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After years of housing finance reform efforts languishing in Congress, a draft bill by Sens. Bob Corker, R-Tenn. and Mark Warner, D-Va., appears poised to become the catalyst for finally moving ahead on a way to overhaul Fannie Mae and Freddie Mac.
June 7 -
A draft of the bill from Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., has begun circulating on Capitol Hill. The legislation would set up a new housing finance system and calls for the dissolution of Fannie Mae and Freddie Mac.
June 6 -
A bipartisan group of senators led by Sen. Bob Corker, R-Tenn., is drafting legislation designed to reform the housing finance system, including a plan to wind down the government-sponsored enterprises.
May 24
WASHINGTON Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., are scheduled to introduce their highly anticipated bill to reform the mortgage finance system on Tuesday, a spokeswoman from Warners office confirmed Monday night.
The bill is expected to call for the unwinding of Fannie Mae and Freddie Mac to be replaced with a new system under which private market entities would purchase loans from originators, bundle them and provide credit guarantees, according to a discussion draft of the bill that leaked earlier this month. Private mortgage insurers would be in the first loss position, with the government providing a catastrophic backstop under a new agency, the Federal Mortgage Insurance Corporation.
The bill is expected to attract several cosponsors from both parties, including Sens. Jon Tester, D-Mont., and Mike Johanns, R-Neb., according to spokespeople from their offices.
