Elizabeth Warren

A bill aiming to spur substantive reform of the government's role in housing finance was introduced Thursday by a bipartisan group of senators. The "Jumpstart GSE Reform Act" would prevent Congress from using any increase in certain fees charged by mortgage buyers Fannie Mae and Freddie Mac to offset other government spending. In addition, the U.S. Department of the Treasury would be prohibited from selling its preferred shares in Fannie and Freddie without an OK from Congress and structural housing finance reform. Critics say that Congress and the administration have been too slow on reforming Fannie and Freddie, with many concerned about partisan discord preventing meaningful progress in the near term. The GSE bill, backed by Democrats and Republicans, aims to jump-start the reform process. "We know our housing finance system is not sustainable in its current form, and this legislation will keep us on a path to accomplish real reforms. We believe that as we transition Fannie and Fred...

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