Sens. Tim Johnson (D-S.D.) and Mike Crapo (R-Idaho) want future mortgage backed securities insured and regulated much like bank or credit union deposits.
Their proposal for a reformed secondary mortgage market, released Tuesday, also envisioned credit unions and community banks sharing a “mutual cooperative jointly owned by small lenders” that would guarantee them access to the new secondary market.
The proposal also preserved the 30-year fixed rate mortgage.
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