WASHINGTON, DC – June 26, 2013 – (RealEstateRama) — Rep. Carolyn B. Maloney (D-NY), Ranking Member of the House Financial Services Capital Markets and Government Sponsored Enterprises Subcommittee, issued the following statement upon today’s introduction of the “Housing Finance Reform and Taxpayer Protection Act of 2013” by Sens. Robert Corker (R-TN) and Mark Warner (D-VA).
“I applaud Senators Corker and Warner for their bipartisan bill to reform housing finance and protect taxpayers. The Corker-Warner bill ensures that taxpayers get paid back from their almost $200 billion bailout of Fannie Mae and Freddie Mac during the 2008 financial crisis, shrinks the government’s current 90 percent involvement in the housing finance market, and creates an independent Federal Mortgage Insurance Company to protect taxpayers against loss, similar to how the FDIC protects personal savings accounts.
“Mortgage rates are at historic lows, yet home ownership is trending downward; middle class families with solid credit who want to buy a home are being turned away. Congress must help reverse that trend and enable creditworthy, middle class Americans to have access to affordable home loans, as was the original intent of the GSEs, and boost our economy.
“The Corker-Warner bill is a promising approach to begin a serious conversation—on both sides of the aisle—about how to rebuild our nation’s housing finance system. I look forward to continuing that conversation in the House.”
Contact:
Nick Moroni (212) 860-0606
