A bill from Republicans including House Financial Services Committee Chairman Jeb Hensarling, R-Texas, would reorganize the housing-finance system by winding down Fannie Mae and Freddie Mac over five years and revamping the Federal Housing Administration. "The American people want a housing policy that is focused on taxpayers, focused on homeowners -- existing and would-be," Hensarling said. "As much as we all respect those who build our homes and sell our homes, we will not have a policy that is principally designed for the housing industry."

Related Summaries