Corker Says BPC Housing Reform Proposal Headed in Right Direction, Credits Report’s Focus on Restoring Private Mortgage Capital and Resolving Legal Limbo of Fannie & Freddie

WASHINGTON, DC – February 25, 2013 – (RealEstateRama) — Responding to a housing reform report from the Bipartisan Policy Center, U.S. Senator Bob Corker, R- Tenn., a member of the Senate Banking, Housing and Urban Affairs Committee, credited the proposal for focusing on putting “substantial private capital in front of the government” and “resolving the legal limbo” of government-sponsored enterprises Fannie Mae and Freddie Mac, which own or guarantee roughly half all mortgages in the U.S. at a total value of more than $5 trillion. Fannie and Freddie were taken into government conservatorship in 2008 and have already cost taxpayers $137 billion.

“I look forward to reviewing the report in more detail, but it appears to be headed in the right direction by putting substantial private capital in front of the government and resolving the legal limbo of the GSEs,” said Corker. “I thank them for their contribution to the conversation, and I hope we get serious and long-term reform this year.”

In the last Congress, Corker introduced legislation to responsibly unwind Fannie Mae and Freddie Mac and end dependence on the government for housing finance