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H.R. 2575-THE SECONDARY
MORTGAGE MARKET ENTERPRISES
REGULATORY IMPROVEMENT ACT

HEARING

BEFORE THE

COMMITTEE ON FINANCIAL SERVICES

U.S. HOUSE OF REPRESENTATIVES

ONE HUNDRED EIGHTH CONGRESS

FIRST SESSION

SEPTEMBER 25, 2003

Printed for the use of the Committee on Financial Services

Serial No. 108-54

92-628 PDF

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON: 2003

For sale by the Superintendent of Documents, U.S. Government Printing Office
Internet: bookstore.gpo.gov Phone: toll free (866) 512-1800; DC area (202) 512–1800
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HOUSE COMMITTEE ON FINANCIAL SERVICES

JAMES A. LEACH, Iowa

MICHAEL G. OXLEY, Ohio, Chairman

DOUG BEREUTER, Nebraska
RICHARD H. BAKER, Louisiana
SPENCER BACHUS, Alabama
MICHAEL N. CASTLE, Delaware
PETER T. KING, New York
EDWARD R. ROYCE, California
FRANK D. LUCAS, Oklahoma
ROBERT W. NEY, Ohio

SUE W. KELLY, New York, Vice Chair
RON PAUL, Texas

PAUL E. GILLMOR, Ohio

JIM RYUN, Kansas

STEVEN C. LATOURETTE, Ohio
DONALD A. MANZULLO, Illinois

WALTER B. JONES, JR., North Carolina
DOUG OSE, California
JUDY BIGGERT, Illinois
MARK GREEN, Wisconsin
PATRICK J. TOOMEY, Pennsylvania
CHRISTOPHER SHAYS, Connecticut
JOHN B. SHADEGG, Arizona
VITO FOSSELLA, New York

GARY G. MILLER, California

MELISSA A. HART, Pennsylvania

SHELLEY MOORE CAPITO, West Virginia

PATRICK J. TIBERI, Ohio

MARK R. KENNEDY, Minnesota

TOM FEENEY, Florida

JEB HENSARLING, Texas

SCOTT GARRETT, New Jersey

TIM MURPHY, Pennsylvania
GINNY BROWN-WAITE, Florida

J. GRESHAM BARRETT, South Carolina
KATHERINE HARRIS, Florida
RICK RENZI, Arizona

BARNEY FRANK, Massachusetts
PAUL E. KANJORSKI, Pennsylvania
MAXINE WATERS, California
CAROLYN B. MALONEY, New York
LUIS V. GUTIERREZ, Illinois
NYDIA M. VELAZQUEZ, New York
MELVIN L. WATT, North Carolina
GARY L. ACKERMAN, New York
DARLENE HOOLEY, Oregon
JULIA CARSON, Indiana
BRAD SHERMAN, California
GREGORY W. MEEKS, New York
BARBARA LEE, California
JAY INSLEE, Washington
DENNIS MOORE, Kansas

CHARLES A. GONZALEZ, Texas

MICHAEL E. CAPUANO, Massachusetts
HAROLD E. FORD, JR., Tennessee
RUBEN HINOJOSA, Texas
KEN LUCAS, Kentucky

JOSEPH CROWLEY, New York

WM. LACY CLAY, Missouri

STEVE ISRAEL, New York

MIKE ROSS, Arkansas

CAROLYN MCCARTHY, New York

JOE BACA, California

JIM MATHESON, Utah

STEPHEN F. LYNCH, Massachusetts

ARTUR DAVIS, Alabama

RAHM EMANUEL, Illinois

BRAD MILLER, North Carolina

DAVID SCOTT, Georgia

BERNARD SANDERS, Vermont

ROBERT U. FOSTER, III, Staff Director

LC Control Number

2004 398737

Bil 13626345

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Frank, Hon. Barney:

National Association of Realtors, prepared statement

Federal Home Loan Bank of Boston letter, September 24, 2003
Ney, Hon. Robert W.:

Courson, John:

Written response to questions from Hon. Ginny Brown-Waite
Falcon, Hon. Armando Jr.:

Written response to questions from Hon. Ginny Brown-Waite

Gould, George D.:

Written response to questions from Hon. Ginny Brown-Waite
Written response to questions from Hon. Barney Frank
Raines, Franklin D.:

Written response to questions from Hon. Ginny Brown-Waite
Written response to questions from Hon. Barney Frank

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H.R. 2575—THE SECONDARY
MORTGAGE MARKET ENTERPRISES
REGULATORY IMPROVEMENT ACT

Thursday, September 25, 2003

U.S. HOUSE OF REPRESENTATIVES,
COMMITTEE ON FINANCIAL SERVICES,

Washington, D.C.

The committee met, pursuant to call, at 10:10 a.m., in Room 2128, Rayburn House Office Building, Hon. Michael Oxley [chairman of the committee] presiding.

Present: Representatives Oxley, Leach, Baker, Bachus, Castle, Royce, Lucas of Oklahoma, Ney, Kelly, Paul, Gillmor, Ryun, Ose, Green, Shays, Shadegg, Hart, Tiberi, Kennedy, Feeney, Hensarling, Garrett, Murphy, Brown-Waite, Barrett, Harris, Renzi, Frank, Kanjorski, Waters, Maloney, Carson, Sherman, Meeks, Lee, Inslee, Moore, Gonzalez, Lucas of Kentucky, Clay, Israel, Baca, Matheson, Miller of North Carolina, Scott, and Davis.

The CHAIRMAN. [Presiding.] The committee will come to order. Today the Financial Services Committee will hear from the regulators, the regulated, and outside parties interested in the oversight of the housing government-sponsored enterprises.

Two weeks ago, Secretaries Snow and Martinez came to the committee with the Administration's proposal to improve regulatory oversight for the GSES. They proposed developing a world-class regulator with the tools to rigorously supervise the activities of these highly complex financial institutions. The Secretaries called for the regulator to be housed in the Department of the Treasury as an individual office, similar to that of the Office of the Comptroller of the Currency.

Additionally the proposal called for the Department of Housing and Urban Development to retain its role as regulator of the GSES' mission and to ensure that the agencies meet their affordable housing goals.

HUD's expertise in this area is critical. Under the Administration's proposal the Department would receive additional powers to enforce compliance with the housing goals.

There is a broad agreement that the current regulatory structure for the GSES is not operating as effectively as it should. The Office of Federal Housing Enterprise Oversight is underfunded, understaffed and unable to fully oversee the operations of these sophisticated enterprises.

This was reflected in the surprise management reorganization by Freddie Mac and by Wall Street reports stating that GSE oversight

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