Senate Banking Committee Leaders Reach Agreement on Housing Finance Reform

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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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Topics:  Fannie Mae, Freddie Mac, Housing Finance Reform

Published In: Elections & Politics Updates, Finance & Banking Updates, Residential Real Estate Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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