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Home / Blog / Headlines & News / Mortgage Lending System May Become More Like a Public Utility

Mortgage Lending System May Become More Like a Public Utility

April 4, 2014 By Mary Catchur

Maxine Watters, Mortgage LawsThe New York Times reports that Representative Maxine Waters submitted a proposal for winding down Fannie Mae and Freddie Mac.

This is not the first proposal submitted attempting to overhaul the nation’s housing finance system.

The new system that is being proposed would make the lending system more like a public utility.

Read The New York Times article: Proposed Housing Bill Would Create a Co-op of Mortgage Lenders.

The major distinction of Ms. Waters’s proposal is that it would make the mortgage lending system more like a public utility, by creating a co-op of lenders that would be the sole issuer of mortgage-backed securities guaranteed by the government. Such a system would significantly differ from those proposed by the major bills in the Senate, which would allow banks and bond guarantors to participate independently in the market. Both Ms. Waters’s proposal and the Senate ones would establish a new federal regulator.

The Waters bill would require private backers to take the first 5 percent loss before the government guarantee kicks in. By contrast, the latest Senate bill, by the Senate Banking Committee’s chairman, Tim Johnson, a Democrat from South Dakota, and Mike Crapo of Idaho, the committee’s ranking Republican, requires private capital to take the first 10 percent loss.

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Filed Under: Headlines & News Tagged With: Fannie Mae, Freddie Mac, mortgages

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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