Representatives John Carney (D-DE), John K. Delaney (D-MD), and Jim Himes (D-CT) recently introduced the Partnership to Strengthen Homeownership Act (HR 5055), the latest of several housing finance reform proposals. HR 5055 would preserve the 30-year fixed rate mortgage, provide a government guarantee to mortgage-backed securities through Ginnie Mae to attract private sector capital and would shift the housing finance market away from Fannie Mae and Freddie Mac. The proposal would also spin off Fannie and Freddie’s multifamily operations with Ginnie Mae backing. HR 5055 was referred to the House Financial Services Committee, which already voted to support the PATH Act, but further action has not been announced.
Click here to read HR 5055.
