A housing finance reform bill unveiled by House Republicans July 11 would wind down Fannie Mae and Freddie Mac and also contains a number of regulatory relief provisions, including tweaks to the CFPB’s qualified mortgage rule and exam reform.
GOP panel members anxious to move measure along while Democrats ask to wait until after recess to allow public input.
WASHINGTON — NCUA Board hopeful Richard Metsger’s nomination was unanimously approved Thursday morning by the Senate Banking Committee.
Bill rolled out by House GOP last week would eliminate Fannie and Freddie and modify qualified mortgage regulations.
Thursday hearing will focus on secondary mortgage market reform bill.
Trade group says it does have some concerns while California Democrat says bill is partisan ideology and another attack on middle class.
GOP-backed measure would create the "National Mortgage Market Utility" regulated by FHFA.
Proposed rule adds some exemptions to Dodd-Frank requirements set to take effect next January.
FHFA says more than 2.5 million housing finance loans have now been done through HAP since 2009.
Sallie Mae chief responds to criticism earlier this week from Sen. Elizabeth Warren (D-Mass.)