Thursday, February 13, 2014

Hearings over, Senate Banking Committee Plans Mark Up of Mortgage Securitization Reform Legislation

With the hearing and information-gathering stage on legislation to reform mortgage securitization completed, the Senate Banking Committee is poised to mark up and approve the bi-partisan comprehensive reform legislation.. In a statement, Committee Chair Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) said that the Committee is ready to dive deep into the drafting and negotiating phase of housing finance reform and the vehicle is the Housing Finance Reform and Taxpayer Protection Act. The goal is to produce the strongest bipartisan bill possible. The legislation should strengthen the housing finance system while ensuring a level playing field for all lenders and access to credit for all creditworthy homebuyers, no matter where they live.

Members of the Banking Committee continue to provide momentum for reform by expressing interest in advancing bi-partisan legislation There is no doubt that enactment of the legislation must be based on a broad bipartisan consensus for an agreement. For these reasons, it remains the Banking Committee’s top priority and, as noted in the State of the Union Address, a priority for the President. As the Banking Committee advances the bipartisan bill, the Chair and Ranking Member are working to include smart, thoughtful ideas from all committee members, the Administration, and others who have participated in the process.