New Lending Regulations – Good News for California

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The U.S. House of Representatives Passes H.R. 1427 – GSE Reform Bill

On Tuesday, May 22 the U.S. House of Representatives, by a vote of 313-104 (15 did not vote) passed the “Federal Housing Finance Reform Act of 2007, H.R. 1427.” The legislation passed by the House: overhauls the regulatory oversight of the government sponsored enterprises (GSE) of Fannie Mae, Freddie Mac and the Federal Home Loan Banks, and creates a new, independent regulator with broad powers analogous to current banking regulators. In addition, the new regulator will have the authority to increase the conforming loan limit in high-cost areas — a high priority for California.

The bill, which largely follows the contours of REALTOR(r) supported GSE Reform legislation passed in the 109th Congress, now moves on to the U. S. Senate and has the support of the Department of the Treasury.

California Members of Congress who votes YES on H.R. 1427 are: Baca, Becerra, Berman, Bono, Calvert, Capps, Cardoza, Costa, Davis, Doolittle, Eshoo, Farr, Filner, Harmon, Lantos, Lofgren, Matsui, McNerney, Gary Miller, George Miller, Napolitano, Roybal-Allard, Linda Sanchez, Loretta Sanchez, Schiff, Sherman, Solis, Stark, Tauscher, Thompson, Watson, and Waxman.

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