{
  "id": "R43219",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "R43219",
  "active": false,
  "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 431766,
      "date": "2014-06-11",
      "retrieved": "2016-04-06T22:58:29.157562",
      "title": "Selected Legislative Proposals to Reform the Housing Finance System",
      "summary": "The 113th Congress has seen several developments in the effort to reform the housing finance system. In the House, the Protecting American Taxpayers and Homeowners Act of 2013 (PATH Act; H.R. 2767) was ordered to be reported out of the House Financial Services Committee on July 24, 2013. The PATH Act proposes to wind down Fannie Mae and Freddie Mac (the government-sponsored enterprises, or GSEs) over several years. In this context, wind down refers to dissolving Fannie Mae and Freddie Mac by removing their charters and placing certain assets and liabilities into a receivership entity. It would replace them with a National Mortgage Market Utility that would facilitate private market mortgage securitization but would not provide a government guarantee. The PATH Act would retain in a modified form the existing government guarantee programs, such as the Federal Housing Administration (FHA). The act would also eliminate or delay the implementation of certain existing regulations that some believe are impeding recovery in the mortgage market. In addition, the PATH Act proposes to reform FHA by, among other things, making it an independent agency and taking steps intended to improve its finances, better target its role in the mortgage market, and increase the amount of private capital in the market.\nIn the Senate, the Housing Finance Reform and Taxpayer Protection Act (Johnson-Crapo GSE bill; S. 1217) was ordered to be reported with an amendment in the nature of a substitute by the Senate Committee on Banking, Housing, and Urban Affairs. The Johnson-Crapo GSE bill would wind down Fannie Mae and Freddie Mac and would replace the Federal Housing Finance Agency (FHFA) with a new Federal Mortgage Insurance Corporation (FMIC). The FMIC would be an independent agency charged with supporting the mortgage market and providing reinsurance on eligible mortgage-backed securities (MBS). These MBS would have an explicit government guarantee. The FMIC would only pay out on its guarantee after a significant amount of private capital absorbed the first losses. In addition, the FMIC would regulate aspects of the mortgage market related to its guaranteed MBS and would establish a new multifamily housing finance system.\nThe Johnson-Crapo GSE bill generally does not include FHA-related provisions. However, a stand-alone FHA reform bill has been introduced in the Senate. The FHA Solvency Act of 2013 (S. 1376; commonly referred to as the Johnson-Crapo FHA bill), which would reform FHA, was reported out of the Senate Committee on Banking, Housing, and Urban Affairs on July 31, 2013. The Johnson-Crapo FHA bill proposes a number of changes to FHA aimed at ensuring that FHA\u2019s single-family programs are financially sound, including a number of provisions that have been sought by FHA.\nThis report will briefly explain the different approaches to housing finance reform offered by these legislative proposals, focusing on efforts to replace Fannie Mae and Freddie Mac and reform FHA. The report does not describe every provision of the proposals but discusses major concepts and themes.",
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    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc287887/",
      "id": "R43219_2014Apr07",
      "date": "2014-04-07",
      "retrieved": "2014-06-05T20:55:02",
      "title": "Selected Legislative Proposals to Reform the Housing Finance System",
      "summary": "This report briefly explains the different approaches to housing finance reform offered by several legislative proposals, focusing on efforts to replace Fannie Mae and Freddie Mac and to reform the Federal Housing Administration (FHA).",
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
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      "topics": [
        {
          "source": "LIV",
          "id": "Housing finance",
          "name": "Housing finance"
        },
        {
          "source": "LIV",
          "id": "Mortgages",
          "name": "Mortgages"
        },
        {
          "source": "LIV",
          "id": "Mortgage banks",
          "name": "Mortgage banks"
        }
      ]
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc227926/",
      "id": "R43219_2013Sep10",
      "date": "2013-09-10",
      "retrieved": "2013-11-05T18:07:05",
      "title": "Selected Legislative Proposals to Reform the Housing Finance System",
      "summary": "This report briefly explains the different approaches to housing finance reform proposed by the three bills, focusing on efforts to replace Fannie Mae and Freddie Mac and reform FHA.",
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
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      ],
      "topics": [
        {
          "source": "LIV",
          "id": "Housing policy",
          "name": "Housing policy"
        },
        {
          "source": "LIV",
          "id": "Housing finance",
          "name": "Housing finance"
        },
        {
          "source": "LIV",
          "id": "Mortgage interest rates",
          "name": "Mortgage interest rates"
        }
      ]
    }
  ],
  "topics": [
    "Economic Policy"
  ]
}