1) require mortgagees to repurchase defaulted mortgages in certain circumstances, (2) prohibit mortgage insurance for cash-out refinancings, and (3) prohibit mortgage insurance on a 1- to 4-family residential property for which the seller contributes more than 3% of the total closing costs toward the purchaser's acquisition of the property. Reduces guarantees of mortgages by requiring an increase in FHA downpayment requirements. Terminates FHA credit guarantees five years after enactment of this Act, and transfers FHA functions to the Secretary of the Treasury. Amends the FNMACA to limit Government National Mortgage Association (Ginnie Mae) guarantees. Abolishes Ginnie Mae and transfers all of its functions to the Secretary. Repeals the Community Reinvestment Act of 1977, the Home Mortgage Disclosure Act of 1975, certain risk retention requirements of the Dodd-Frank Wall Street Reform And Consumer Protection Act, the Affordable Housing Program of the Federal Deposit Insurance Act (FDIA), and other specified federal law. Repeals transportation planning requirements and rescinds unobligated balances of funds made available to carry them out. Terminates Department of Housing and Urban Development (HUD) sustainable communities initiatives and makes a similar related rescission. Requires the appropriate federal regulators to set the capital standards for financial companies, which shall maintain sufficient capital to remain adequately capitalized. Amend the FDIA to: (1) reduce from $250,000 to $150,000 the amount of the standard maximum deposit insurance amount of the Federal Deposit Insurance Corporation (FDIC), and (2) repeal FDIC Administrator authority to make systemic risk determinations. Amends the Federal Reserve Act to repeal the unusual and exigent authority of the Board of Governors of the Federal Reserve. Renames the stabilization fund in the Treasury as the Special Drawing Rights Fund, and directs the Secretary to liquidate all property in the Fund, other than Special Drawing Rights, and to use all such amounts to reduce the public debt. Expresses the sense of Congress that the appropriate congressional committees should each report legislation proposing changes to existing law to accommodate bankruptcy proceedings for failing multinational financial institutions.

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