Posted To: MND NewsWire
The Senate Committee on Banking, Housing, and Urban Affairs held its first day of a two-day hearing on housing finance reform on Tuesday. The focus was an outline for reform produced by Committee Chair Mike Crapo (R-Idaho) which was covered here in February. Crapo's prepared remarks pointed out that ten years after the government put the GSEs Fannie Mae and Freddie Mac into conservatorship, they remain "stuck [there] with taxpayers still on the hook in the event of a housing market downturn. It appears that the old, failed status quo is slowly beginning to take hold again, with the government in some ways expanding its reach even further, entering new markets where it has never been before." Today, Fannie and Freddie, along with government-insured mortgages, dominate the mortgage market. Approximately...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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