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senate Bill S. 1217

Housing Finance Reform: Goodbye to Fannie Mae and Freddie Mac, Hello to the Federal Mortgage Insurance Corporation

Argument in favor

Reduces the deficit by 5.7 billion over the next decade. Quasi-governmental entities like Fannie and Freddie are failures, and need to be retired. Would alleviate drag on lending and in turn spur the housing market.

Argument opposed

Encourages loans to non-creditworthy borrowers Drives up housing prices. Fails to adequately fund affordable housing in low-income neighborhoods. Replaces Fannie and Freddie with a new entity too similar to them.

bill Progress

  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
      Securities, Insurance, and Investment
    IntroducedJune 25th, 2013