Democrat “Gang Of Six” Say No To Housing Finance Overhaul (Johnson-Crapo)

Confounded Interest

May 8, 2014, by Tony Sanders

Fannie Mae and Freddie Mac, the government mortgage giants, were placed into conservatorship back in 2008 by then FHFA Director James Lockhart. It is now 2014 and the best Congress (or at least the Senate) can come up with to replace Fannie Mae and Freddie Mac is Johnson-Crapo.

Johnson-Crapo is a compromise piece of legislation rather than an inspired design. It may have started as an inspired design, but the result is a hodgepodge of political compromises to attract dubious progressive Senators like the housing finance “Gang of Six” (Charles Schumer of New York, Sherrod Brown of Ohio, Jeff Merkley of Oregon, Robert Menendez of New Jersey, Elizabeth Warren of Massachusetts, and Jack Reed of Rhode Island).

Full Article: Democrat “Gang Of Six” Say No To Housing Finance Overhaul (Johnson-Crapo)