GSE Reform Receives Needed Boost in Senate

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May 15, 2014, 12:23 ET

WASHINGTON, May 15, 2014 /PRNewswire-USNewswire/ -- Secretary Henry Cisneros and Senators George Mitchell, Kit Bond and Mel Martinez released the following statement after today's Senate Banking Committee mark up on GSE reform. They co-chair the Bipartisan Policy Center Housing Commission.

"The Senate Banking Committee's bipartisan endorsement of the Housing Finance Reform and Taxpayer Protection Act (S. 1217) is an important milestone on the road to repairing our nation's broken mortgage system.

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"We are pleased that S. 1217 advances many of the same objectives of the plan put forward by the Bipartisan Policy Center Housing Commission. Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) have done a remarkable job examining all aspects of housing finance reform and building a bipartisan consensus. We commend them for their steadfast leadership.

"Our nation's government-dominated housing finance system is unsustainable and continues to pose unacceptable risks to our nation's taxpayers and the overall economy. At the same time, too many creditworthy families are being shut out of the mortgage market altogether, in part because the uncertainty surrounding the future architecture of our mortgage system has discouraged lending and dampened the housing market.

"We urge the administration to encourage the full Senate to consider S. 1217 as expeditiously as possible. A vigorous floor debate has the potential to lead to additional refinements that can further improve this bipartisan bill."

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SOURCE Bipartisan Policy Center