Banking Committee to Consider GSE Bill, HUD Nominees Next Week

Mortgage & Real Estate

The Senate Banking Committee is scheduled to proceed Tuesday with a highly anticipated vote on a bill to overhaul the housing finance market.

Immediately following a stack of confirmation votes—including Nani Coloretti to serve as deputy secretary at the Department of Housing and Urban Development and Gustavo Velasquez Aguilar to be an assistant secretary at HUD—the committee will proceed with its planned markup of the reform bill. It was drafted by Sens. Tim Johnson, D-S.D., chairman of the panel, and Mike Crapo, R-Idaho, the ranking member.

The announcement follows speculation in recent weeks that committee leaders were considering a delay in the hopes of winning more votes for the legislation.

The bill, which remains hotly debated, would unwind Fannie Mae and Freddie Mac and establish a new secondary mortgage market backed by a government guarantee in the event of catastrophic losses.

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