House Announces Plans For Reform Legislation


As expected by MHARR (see, your copy of MHARR’s June 26, 2013 memorandum concerning “GSE Reform / Chattel Financing) the House Financial Services Committee announced in the below July 11, 2013 news release that it plans to introduce a House counterpart to the Warner-Corker GSE reform bill recently introduced in the Senate (S. 1217).  Titled the “Protecting American Taxpayers and Homeowners Ac” (PATH), the bill, as described by the Committee, would end the taxpayer-funded bailout of Fannie Mae and Freddie Mac; phase out the Government-Sponsored Enterprises within five years; end what the Committee terms the federal government’s “domination” of the housing finance market; and offer “consumers more choices in determining which mortgage product best suits their needs.”

As of today, the PATH bill has not yet been formally introduced.  Consequently, there is no bill number and the text has not yet been published.  Its imminent introduction, however, confirms recent speculation in Washington, D.C. that GSE reform will become a major focus for Congress during the second half of 2013.

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