Federal Housing Enterprises Financial Safety And Soundness Act Of 1992 Pdf

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federal housing enterprises financial safety and soundness act of 1992 pdf

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It also mandated that HUD set specific goals for the government-sponsored enterprises Fannie Mae and Freddie Mac , with regard to low income and underserved housing areas. This United States federal legislation article is a stub.

LIHTC provides an indirect federal subsidy used to finance the construction or rehabilitation of rental housing for lower-income households. The Act created a world-class, empowered regulator with all of the authorities necessary to oversee vital components of our country's secondary mortgage markets - Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. Main Address: 7th St. The Authority which became partially commercialized in accordance with Decree No 25 of is charged with: The purpose of the Oklahoma Affordable Housing Tax Credit "OAHTC" Program is to expand the supply of new affordable rental units and rehabilitate existing rental housing for Qualifying Households. Washington, D.

5 Features of Successful Housing Finance Reform

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These can be useful for better understanding how a document is structured but are not part of the published document itself. More information and documentation can be found in our developer tools pages. The rule will implement this provision, and will ensure that these operations advance FHFA's critical safety and soundness and mission requirements.

Effective Date: This rule is effective July 20, The telephone number for the Telecommunications Device for the Hearing Impaired is The Safety and Soundness Act provides that FHFA is headed by a Director with general supervisory and regulatory authority over the regulated entities and over the Office of Finance, [ 2 ] expressly to ensure that the regulated entities operate in a safe and sound manner, including maintaining adequate capital and internal controls; foster liquid, efficient, competitive, and resilient national housing finance markets; comply with the Safety and Soundness Act and rules, regulations, guidelines, and orders issued under the Safety and Soundness Act and the authorizing statutes i.

See 12 U. The Enterprises are currently in conservatorship. FHFA as Conservator has been responsible for the conduct and administration of all aspects of the operations, business, and affairs of both Enterprises since September 6, , the date on which the Director placed Fannie Mae and Freddie Mac in conservatorship.

As Conservator, FHFA has already drawn on the Treasury Commitments several times to prevent a negative net worth position that would trigger mandatory receivership of each Enterprise. In other words, the Conservator may determine to subordinate such a liability, with the effect that funds could not be drawn under the Treasury Agreements to satisfy it.

The Treasury Agreements also contain restrictions on the declaration or payment of dividends or other distributions with respect to the Enterprises' equity interests; redeeming, purchasing, retiring, or otherwise acquiring for value any of the Enterprises' equity interests; or selling, transferring, or otherwise disposing of all or any portion of the Enterprises' assets other than in the ordinary course of business or under other limited exceptions. At the time FHFA established the conservatorships, and on several occasions since, FHFA has noted that the conservatorships, combined with the Treasury Senior Preferred Stock Agreements described above, provide an opportunity for Congress to direct the ultimate resolution of the Enterprises.

This final regulation describes, codifies, and implements the changes to the statutory regime enacted by HERA, the authorities granted to FHFA, and eliminates ambiguities regarding those changes. The final rule does not, and the proposed rule, published in the Federal Register at 75 FR July 9, , did not, recite all provisions of law relevant to the regulated entities in conservatorship or receivership.

It sets out the basic and general framework for conservatorships and receiverships, supplementing statutory provisions that FHFA believed needed elaboration or explanation. The rule cannot be read or applied in isolation, but must be read while also consulting the enabling statutes of FHFA and the regulated entities. The regulation is part of FHFA's implementation of the powers provided by HERA, and does not seek to anticipate or predict future conservatorships or receiverships.

The final rule includes provisions that describe the basic authorities of FHFA when acting as conservator or receiver, including the enforcement and repudiation of contracts. The rule necessarily differs in some respects, however, from the FDIC regulations, because not all of the regulated entities are depository institutions, none is a Federally insured depository institution, and their important public missions, reflected in congressional charters, differ from those of banks and thrifts.

The final rule establishes procedures for conservatorship and receivership and priorities of claims for contract parties and other claimants. These priorities set forth the order in which various classes of claimants will be paid, partially or in full, in the event that a regulated entity is unable to pay all valid claims.

The final rule contains several provisions that address whether and to what extent claims against the regulated entities by current or former holders of their equity interests for rescission or damages arising from the purchase, sale, or retention of such equity interests will be paid while those entities are in Start Printed Page conservatorship or receivership.

