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Federal National Mortgage Association Message Board

  • peacefrommike peacefrommike Sep 12, 2013 5:32 PM Flag

    corky bill unlikely to become law

    Corker and Warner’s bill has support from 10 senators on the 22-member Senate Banking Committee. Their measure would replace Fannie Mae and Freddie Mac with a federal reinsurer that would step in only after private capital had taken least 10 percent of the first losses on mortgage securities. The government would step in with more aid during a financial catastrophe. The measure was written with technical input from the administration of President Barack Obama, who has endorsed the bill.

    The House measure is unlikely to become law because it doesn’t have any Democratic support, isn’t backed by some Republicans, and housing industry representatives are lobbying heavily against it.

    Sentiment: Strong Buy

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