John Sarbanes: “on August 1, 2001, the Committee on Banking, Housing and Urban Affairs took up the Mark-to-Market Extension Act of 2001.…”

“on August 1, 2001, the Committee on Banking, Housing and Urban Affairs took up the Mark-to-Market Extension Act of 2001. I introduced the Mark-to-Market Extension Act of 2001 along with Senators Reed and Allard, the chair and ranking member of the Housing and Transportation Subcommittee. The bill passed the committee by a 21- 0 vote with an amendment offered by Senator Allard. The amendment would require the GAO, through a series of reports, to update Congress on the performance of the mark-to-market program. The bill makes some modest changes in the program, which was originally passed in 1997 on a bipartisan basis. The changes incorporate almost all of the suggestions made by HUD's Office of Multifamily Housing Assistance Restructuring (OHMAR) as well as a number provided by other stakeholders at our June 19 hearing, including the General Accounting Office (GAO). The GAO's thorough review of the program has proven invaluable, and we will look to them to continue to work with us to keep things on track.”