Magazine article Mortgage Banking

Senate Banking Committee to Take Another Shot at GSE Reform

Magazine article Mortgage Banking

Senate Banking Committee to Take Another Shot at GSE Reform

Article excerpt

Building on last year's efforts, Senate Banking Committee Chairman Richard Shelby (R-Alabama) said he will continue to push for consensus in order to move a strong government-sponsored enterprise (GSE) reform bill through the Senate in 2006.

GSE reform is one of more than a dozen priorities set for the Banking Committee during the second session of the 109th Congress, announced Shelby.

"Over the course of my chairmanship, I have been extremely pleased with the committee's commitment to operating in a bipartisan manner to address many of the key issues in the areas of financial services, housing and transit," Shelby said in a statement. "I look forward to working with ranking member [Paul] Sarbanes [D-Maryland] and the other members of the committee to again press forward with an aggressive agenda."

[ILLUSTRATION OMITTED]

The House passed a GSE reform bill, the Federal Housing Finance Reform Act of 2005 (H.R. 1461), in November. However, the Senate's reform bill--the Federal Housing Enterprise Regulatory Reform Act of 2005 (S. 190)--has been bogged down since it moved out of committee along a strict party-line vote over the issue of GSE mortgage portfolios (see Mortgage Banking, September 2005, p. 8; and December 2005, p. 10).

Among other things, H.R. 1461 would give the new regulator the authority to set a clear definition of the secondary mortgage market and of mortgage loan origination, effectively establishing a "bright line" between the primary and secondary mortgage markets, which the Mortgage Bankers Association (MBA) supports. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.