Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW: Johnson, Crapo announce housing finance reform markup
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.

Read News Now Monday for more.


RSS print
News Now LiveWire
Did you ask @CommonwealthCU CEO a fin. question on #heyKaren day? She'll answer #likeaboss http://t.co/2PgZAp9qu0 https://t.co/RySBvM4rBc
1 hours ago
Texans linebacker Cushing continues outreach, spokesman role for @FirstCommCU http://t.co/wIUGhn9okM
4 hours ago
Despite what consumers say, big banks still hold sway over market via @Marketplace http://t.co/ozH69d8soj
6 hours ago
Erie, Pa., Americo FCU CEO praises staff for actions during robbery http://t.co/yyhaPnDtXh
6 hours ago
"Shreditorial" praises good deeds of @DannemoraFedCU http://t.co/06qKe0mhzR
7 hours ago