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.
Jerry Reed, chief lending officer from the $5.3 billion Alaska USA FCU, told lawmakers during a June 18 hearing on the Consumer Financial Protection Bureau’s qualified mortgage rule that products and product features were responsible for the mortgage market meltdown, not underwriting standards.
Senate gets measure Tuesday that would shut down Fannie Mae, Freddie Mac and FHFA within five years and create new corporation similar to FDIC.
Lending officer to tell House panel on Tuesday that CFPB qualified mortgage rule severely restrict lending.
More consumer-friendly provisions of the recently passed fiscal cliff deal keep surfacing.