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Volume 14 - Number 6

March 21, 2014

Johnson, Crapo Issue Draft Senate GSE Reform Legislation

Sens. Tim Johnson, D-SD, and Mike Crapo, R-ID, finally delivered this week their long-awaited mortgage reform bill that provides for a wind down of Fannie Mae and Freddie Mac and create in their place a new mortgage insurance entity to act as a new federal backstop. The 442-page draft by the Chairman and Ranking Member of the Senate Banking, Housing and Urban Affairs Committee sets a five-year timeline to shut down the two GSEs, while creating the Federal Mortgage Insurance Corp., a utility that securitizes and guarantees mortgages.

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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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