The House Financial Services Committee passed the Protecting American Taxpayers and Homeowners Act on July 24 by a vote of 30-27.
H.R. 2767, which now faces a vote on the floor of the House, would eliminate Fannie Mae and Freddie Mac and largely privatize the secondary mortgage market but also bring regulatory relief to credit unions.
For the most part, committee voting ran along party lines, with Republicans voting for the bill and Democrats voting against it. Two exceptions were Republicans Gary Miller of California, who is vice chairman of the committee and had previously introduced his own regulatory relief bill, and Mike Fitzgerald of Pennsylvania. Their media representatives did not respond to requests to explain why they voted against the bill.
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