The Senate Banking Committee will markup housing finance reform legislation on Tuesday, April 29.
“After canvassing other Members of the Committee, we plan to schedule a markup of our bipartisan housing finance reform proposal on Tuesday, April 29th,” said Chairman Tim Johnson (D-S.D.).
“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. I look forward to a thoughtful debate in Committee as we seek to move reform one step closer to the finish line,” he added.
Ranking Member Michael Crapo (R-Idaho) said it is critical the committee votes on reforming the country's broken housing system.
“We have produced a strong, bipartisan product, and I look forward to working with my colleagues to move this legislation forward and end the five year-plus status quo,” he said.
The legislation would eliminate Fannie Mae and Freddie Mac and replace them with a new agency called the Federal Mortgage Insurance Corporation.
“New entities will be regulated by FMIC in the same manner banks are regulated by the FDIC,” according to the committee.
The bill would also establish a reinsurance fund, known as the Mortgage Insurance Fund.
The committee said the legislation protects taxpayers from funding the aftermath of a future housing crisis and ensures 30-year, fixed-rate and pre-payable mortgages remain available. The bill would also provide equal access for lenders of all sizes to the secondary market.
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