The House Financial Services Committee (HFSC) will hold a hearing on “A Legislative Proposal to Provide for a Sustainable Housing Finance System: The Bipartisan Housing Finance Reform Act of 2018” on Friday, Dec. 21 at 9 a.m. EST in Rayburn House Office Building, room 2128.
In September, Chairman Jeb Hensarling (R-TX) introduced The Bipartisan Housing Finance Reform Act of 2018 along with co-authors Reps. John Delaney (D-MD) and Jim Himes (D-CT). The discussion draft would repeal the charters for Fannie Mae and Freddie Mac, forcing them into the private market. The bill would also eliminate the three percent down mortgage programs of Fannie Mae and Freddie Mac, requiring borrowers to put down at least five percent to get a government-backed mortgage. Ginnie Mae would be separated from HUD and would serve as the primary government backer of all mortgages with a full and explicit government guarantee.
Chairman Hensarling and Rep. Delaney did not seek re-election in 2018.