On Wednesday, September 24th Bernake and Paulson presented the Bailout Plan in a sparsely attended meeting before the Financial Services Committee. Where was everyone? At the more visible proceedings in Congress?
To find out more about the meeting, see a video and download a transcript go to: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr092408.shtml
The Financial Services Committee
The Committee oversees all components of the nation's housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund. The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws. http://financialservices.house.gov/who.html
“Frank Announces new economic, mortgage and Housing Rescue Proposal”
Congressman Barney Frank , Massachusetts, the Chairman of the Financial Services Committee announced a new proposal on March 13, 2008
The proposal was created to stem the significant rise in mortgage foreclosures by allowing the Federal Housing Administration to insure and guarantee refinanced mortgages that have been significantly written down by mortgage holders and lenders. The summary of the proposed draft and the full text is available later on the Financial Services Committee website at financialservices.house.gov.
What happened to this legislation? Anybody know? It might have nipped the bud in the two-headed hydra monster, the housing market and the financial market. Obviously the the Committee knew about the problem's with Freddie Mae and Fannie Mac before the melt down.If they were supervising Freddie and Fannie what happened? Are we bailing them out because of gross negligence? What role will Frank play in the administration of TARP?
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