H.R. 3221, Housing and Economic Recovery Act of 2008, July 23, 2008. Cost estimate for the bill as passed by the Senate on July 11, 2008, with an amendment transmitted to CBO on July 22, 2008
- “This legislation would make a number of changes in federal housing policy. The major changes would:
- Provide temporary authority to the Secretary of the Treasury to purchase any obligations and other securities in any amounts issued by the government-sponsored enterprises (GSEs) involved in the mortgage market. Those GSEs include the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Banks (FHLBs).
- Establish a single regulatorthe Federal Housing Finance Agency (FHFA)for the GSEs involved in the home mortgage market.
- Require Fannie Mae and Freddie Mac to annually pay amounts equal to 4.2 basis points on each dollar of unpaid principal balance of each enterprises total new business purchases (that is, 4.2 cents per $100 of the value of the new mortgages purchased or securitized in that year). Those assessments would begin during fiscal year 2009 and would be deposited into new federal funds.”
JCX-64-08 (July 23, 2008) Estimated Budget Effects Of The Tax Provisions Contained In H.R. 3221, The “Housing And Economic Recovery Act Of 2008,” Scheduled For Consideration By The House Of Representatives On July 23, 2008
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