There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/24/2003)

Secondary Mortgage Market Enterprises Regulatory Improvement Act - Amends the Home Owners' Loan Act to rename the Office of Thrift Supervision as the Office of Housing Finance Supervision.

Amends the Housing and Community Development Act of 1992 to transfer supervisory and regulatory authority over specified government sponsored enterprises (Fannie Mae and Freddie Mac) to the Director of the Office of Housing Finance Supervision from the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) and from the Secretary of Housing and Urban Development.

Requires the Director to ensure that the enterprises operate in a financially safe manner and remain adequately capitalized.

Sets forth operating, administrative, and regulatory provisions, including: (1) public disclosure of information; (2) assessment authority; (3) authority to limit nonmission-related assets and set specified conforming loan limits; (4) establishment of a housing price index; (5) minimum and critical capital levels; (6) risk-based capital test; (7) capital classifications and undercapitalized enterprises; (8) receivership; (9) enforcement actions and penalties; and (10) reporting.

Sets forth retained and new authorities of the Secretary.

Abolishes the Office of Federal Housing Enterprise Oversight. Sets forth related transfer of personnel and facility and property provisions.