In an unconventional move, legislation designed to reshape the nation's $10 trillion housing finance market was released last Sunday (March 16th). Since then, reactions to proposed broad changes have ranged from strong support to 'wait-and-see, and outright opposition.
According to the bill's authors, Sen. Tim Johnson, chair of Senate Banking Committee and Sen. Mike Crapo, the committee's ranking member, the rare weekend release was the result of months of effort to accommodate varied input to secure bipartisan support and move the proposal forward – in time for a full Senate vote by November.
In a news release, Chairman Johnson said, "This proposal includes an explicit guarantee in order to add stability to the economy, keep costs reasonable for borrowers and renters, and ensure fair access to the secondary market for all lenders."
- Written by Charlene Crowell