House Panel Votes for Standards on Mortgage-Backed Securities
Stock Chart for Federal Home Loan Mortgage Corp (FMCC)
A U.S. House subcommittee advanced legislation that would require regulators to establish standards for mortgage-backed securities.
The Financial Services Committee’s Capital Markets panel voted 18-15 today for the measure.
The requirement is part of a package of bills from House Republicans aimed at dismantling Fannie Mae (FNMA) and Freddie Mac (FMCC), the mortgage-finance companies that have operated under U.S. conservatorship since they were seized in September 2008. The government-sponsored enterprises, which own or guarantee almost half of U.S. home loans, have drawn more than $170 billion from a Treasury Department lifeline.
The bills must win approval from the full Financial Services Committee before they can be considered by the House.
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