H.R. 2428: GSE Legal Fee Reduction Act of 2011

112th Congress · introduced 2011-07-06 · Housing and Community Development · Latest: Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.

federal

Follow this bill, step by step

Where it came from: introduced 2011-07-06 · official record
Who proposed it: Rep. Neugebauer, Randy [R-TX-19] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

GSE Legal Fee Reduction Act of 2011

Plain summary

GSE Legal Fee Reduction Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to require the Director of the Federal Housing Finance Agency (FHFA) to establish requirements prescribing the procedures and terms for advancement of amounts by a government-sponsored enterprise (GSE) for qualified indemnification payments for the benefit of any entity-affiliated party. (The GSEs the FHFA supervises are the Federal National Mortgage Association [Fannie Mae], the Federal Home Loan Mortgage Corporation [Freddie Mac], the Federal Home Loan Banks, and the Office of Finance.) Requires the Director to require any GSE obligated to make such a payment to propose criteria for determining whether the liability or legal expenses for which such payment is to be made are reasonable. Requires prompt review and approval or disapproval of such proposed criteria. Requires the Director to require each GSE to adopt bylaws requiring any entity-affiliated party accused of fraud, moral turpitude, or breach of fiduciary duty to post collateral, security, bonding or other assurances of repayment. Requires the Director to prohibit a GSE from using any Treasury funds to satisfy any settlement, judgment, order, or penalty. Requires settlement costs to be satisfied out of the sale of GSE assets. Requires the Director to prohibit a GSE from entering into any consent decree or settlement of a claim, proceeding, or action involving an entity-affiliated party that will result in any qualified indemnification payments exceeding an aggregate of $1 million before 30 days after notice of the decree or settlement to specified congressional committees.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

GSE Legal Fee Reduction Act of 2011

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Neugebauer, Randy [R-TX-19] · 5 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr2428.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr2428 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112