House Panel Approves Finance Reform Bill

The House Financial Services Committee recently approved a housing finance reform bill that would eliminate Fannie Mae and Freddie Mac in five years and shift the majority of lending responsibility back to the private sector. Rep. Scott Garrett (R-N.J.), a primary sponsor of the bill, stressed that the bill doesn’t end the government guarantee, which will be maintained by the Federal Housing Administration (FHA). He added that overhauling the FHA would allow for better targeting of low- and moderate-income borrowers. In order for Congress to pass a housing finance bill, lawmakers will have to select from among numerous ideas suggested by both parties, along with input from the housing industry. Read more at


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