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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

DEPOSITORY

APR 3 0 2004

STANFORD UNIVERSITY

JONSSON LIBRARY

U.S. GOVERNMENT PRINTING OFFICE

92-628 PDF

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

Fax: (202) 512–2250 Mail: Stop SSOP, Washington, DC 20402-0001

HOUSE COMMITTEE ON FINANCIAL SERVICES

MICHAEL G. OXLEY, Ohio, Chairman

JAMES A. LEACH, Iowa
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
RUBÉN 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, Ilinois
BRAD MILLER, North Carolina
DAVID SCOTT, Georgia

BERNARD SANDERS, Vermont

BOJS O E

ROBERT U. FOSTER, III, Staff Director

(II)

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THURSDAY, SEPTEMBER 25, 2003

Bartlett, Hon. Steve, President and CEO, The Financial Services Roundtable

Conine, C. Kent, Conine Residential Group, Inc., on behalf of the National

Association of Home Builders

Courson, John, President and CEO, Pacific Mortgage Company, on behalf

of the Mortgage Bankers Association of America

Falcon, Hon. Armando Jr., Director, Federal Housing Enterprise Oversight

Fishbein, Allen, Director of Housing and Credit Policy, Consumer Federation

of America

Gould, George D., Director, Freddie Mac
Hehman, David H., President and CEO, Federal Home Loan Bank of Cin-

cinnati

Korsmo, Hon. John T., Chairman, Federal Housing Finance Board

Montague, Terri Y., President and Chief Operating Officer, The Enterprise

Foundation

Raines, Franklin D., Chairman and Chief Executive Officer, Fannie Mae
Schultz, Dean, President and CEO, Federal Home Loan Bank of San Fran-

cisco

Spriggs, William E., Executive Director, National Urban League, Institute

for Opportunity and Equality

Taylor, D. Russell, President and CEO, Rahway Savings Association on behalf

of America's Community Bankers

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Page

Prepared statements Continued

Schultz, Dean
Spriggs, William E.
Taylor, D. Russell

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ADDITIONAL MATERIAL SUBMITTED FOR THE RECORD Baker, Hon. Richard H.:

Financial Services Forum, prepared statement Frank, Hon. Barney:

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

National Association of Realtors, prepared statement 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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