Skip to main content

Newsroom

March 12, 2014

Senators Draft Housing Finance Overhaul

“WASHINGTON — The top Democrat and Republican on the Senate Banking Committee said on Tuesday that they had agreed on a plan to overhaul the nation’s housing finance system and eliminate Fannie Mae and Freddie Mac, the mortgage giants that were bailed out by taxpayers in 2008.

“The committee chairman, Tim Johnson, a Democrat from South Dakota, and Mike Crapo of Idaho, the ranking Republican, have come up with a compromise that provides an explicit government guarantee for mortgages, but only after private investors have taken the first losses. The plan would set up a new federal regulator, called the Federal Mortgage Insurance Corporation, to provide the guarantee and regulate the system.

“There is near unanimous agreement that our current housing finance system is not sustainable in the long term and reform is necessary to help strengthen and stabilize the economy,” Senator Johnson said in a news release. “This bipartisan effort will provide the market the certainty it needs, while preserving fair and affordable housing throughout the country.”

***

Read full NY Times article here.

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today