OMAHA – U.S. Sen. Mike Johanns (R-Neb.) today said he is reviewing the housing finance reform legislation released by Senate Banking Committee Chairman Tim Johnson (D-SD) and Mike Crapo (R-Idaho), but is pleased steps are being taken to protect taxpayers from future bailouts. The legislation is based on a bipartisan bill Johanns worked to craft last year.
“Our nation’s housing crisis saw foreclosure rates hit all-time highs and taxpayers were required to bail out lenders Fannie Mae and Freddie Mac to the tune of $180 billion dollars,” Johanns said. “A lot has changed since then, but the fundamentals that left Americans holding the bag for other people’s risky gambles have not. That’s why I worked with my colleagues on the Banking Committee to craft bipartisan legislation that protects taxpayers, retains the 30-year mortgage and preserves the important role community-based financial institutions play. I’m pleased Chairman Johnson and Ranking Member Crapo used our bipartisan bill as a starting point for their legislation.“I’m continuing to review this legislation, but am pleased progress is being made and eager to continue working with my colleagues to get this important reform done.”
Johanns worked with Senators Bob Corker (R-Tenn.) and Mark Warner (D-Va.) to craft the bipartisan legislation Johnson and Crapo used as a foundation for starting this important discussion. The Corker-Warner-Johanns bill, S. 1217, takes taxpayers off the hook for future bailouts, preserves the 30-year fixed rate mortgage and ensures access to the mortgage market for small lenders
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