Trade group says it does have some concerns while California Democrat says bill is partisan ideology and another attack on middle class.
Sens. Mark Warner (D-Va.) and Bob Corker (R-Tenn.) introduced legislation June 26 that would reform America’s housing finance system by replacing the government-sponsored enterprises Fannie Mae and Freddie Mac with a privately capitalized system.
Senate gets measure Tuesday that would shut down Fannie Mae, Freddie Mac and FHFA within five years and create new corporation similar to FDIC.
Ever since Rep. Jeb Hensarling (R-Texas) and Rep. Maxine Waters (D-Calif.) were named the chairman and ranking member of the House Financial Services Committee late last year, Capitol Hill observers have waited for the two members of Congress and their polar opposite ideologies to clash publicly.
NAFCU, CUNA join bankers, real estate lobby in supporting move to stop Fannie Mae, Freddie Mac fees going to pay off deficit.
Despite what almost everyone agrees is the deep importance of the topic, credit unions have become largely ambivalent about reforming the secondary mortgage market and uncertain about potentially disrupting a system which seems to be working well, according to executives with credit union organizations familiar with the issue.
The Federal Housing Finance Agency has delivered a strategic plan for Fannie Mae and Freddie Mac.
So much to do, so many potential distractions. That’s the outlook facing Congress as it returns to work after its holiday break.
The House Banking Committee focused on oversight and trying to undo or modify some of President Obama’s initiatives while the Senate Banking Committee focused on less sweeping efforts in 2011.
Democratic House members won’t pick a successor to retiring Rep. Barney Frank (D-Mass.) in the top spot on the House Financial Services Committee for a year, and it’s far from a sure thing that the member next in line, Rep. Maxine Waters (D-Calif.), will get the nod.