Fannie-Freddie Bill Includes Billions for Affordable Housing
- Draft bill creates $5 billion per year in low-income subsidies
- Some Democrats are still worried about lower-income borrowers
Photographer: Jacob Kepler/Bloomberg
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A Senate bill to overhaul the U.S. mortgage-finance system would devote billions of dollars to boosting home ownership among lower-income borrowers, according to a recent draft obtained by Bloomberg News. For some left-leaning lawmakers, that won’t be enough.
The draft, the result of discussions between Tennessee Republican Bob Corker and Virginia Democrat Mark Warner, gives the clearest view yet into how the senators aim to woo progressive politicians to back their plan for addressing mortgage-giants Fannie Mae and Freddie Mac. Support from those Democrats is likely needed to meet the 60-vote threshold for passing major bills in the Senate.