The legislation likely will pass the House, but appears to have no chance in the Senate
that was a quote...so like the coker/poker bill...fmcc lives!!
the article goes on:
Groups representing the housing industry oppose the bill in its current form, because they contend a federal backstop for mortgages -- such as that now provided by Fannie Mae and Freddie Mac -- is needed to keep credit flowing.
The National Association of Home Builders agrees with House Republicans that private capital should dominate the housing credit market. But federal support will still be needed in emergencies, it contends.
"The historical record clearly shows that the private sector is not capable of providing a consistent and adequate supply of housing credit without a federal backstop," said Jerry Howard, CEO of NAHB.
The National Association of Realtors says it supports winding down Fannie Mae and Freddie Mac, and backs the bill's creation of a new entity that would support the secondary mortgage market. But it opposes the PATH Act because it doesn't include an explicit federal guarartee for mortgages and goes too far in reforming the FHA.
"We believe a government guarantee is necessary to create stability in housing finance markets, and to ensure the continued availability of 30-year fixed-rate mortgages for all qualified borrowers -- not just those with a high down payment and very high credit score," said NAR President Gary Thomas.
"The PATH Act will jeopardize the ability of American families to purchase a home, as well as the future of the housing industry itself," Thomas contends.
The Senate is considering a different approach to housing finance reform. The Housing Finance Reform and Taxpayer Protection Act also would wind down Fannie Mae and Freddie Mac, but replace it with a Federal Mortage Insurance Corp. The FMIC would provide insurance on mortgage-backed securities and collect premiums from issuers
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