The release of housing finance reform legislation by the two most senior members of the Senate Banking Committee was potentially a landmark step in efforts to chart a path beyond Fannie Mae and Freddie Mac.
The final fate of the legislation authored by Banking Committee Chairman Tim Johnson, D-S.D., and ranking member Mike Crapo, R-Idaho, is still very unclear. The House Republican leadership still appears to favor a very different approach, and progress for any bill dealing with the government-sponsored enterprises could be hampered by the distraction of the midterm elections. But release of the Johnson-Crapo bill which is closely based on earlier legislation by Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va. now means GSE reform may finally come up for a vote.