Corker Statement on House Financial Services Committee Plan to Reform Housing Finance System, Wind Down Fannie and Freddie

WASHINGTON, D.C. – July 12, 2013 – (RealEstateRama) — U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking Committee, released the following statement on reports of progress in the House Financial Services Committee to reform the system of housing finance and wind down Fannie Mae and Freddie Mac.

“I’m encouraged that there’s legislation in both Houses that seeks to move us beyond Fannie and Freddie and our status quo of private gains and public losses, and I look forward to reviewing details of the House bill and also to working with all involved to move the ball forward and pass substantive legislation this Congress,” said Corker.

Last month, Corker, Senator Mark Warner, D-VA., and a bipartisan group of Senators introduced legislation to strengthen America’s housing finance system by replacing government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac with a privately capitalized system that preserves market liquidity and protects taxpayers from future economic downturns.  To date, Senators Mike Johanns, R-Neb., Jon Tester, D-Mont., Dean Heller, R-Nev., Heidi Heitkamp, D-N.D., Jerry Moran, R-Kan., Kay Hagan, D-N.C., and Mark Kirk, R-Ill., are cosponsors.

A summary of the legislation can be found here.