Markup Scheduled for Bipartisan Housing Finance Reform

April 1, 2014

Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) announced the committee will markup bipartisan housing finance reform on Tuesday, April 29. “From the start, Members of the Committee have been extremely engaged on the issue and have demonstrated a sincere interest in advancing reform in a bipartisan manner,” Johnson said. “I look forward to a thoughtful debate in Committee as we seek to move reform one step closer to the finish line.”

In March, Johnson and Crapo unveiled a bipartisan housing finance reform proposal that used Sen. Bob Corker and Mark Warner’s bill (S.1217) as the framework. Johnson and Crapo’s proposal is designed to protect taxpayers from bearing the cost of a housing downturn; promote stable, liquid, and efficient mortgage markets for single-family and multifamily housing; ensure that affordable, 30-year, fixed-rate, prepayable mortgages continue to be available, and that affordability remains an important consideration; provide equal access for lenders of all sizes to the secondary market; facilitate broad availability of mortgage credit for eligible borrowers in all areas and for single family and multifamily housing types.

As introduced, ALTA was successful on its main focus to ensure that the bill includes standards requiring title insurance in the future housing finance system.

The legislative text can be foundhere, the section-by-section of the legislation can be foundhere and a detailed summary can be found here.