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.