U.S. Sens. Mark Warner (D-Va.) and Bob Corker (R-Tenn.)introduced legislation Tuesday to reform America's housing finance system by replacing thegovernment-sponsored enterprises Fannie Mae and Freddie Mac with aprivately capitalized system.
“Housing finance is the last piece of unfinished businessremaining after the 2008 economic meltdown,” Warner said in arelease.
“We have designed thoughtful reforms that will protect taxpayersfrom future downturns while responsibly preserving the availabilityof the 30-year fixed-rate mortgage for homebuyers,” the VirginiaDemocrat said. “We believe the housing market is ready for reformslike this, and the private sector has been waiting for new rules ofthe road.”
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