February 06, 2014

Johnson and Crapo say GSE work continues

Sen. Tim Johnson
Sen. Mike Crapo

Feb. 7, 2014 – Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, reiterated their intention to push bipartisan housing finance reform in a statement on Wednesday.

"With the hearing and information-gathering stage behind us, our hard work continues as we dive deep into the drafting and negotiating phase of Housing Finance Reform," they wrote. "Our goal from the start has been to produce the strongest bipartisan bill possible … Members of the Banking Committee continue to provide momentum for reform by expressing interest in advancing bipartisan legislation, and we recognize that we must build a broad bipartisan consensus for an agreement to have a chance at becoming law. For these reasons, it remains the Banking Committee's top priority and as we heard last week in his State of the Union Address, a priority for the President."

During the committee's hearing on data security and Wall Street reform on Thursday, Crapo questioned the Treasury Department Under Secretary for Domestic Finance Mary Miller about housing finance reform, asking if it is a priority of the Obama administration, which she confirmed.

White House officials have recently been pushing for housing finance reform to be completed before the midterm elections. NAFCU continues to push for guaranteed credit union access to the secondary mortgage market and loan pricing that prioritizes loan quality over volume.