The potential impact of such claims may be significant and may jeopardize FHFA's ability to fulfill its statutory mission to restore soundness and solvency to insolvent regulated entities and to preserve and conserve their assets and property.

The rule clarifies that for purposes of priority determinations, claims arising from rescission of a purchase or sale of an equity security of a regulated entity, or for damages arising from the purchase, sale, or retention of such a security, will be treated as would the underlying security that establishes the right to the claim. The rule also classifies a payment of these types of claims as a capital distribution, which is prohibited during conservatorship, absent the express approval of the Director.

Moreover, the rule provides that payment of securities litigation claims will be held in abeyance during a conservatorship, except as otherwise ordered by the Director. In the event of receivership, such claims will be treated according to the process established by statute and by regulations in this part. FHFA has considered all of the comments in developing the final rule. FHFA accepted some of the commenters' recommendations and has made changes in the final rule, although the basic approach adopted in the proposed rule remains the same.

The changes made in the final rule improve upon the basic approach proposed by FHFA by clarifying certain provisions and by improving the structure of the rule. Specific comments, FHFA's responses, and changes adopted in the final rule are described in greater detail below in the sections describing the relevant rule provisions.

FHFA received comments from a variety of sources, including shareholders for the Enterprises in conservatorship, counsel for shareholder litigants, members of Congress, and the Federal Home Loan Banks. Some of the fiercest objections to the proposed rule were made against the provisions that would address the status of shareholder claims in conservatorship and receivership.

FHFA received several comments from Enterprise shareholders, attorneys for shareholders engaged in litigation against the Enterprises, and several members of Congress, who raised the following concerns:. Shareholders urged FHFA not to adopt the proposed rule because the rule would deny victims of securities fraud any avenue for meaningful redress. These commenters also argued that the proposed rule would insulate Fannie Mae and Freddie Mac and their management from accountability for fraud.

After full consideration of these comments, FHFA has determined their concerns to be unfounded. The reality in any insolvency is that there are not enough assets to satisfy everyone with a claim on those assets.

The priority provisions of 12 U. In light of the different risk profiles that investors and creditors accept when dealing with a business entity, subordination is the rule in corporate bankruptcies. The comments offer no sound reasons why the public policies supporting the rule in bankruptcy are not equally applicable in the context of the entities regulated by FHFA.

If anything, the policy justifications for subordination of shareholder claims relative to the Enterprises currently in conservatorship is even greater because of the unique arrangements by which the Enterprises are being kept solvent through infusions of Treasury funds.

If securities litigation claimants were treated as ordinary creditors, payment of such a claim against the Enterprises would represent a wealth transfer from the taxpayers of the United States to certain current and former shareholders of Fannie Mae and Freddie Mac. This was not the intent of the Treasury Agreements, and subordination avoids this unintended and unfair result. FHFA does not intend to allow anyone under its jurisdiction to escape accountability for fraud.

The rule, however, deals with a different issue: The priority of competing claims against a limited estate. In the conservatorships of Fannie Mae and Freddie Mac, FHFA immediately replaced the management that was in charge of Fannie Mae and Freddie Mac at the time plaintiffs in the pending securities cases allege the fraud occurred. As set forth in FHFA's Report to Congress, FHFA fundamentally changed Enterprise management and governance practices by appointing new CEOs, nonexecutive chairmen, and boards of directors to both Enterprises, and by working with both Enterprises to establish a new board committee structure with key changes in charters and responsibilities.

Given the financial situations of the Enterprises, the burden of payments on private claims would fall on the U.

Treatment and subordination of securities fraud claims. The proposal reflected a balancing of interests based on the sources of claims. Securities fraud claims in litigation would not exist but for ownership of the underlying security.

Therefore, the proposal called for subordinating such claims and, as a matter of fundamental fairness, treating them just as any other claim based on ownership of the security. FDIC, F. Jezarian v. Raichle , F. When the debtor is insolvent, the stockholders, as such, receive nothing. In aligning the priority of securities litigation Claims in receivership with their treatment in bankruptcy, FHFA follows in the path of a number of Federal circuit courts that have looked to the U.

