A Closer Look at the Johnson-Crapo Housing Reform Bill

June 3, 2014,

Senator Tim Johnson and Mike Crapo first introduced the bill in hopes of changing the way Americans buy their homes. The bill proposes to wind down government-sponsored enterprises Freddie Mac and Frannie Mae and replace them with a new government agency known as the Federal Mortgage Insurance Corporation (FMIC).  The FMIC will act as a new federal regulator of the mortgage industry to be able to monitor the safety of several financial institutions. The new agency will also administer a special refund to cover losses on mortgage-backed securities.

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