President Barack Obama laid out his initiative to reform the secondary mortgage market in a speech on Aug. 6 that trash talked Fannie Mae and Freddie Mac and voiced support for a Senate bill that would wind down the government sponsored enterprises and replace them with a mostly privatized system.
President rolls out his own plan to wind down Fannie and Freddie, a plan similar to Corker-Warner proposal in the Senate.
President's new plan resembles Senate measure to wind down Fannie and Freddie.
The House Financial Services Committee passed the Protecting American Taxpayers and Homeowners Act July 24 by a vote of 30-27.
House panel passes measure to eliminate Fannie Mae and Freddie Mac, largely privatize secondary mortgage market.
Democrats fail to add amendments to GSE bill after arguments over house prices.
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.
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.