All these people -from the Administration to Congress- have sold their souls to the devil banks. That's why banks have kept quiet while housing reform bills keep coming up. Banks are the silent protagonists which politicians refer to as "private capital". I would not be surprised to one day hear a conspiracy theory by which Banks have agreed to be sued by the government -costing them big bucks- only to receive the entire mortgage business after reform.
Did Phil S forget to mention that he was working on the bill behind the scenes at the drafting stages? Technically, it may have actually been Corker Warner, but not a big difference.