WASHINGTON (3/28/14, UPDATED 11:54 a.m. ET)--On April 29 at 10 a.m. (ET) the Senate Banking Committee will markup its housing finance reform legislation, according to an announcement by the committee chairman, Sen. Tim Johnson (D-S.D.), and its ranking Republican member, Sen. Mike Crapo (R-Idaho).
It was just earlier this month that the senators unveiled their housing finance reform proposal--hailing its bipartisan backing.
The new bill used the Corker-Warner bill (S.1217) as its framework and it is intended to:
- Protect taxpayers from bearing the cost of housing downturns;
- Promote stable, liquid, and efficient mortgage markets for single-family and multifamily housing;
- Ensure that affordable, 30-year, fixed-rate, prepayable mortgages continue to be available, and that affordability remains an important consideration;
- Provide equal access for lenders of all sizes to the secondary market;
- Facilitate broad availability of mortgage credit for eligible borrowers in all areas and for single family and multifamily housing types.
The Johnson-Crapo draft bill is a lengthy, 425 pages of reforms.
When the bill was released, the Credit Union National Association confirmed that it contained an important modification from an earlier draft bill. A cap for membership in a mutual securitization company was drastically increased, as recommended by CUNA in testimony last November and in meetings with legislative staff on Capitol Hill.
Monday for more.