Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
735,718-296
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.94%0.02
Investments

Senate passes Stock Act with Fannie, Freddie bonus ban

A House-amended version of a congressional insider-trading bill passed the Senate Thursday, leaving in a measure that bans bonus pay at Fannie Mae and Freddie Mac.

The so-called Stock Act passed the Senate on a 96 to 3 vote, with dissent coming from Sens. Chuck Grassley, R-Iowa, Tom Coburn, R-Okla., and Richard Burr, R-N.C.

President Barack Obama said he will sign it into law, according to a White House release.

“It’s a good first step,” Obama said. “And in the months ahead, Congress should do even more to help fight the destructive influence of money in politics and rebuild the trust between Washington and the American people.

Senate Majority Leader Harry Reid, D-Nev., filed a cloture petition earlier this week to get a vote on the bill, according to Politico. The Thursday cloture vote, in effect, passed the bill out of the upper chamber of Congress.

The Senate originally passed a version of the Stock Act last month, and then the House passed its own version, which included the bonus elimination, but some senators scoffed at other things left out of that bill.

The Federal Housing Finance Agency said earlier this month it would reduce salaries for GSE executives, though they are above what other House and Senate measures have proposed.

Compensation also still includes deferred payments that boost potential pay to $30.73 million for the top 10 executives in 2012.

The Stock Act, now approved by both chambers, also includes a provision that requires certain federal officials, including legislators, to disclose the terms of their home mortgages.

ascoggin@housingwire.com

@AScoggin

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please