House GOP Bill Would Remove Gov't Mortgage Guarantee

Law360, New York (July 11, 2013, 4:19 PM EDT) -- House Republicans on Thursday proposed housing finance reform legislation that would eliminate Fannie Mae and Freddie Mac within five years and all but remove the government guarantee on mortgages, putting it at odds with a Senate bill tackling the issue.

Under the Protecting American Taxpayers and Homeowners, or PATH Act, proposed by House Financial Services Chairman Jeb Hensarling, R-Texas, Fannie Mae and Freddie Mac would be wound down over five years and placed into receivership.

Rather than replacing their function of guaranteeing mortgages and mortgage-backed securities,...
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