Industry News

Bill to limit Fannie, Freddie heads to US House floor

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

A bill to overhaul supervision of mortgage finance giants Fannie Mae and Freddie Mac moves to the U.S. House floor for debate this week, but amendments may be offered that would significantly alter a bipartisan deal struck in committee, Reuters reported. Two provisions remain controversial despite months of closed-door negotiations - limits on the companies' $1.5 trillion portfolios and an affordable housing fund kept flush with profits set aside by Fannie and Freddie, media reports said. A Republican plans to offer an amendment that would place limits on the companies' mortgage portfolios, as the White House and Federal Reserve Chairman Alan Greenspan have urged, Reuters said. On affordable housing, a key Democrat plans to propose a measure to strip from the bill a deal among Republicans that prohibits lobbying groups from receiving affordable housing funds, according to reports. Other amendments aimed at critical pieces of the bipartisan bill also are being weighed, congressmen, Ho...