House keeps GSE bonus ban, mortgage disclosures in STOCK Act
Mortgage-related measures included in a bill prohibiting insider trading among members of Congress stayed on track to become law, despite debate on other parts of the legislation.
The House version of the bill, better known as the STOCK Act, passed Thursday on a 417 to 2 vote. That bill amended an earlier-approved Senate version to take out certain measures regarding "political intelligence."
Some legislators balked at the move, but the House left in sections that prohibit bonus pay at Fannie Mae and Freddie Mac as long as they're in conservatorship, and a requirement that certain high-level government officials report the terms of their mortgages.
The Senate can now vote on the House version, or the two chambers will appoint members to conference committee to hash out differences in the two bills.
Both Fannie and Freddie's CEOs will step down sometime this year, and the Federal Housing Finance Agency said it expects a "substantial decrease" in compensation for their replacements.
A House investigation also revealed at least four representatives received cheaper mortgages from Countrywide in exchange for potential policy influence.