The bill, crafted by Senate Banking Committee Chairman Tim Johnson (D-S.D.) and panel ranking member Mike Crapo (R-Idaho), would eventually dissolve Fannie and Freddie and replace them with the Federal Mortgage Insurance Corp. (FMIC). “This proposal includes an explicit government guarantee in order to add stability to the economy, keep costs reasonable for borrowers and renters, and ensure fair access to the secondary market for all lenders, Johnson said. We also include important provisions that will preserve the 30-year mortgage, as well as fair and affordable housing options for buyers and renters alike. How does replacing the boogie man with the big bad wolf make a difference to middle-class home buyers?
Posted on: Mon, 17 Mar 2014 17:07:04 +0000
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