The Wall Street Journal online reports two top members of the U.S. Senate Banking Committee have struck a deal on a housing aid package that includes a regulatory overhaul for Fannie Mae and Freddie Mac.
Banking Committee Chairman Christopher Dodd (D., Conn.) and Richard Shelby (R., Alabama) said in a release both lawmakers support a compromise bill, reports the Journal. The Banking panel should vote on it Tuesday.
Details are sketchy, but the Journal said the compromise bill likely includes regulatory reforms for government-sponsored enterprises Fannie Mae and Freddie Mac along with a proposal for the Federal Housing Administration to insure up to $300 billion in loans, allowing struggling borrowers to refinance. The Journal says part of that money could come from an affordable housing fund created from Fannie Mae’s and Freddie Mac’s earnings.
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Time to get the government out of free markets. Take our medicine and we can heal ourselves.
Aloha,
Keahi
Those young people voting for BARACK OBAMA must realize how is he going to REPAY them — by making them RENTERS FOR NEXT FOUR YEARS. HE IS ALL FOR BAILOUTS, he will not let supply of homes come into the market so the prices stay artificially high. Say Goodbye for your American dream –the first time home owners