The Senate Banking Committee will markup housing finance reformlegislation on Tuesday, April 29.

“After canvassing other Members of the Committee, we plan toschedule a markup of our bipartisan housing finance reform proposalon Tuesday, April 29th,” said Chairman Tim Johnson (D-S.D.).

“From the start, Members of the Committeehave been extremely engaged on the issue and have demonstrated asincere interest in advancing reform in a bipartisan manner. I lookforward to a thoughtful debate in Committee as we seek to movereform one step closer to the finish line,” he added.

Ranking Member Michael Crapo (R-Idaho) said it is critical thecommittee votes on reforming the country's broken housing system.

“We have produced a strong, bipartisan product, and I lookforward to working with my colleagues to move this legislationforward and end the five year-plus status quo,” he said.

The legislation would eliminate Fannie Mae and Freddie Mac andreplace them with a new agency called the Federal MortgageInsurance Corporation.

“New entities will be regulated by FMIC in the same manner banksare regulated by the FDIC,” according to the committee.

The bill would also establish a reinsurance fund, known as theMortgage Insurance Fund.

The committee said the legislation protects taxpayers fromfunding the aftermath of a future housing crisis and ensures30-year, fixed-rate and pre-payable mortgages remain available. Thebill would also provide equal access for lenders of all sizes tothe secondary market.