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Leaked Draft Housing Finance Reform Legislation by Senators Bob Corker (R-TN) and Mark Warner (D-VA).

Published on February 2, 2018
Leaked Draft Housing Finance Reform Legislation by Senators Bob Corker (R-TN) and Mark Warner (D-VA).

In February 2018, a draft housing finance reform proposal being developed by Senators Bob Corker (R-TN) and Mark Warner (D-VA) began circulating in Washington. Corkerā€™s and Warnerā€™s offices confirmed the leaked draftā€™s authenticity but stressed that it did not reflect recent changes they have made to the legislation. The proposal would wind down Fannie Mae and Freddie Mac and establish a system with multiple private entity guarantors that would apply to the Federal Housing Finance Agency (FHFA) for approval to purchase government insurance for qualified single-family and multifamily mortgage-backed securities (MBS) from Ginnie Mae. The Ginnie Mae insurance would be largely the same as the insurance it currently provides on MBS comprised of federal program loans.