Just a quick blurb for supergoober, who earlier queried about my sources, here are a few interesting links on this act. Sponsored by Hagel - R, cosponsored by Elizabeth Dole, John McCain, and John Sununu, it called for regulatory oversight of Fannie and Freddie, including investigation into bookkeeping "irregularities". It attempted to stop risky loans and 0 down loans that were the hallmark of what the Dems wanted - to turn "The American Dream" into the American Right - that is, it is everyone's right to own a home.
I don't want to belittle the American Dream, and home-ownership is a big part of that. But it requires hard work, dedication, sacrifice, and it still might not happen. Hell, I wouldn't own if I hadn't gotten lucky with some idiot screwing up his own shot at the Dream. Sometimes, you can't always get what you want... and I know that this seems harsh, but shit happens and chips fall where they may and about a hundred other cliches - life doesn't always work the way we want it to - but the purpose is to live it and try and figure it out for ourselves, not to have people hand us stuff to try and pacify us into re-electing them (a long time Democrat strategy, oft employed by Republicans as well, but we can't forget who mastered the art of creating a dependent class of voters - that is a capital D!)
Anyway, as to the source, citations, etc. on the bill, I've included a summary below from govtrack.us, and their main source material is the Congressional Record (I still reminisce fondly about those days working in the Millbrae Library when I would read those on my break, so I could actually see what bills were like and how the debates went down).
The summary:
1/26/2005--Introduced.
Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation.
Excludes the Federal Home Loan Banks from certain securities reporting requirements.
Abolishes the Federal Housing Finance Board.
The site of this is http://www.govtrack.us/congress/bill.xpd?bill=s109-190&tab=summary
If you want McCain's remarks on the senate floor, they are at http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
Hagel's introduction of the bill is at http://www.govtrack.us/congress/record.xpd?id=109-s20050126-53&bill=s109-190#sMonofilemx003Ammx002Fmmx002Fmmx002Fmhomemx002Fmgovtrackmx002Fmdatamx002Fmusmx002Fm109mx002Fmcrmx002Fms20050126-53.xmlElementm39m0m0m
The full text of the bill is at http://www.govtrack.us/congress/billtext.xpd?bill=s109-190
Interesting video on the debate http://www.youtube.com/watch?v=_MGT_cSi7Rs - a montage of Democrats saying Fannie Mae and Freddie Mac will be just fine, despite Republicans maintaining that we need more regulations on the two organizations. Check out Barney Frank maintaining that there are no problems, and that the Republicans are just trying to stir up trouble - and he has the audacity to now claim that it is the Republicans fault (and , yes, I know that I split that infinitive, but I felt like it, okay - get off my back!).
Also, the bailout bill sucks - do we really think any of the senators read the 450+ page bill - a typical Senate bill with loads of crap having nothing to do with the bailout - subsidies for energy, rum, railroad ties. So before you think that I am just listening to Right-wing nutcases, know that I love to research :)
No offense, supergoober, but one of your responses was a tad snitty, and what, no response on the origin of the universe ;)
Now I am off to play a little of Silent Hill: Homecoming before the debate - preliminary judgement - the game is frickin' awesome... a tad on the linear side so far, but I still hold out hope.
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Sorry, I could not get through the entirety of your "Origin of the Universe" bit...but rest assured, I will!...when I have more time. I'm busy reading "A Scanner Darkly" which, I must say, starts off with a hell of a hook.
Watched the debate last night with the entire In-law clan. Our discussion afterwards was much more fun than the debate itself...and it appears Palin has gone from a savior, to liability, to nominally relevant; which is where all VP Candidates usually end up. I have to say, she certainly did not sound as vapid as her previous interviews...and if she had fallen flat on her face at the debate, it would have been a little personally satisfying, though ultimately embarrassing for ALL Americans....so thank god she held her own. My only complaint was she has a tendency to hear and answer the questions she wants to answer.
The best part of that debate, hands down, was the end where their Mics were still on and the both of them had their families come out to meet eachother. The end credits rolled but the camera lingered and captured looks on their family's faces of genuine relief, interest, and welcoming of each other. Many a commentator pointed out just that...how these two candidates families in those 2:00 minutes displayed what was BEST about American and American politics.
I feel a bit patriotic today I suppose...I just left the National Mall, the Vietnam Memorial, the Washington Memorial, and my favorite, the Lincoln. Man, reading his address on that wall is inspiring indeed. Washington is really one of my favorite towns.
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