Maxine Waters to Counter Hensarling’s PATH Act with Her Own GSE Bill
On September 11, Inside Mortgage Finance published an article titled Maxine Waters to Counter Hensarling’s PATH Act With Her Own GSE Bill.
Maxine Waters to Counter Hensarling’s PATH Act With Her Own GSE Bill
The top Democrat on the House Financial Services Committee is drafting her own GSE reform bill as an alternative to Republican legislation that was rammed through committee earlier this summer only to go nowhere on the House floor.
Rep. Maxine Waters, D-CA, noted during a speech at a National Association of Federal Credit Unions conference this week that she is seeking industry input for her bill that would be “quite different” from the Protecting American Taxpayers and Homeowners Act, sponsored by Committee Chairman Jeb Hensarling, R-TX.
Waters said her legislation would seek an “alternative approach” in keeping with a set of principles House Democrats issued in July. In addition to preserving the 30-year fixed-rate mortgage, Democrats aim to establish a system with an explicit government guaranty paid for by the private sector while maintaining certain regulations that the House GOP wants to eliminate.
Hensarling has been working to gather the necessary 218 House votes required for passage since he managed to muscle his PATH Act through committee largely along party lines in July. However, House Majority Leader Eric Cantor, R-VA, conspicuously omitted any mention of PATH in the memo sent out to House GOP members late last week detailing the party’s legislative agenda through October.
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