May 15, 2014
Senate Banking Committee Approves Legislation that Would Overhaul the Mortgage Finance MarketThis morning, the Senate Committee on Banking, Housing and Urban Affairs convened in executive session to complete consideration of S. 1217, the Housing Finance Reform and Taxpayer Protection Act of 2013. The Committee initially began this meeting in late April, but subsequently delayed the consideration of the bill to allow Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) to try to gather more support amongst the committee’s members. "The legislation winds down and eliminates Fannie Mae and Freddie Mac and allows for a diverse set of private entities to step in and replace most of the functions of the government sponsored enterprises. The new system will be regulated by the modernized and streamlined Federal Mortgage Insurance Corporation (FMIC), modeled in part after the FDIC. It also creates a reinsurance fund, known as the Mortgage Insurance Fund, to protect taxpayers.
NAREIT will continue to participate in the national housing policy dialogue.
ContactIf you have any comments or questions, please contact NAREIT's Senior Vice President of Policy and Regulatory Affairs, Victoria Rostow, at vrostow@nareit.com. |