Yesterday, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) announced that they have reached a broad agreement to overhaul the housing finance market and wind down Fannie Mae and Freddie Mac.
Chairman Johnson and Ranking Member Crapo indicated that they plan to release draft legislative text soon and to have the Senate Banking Committee markup the bill within the next few weeks. Under the Johnson-Crapo Agreement, the new legislation will be based on the Corker-Warner bill (S.1217) that was introduced last June. Additional aspects of the Johnson-Crapo Agreement are set forth below.
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