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Proposed Senate bill establishes new housing finance framework
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Legislation, Securitization
Friday, June 28, 2013
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A bi-partisan group of Senators introduced legislation intended to wind down government sponsored enterprises Fannie Mae and Freddie Mac and promote the return of private capital to the housing finance system. The bill would establish a new government entity, the Federal Mortgage Insurance Corp., to provide backstop insurance while mandating that private capital would bear the first risk of loss associated with mortgage backed securities issued through the FMIC. Read on for the details.
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