Senate Likely to Take Up Mortgage Issues this Week

By Brandon Ivey

bivey@imfpubs.com
The Senate will likely vote on mortgage-related issues this week before breaking for the August recess, according to industry analysts.
On Wednesday, the Senate Banking Committee Chairman is scheduled to markup S. 1376, “The FHA Solvency Act of 2013,” a bill with bipartisan support. The full Senate could also vote on the bill as soon as this week, according to the Mortgage Bankers Association.
The House appears less likely to vote on standalone FHA reform legislation as Republicans are pushing for a comprehensive overhaul of the housing finance system.
The MBA said the Senate could also vote on S. 1217, “The Housing Reform and Taxpayer Protection Act of 2013,” a bill from Sens. Bob Corker, R-TN, and Mark Warner, D-VA, to reform the government-sponsored enterprises. The bill faces resistance from Republican leaders in the House who are working to establish successors to the GSEs without a government guarantee.
And the Senate could vote on the nomination of Rep. Mel Watt, D-NC, as director of the Federal Housing Finance Agency. It remains unclear at this point if there are 60 Senators in favor of Watt’s nomination.