Summary of Newly-Released Housing Reform Bill
As
promised last week, the leadership of the Senate Banking Committee has
released draft legislation to revamp the nation's housing finance system. Chairman Tim Johnson (D-SD) and ranking member
Mike Crapo (R-ID) said their draft builds on S 1217, the Warner-Corker bill
submitted last year. Johnson and Crapo
said their draft is designed to protect taxpayers from bearing the cost of a housing downturn; promote
stable, liquid, and efficient mortgage markets for single-family and
multifamily housing; ensure that affordable, 30-year, fixed-rate
mortgages continue to be available,
and that affordability remains a key consideration;
provide equal access for lenders of all sizes
to the secondary market; and facilitate broad availability of mortgage credit
for all eligible borrowers in all areas
and for single-family and
multifamily housing types
It doesn't sound completely insane, and I don't see giant
gift-wrapped packages to campaign supporters and key special interests
in the summary. Likely DOA.
An FDIC-type entity for mortgage lenders is an interesting idea.
No comments:
Post a Comment