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's new plan resembles Senate measure to wind down Fannie and Freddie.
Hampel will appear at first hearing on Senate GSE Reform legislation.
GOP panel members anxious to move measure along while Democrats ask to wait until after recess to allow public input.
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.
CUNA economist on panel of industry experts selected by Rep. Maxine Waters (D-Calif.) to discuss finance reform legislation.
Senate gets measure Tuesday that would shut down Fannie Mae, Freddie Mac and FHFA within five years and create new corporation similar to FDIC.
Although some of the names are still unofficial, party choices for Senate committees that affect credit unions are starting to emerge.
Bill would require NCUA and others to first gain approval from OMB before issuing new regulations.
A bill that could reduce the ability of the CFPB and NCUA to issue new regulations has some traction, NAFCU's chief lobbyist said.