Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
New: House GSE Reform Bill Is Unveiled
WASHINGTON (7/11/13, UPDATE 12:34 P.M. ET)--The chairman of the House Financial Services Committee, Rep. Jeb Hensarling (R-Texas), and others of the committee's leadership unveiled a bill today they say is intended to "create a sustainable housing finance system."

The Protecting American Taxpayers and Homeowners--or PATH--Act would:
  • Phase out government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac within five years;
  • Increase competition by ending the federal government's domination of the housing finance market; and
  • Give consumers more choices in determining which mortgage product best suits their needs.
Hensarling also announced today the Financial Services Committee will meet on Thursday, July 18 to hold a hearing on the PATH Act.

On the Senate side last month, several senators co-sponsored bipartisan legislation that would wind down Fannie Mae and Freddie Mac and replace them with a new mortgage guarantor, the Federal Mortgage Insurance Corporation (FMIC). 

It was introduced by Sens. Bob Corker (R-Tenn.), Mark Warner (D-Va.), Mike Johanns (R-Neb.), Jon Tester (D-Mont.), Dean Heller (R-Nev.), Heidi Heitkamp (D-N.D.), Jerry Moran (R-Kan.) and Kay Hagan (D-N.C.).

Watch News Now Friday for more on the bill.


RSS





print
News Now LiveWire
NY @NYGovCuomo signs historic FOM law @NYCUAtweets http://t.co/NMTlgkpYqs
42 minutes ago
Shop for Miracles day nets $450K for CUs for Kids #NewsNow #System http://t.co/N809BLkzGP
48 minutes ago
2 Calif. #creditunions on why the #IOLTA reg relief bill is important. See #NewsNow http://t.co/TvBTGR3qed
53 minutes ago
Sony hack linked to N. Korea, says U.S.intelligence via @nytimes http://t.co/fE3PtMgEFz
15 hours ago
.@CUNAMutualGroup Klewin shares final thoughts, forecast on lending regulations with @cumagazine before retiring http://t.co/v78QY3QwqB
18 hours ago