Senate panel to vote on housing finance reform bill on April 29

WASHINGTON, March 28 Fri Mar 28, 2014 11:44am EDT

WASHINGTON, March 28 (Reuters) - The Senate Banking Committee said on Friday it planned to hold a formal drafting session on April 29 for legislation to wind down government-controlled mortgage financiers Fannie Mae and Freddie Mac.

Sen. Tim Johnson, the Democrat who chairs the committee, and the panel's top Republican, Sen. Mike Crapo, announced an agreement earlier this month on a draft bill that would create a industry-financed government backstop for mortgages.

The new entity would supplant Fannie Mae and Freddie Mac, which buy mortgages from lenders and repackage them as securities for investors, which they offer with a guarantee.

A spokesman for the committee said it was not clear how quickly the committee might be able to move to a final vote on the bill. Analysts say the panel's efforts are simply a step on what is likely to be a multi-year process in remaking the U.S. housing finance system. (Reporting by Timothy Ahmann; Editing by Chizu Nomiyama)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
Rudysams wrote:
EXTREME TANK CAR HAZARD
Please help First Responders ask federal Administrations to consider adding secondary containment to rail tank cars used to transport chlorine gas, providing lifesaving safety to First Responders and the public they serve. See First Responders Comments at PETITION C KIT

Mar 28, 2014 12:56pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.