Bankruptcy Code for guidance on relative priorities of shareholder claims as well as other issues arising in receiverships of financial institutions. See, e. The shareholder counsel contend that the Supreme Court's decision in Oppenheimer v. They assert that the majority of courts have rejected subordination of securities litigation claims in financial institution receiverships, and that the legislative history of the Financial Institutions Reform, Recovery, and Enforcement Act of , from which much of the structure of HERA's conservatorship and receivership regime was drawn, contradicts FHFA's proposed interpretation of HERA, citing cases such as FDIC v.

Jenkins et al. Haddad, F. Gross, F. FHFA disagrees. Oppenheimer is not controlling, fundamentally because it involved a receivership under a different statute. Resolution Trust Corp. RTC , F. The courts' decisions in Jenkins, Howard, and Hayes do not address subordination of securities litigation claims in relation to competing creditors of an institution.

They address the priority of FDIC claims against a failed bank's officers and directors relative to the claims private plaintiffs have against those same defendants.

The proposed rule and final rule do not address the priority that FHFA's claims against officers and directors of the Enterprises have versus private plaintiff claims. This rule confirms and clarifies the priority among competing claims against the Enterprises themselves. The Jenkins, Howard, and Hayes decisions do not reach that issue or contradict the proposed rule. Prohibiting capital distributions and payment of securities litigation judgments.

Shareholder counsel also asserts that HERA does not grant FHFA as conservator the authority to prohibit capital distributions or payment of securities litigation claims.

In one of their comments, shareholder counsel argued that the agency could not assert the authority to define securities litigation claims as capital distributions and to prohibit such distributions absent an express statutory grant of such authority. FHFA rejects this argument, as it ignores the fact that the Safety and Soundness Act and HERA grant FHFA broad authority as Conservator to manage the conservatorship estate, including the authority to restrict capital distributions that would cause a regulated entity to become undercapitalized.

As one of the primary objectives of conservatorship of a regulated entity would be restoring that regulated entity to a sound and solvent condition, allowing capital distributions to deplete the entity's conservatorship assets would be inconsistent with the agency's statutory goals, as they would result in removing capital at a time when the Conservator is charged with rehabilitating the regulated entity.

This express statutory grant of authority grants FHFA as Conservator authority to address capital distribution and other claims against the conservatorship estate in the manner that it deems appropriate. Shareholder counsel also asserts that HERA does not authorize the Conservator to defy or disregard a Federal court judgment.

FHFA believes that this comment misperceives both the nature of a money judgment and the role of a conservator.

CUI Category: Federal Housing Finance Non-Public Information

In the coming weeks and months, Congress may again take up the question of how best to structure the housing finance system so that it serves families well during the coming decades. As soon as this week, Sen. Nearly a decade ago, Fannie Mae and Freddie Mac, the government-sponsored enterprises GSE that promote liquidity and affordability in the housing market, teetered on the edge of bankruptcy. Since the conservatorship, dozens of publications and several bills introduced in Congress have outlined options for strengthening the housing finance system. These plans have been diverse, ranging in focus from preserving the precrisis system in its entirety to fully privatizing and upending the current system.

''(i) the Federal Housing Enterprises Financial. Safety and Soundness Act of [12 U.S.C. et seq.]; ''(ii) the Federal National Mortgage Association.

US Congress HR5223

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An act passed by the Hoover administration in that was designed to encourage home ownership by providing a source of low-cost funds for member banks to extend mortgage loans. The Federal Home Loan Bank Act was the first in a series of bills that sought to make home ownership an achievable goal for more Americans. Proponents of these measures argue that home ownership is an essential part of the American dream and that home ownership results in stronger local communities and a higher overall quality of living. However, critics claim that this long tradition of federal subsidies for mortgage loans distorted the housing market, culminating in overly lax lending standards and unnaturally high housing prices.

US Congress HR5223

No description defined. Act of Congress in the United States. Housing and Community Development Act of United States of America. George H. Freebase ID. United States Public Law.

Main Menu. Office of Federal Housing Enterprise Oversight. On July 30, , it was incorporated into the newly-created Federal housing Financing Agnecy. What it Does: As the primary regulator of the two GSEs, the OFHEO is responsible for supervising their operations and ensuring their stability, capitalization, and compliance with legal requirements and standards.

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The Federal Housing Enterprises Financial Safety and Soundness Act of The Act established the Office of Federal Housing Enterprise Oversight (OFHEO)​.

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Federal Housing Enterprises Financial Safety and Soundness Act of 1992

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