A Senate bill to overhaul the U.S. mortgage-finance system would devote billions of dollars to boosting home ownership among lower-income borrowers, according to a recent draft obtained by Bloomberg News. For some left-leaning lawmakers, that won't be enough.
The draft, the product of discussions between Tennessee Republican Bob Corker and Virginia Democrat Mark Warner, gives the clearest view yet into how the senators aim to woo progressive politicians to back their plan for addressing mortgage-giants Fannie Mae and Freddie Mac. Support from those Democrats is likely needed to meet the 60-vote threshold for passing major bills in the Senate.
Corker and Warner would levy a "market access fee" on new loans. That money would be used to help build affordable rental housing and make buying homes cheaper for low- and moderate-income borrowers, according to the draft.
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