The House Financial Services Committee last Thursday passed the Housing Reform Act of 2007 (H.R. 1427) by a vote of 45 to 19. The bill would provide for an independent regulator of the GSEs, create an Affordable Housing Fund to support rental housing and homeownership for very low-and low-income families. The proposed regulation would also raise the conforming loan limit balance. The next step was to send the bill to the House of Representatives for a vote. If it clears that hurdle, it's on to the Senate for a vote. Once it passes through the Senate, President George W. Bush could then sign it into law. Resistance against the bill is expected as opponents have sought even stricter oversight and may look to alter the language of the existing bill.

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