The Senate Banking Committee is developing housing finance reform legislation introduced in the Senate (S. 1217) by Bob Corker (R-TN) and Mark Warner (D-VA). Senate Majority Leader Harry Reid (D-NV) has indicated he opposes the plan abolishing the GSEs, asserting it would become too difficult for many to purchase a home. House legislation’s future is also unclear. The PATH Act developed by House Financial Services Committee Chairman Jeb Hensarling (R-TX) and supported by the Manufactured Housing Institute (MHI) and Texas Manufactured Housing Association (TMHA), contains revisions to Dodd-Frank to eliminate Fannie Mae and Freddie Mac and replace them with a new securitization utility without any governmental backstop, unlike unlike the Corker-Warner bill. Sources at MHI, TMHA and others will keep MHProNews informed on such important and closely monitored efforts. ##

(Photo Credit, Harry Reid: WikiCommons)