Rep. Waters Releases Housing Finance Reform Discussion Draft

Thursday, March 27, 2014 - 7:00AM

Rep. Maxine Waters, D-Calif., today released a legislative discussion draft that would replace Fannie Mae and Freddie Mac with a new, lender-owned securities issuer. The Housing Opportunities Move the Economy (HOME) Forward Act of 2014 would make the new Mortgage Securities Cooperative (MSC) the sole issuer of government-guaranteed securities, governed on a one-member, one-vote basis and capitalized by lenders based on mortgage volume. The bill would also establish the National Mortgage Finance Administration (NMFA) to oversee the federal home loan banks, and would create the Mortgage Insurance Fund to provide a federal guarantee on eligible mortgages.

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