National mortgage reform unlikely to progress further in 2014

The Senate Banking Committee approved a bill to bring Fannie Mae and Freddie Mac to a finish with a 13-9 vote Thursday, in a further attempt to eliminate a similar taxpayer bailout in the future.

The language of the bill replaces the two government-operated companies taken over in 2008 with an industry-financed agency offering a government guarantee on mortgage bonds that would take effect when private interests took on large-scale losses.

Despite approval for the bill by the Democrat-led Banking Committee, support for the bill appears lacking in the Democrat-controlled Senate.

With Senate aides of Majority Leader Harry Reid [D-NV] expressing an unlikelihood of the bill being brought up on the floor unless Democrat support was high, and further unlikelihood of Republicans in the House of Representatives backing it, the bill should be the last instance of housing reform legislation for 2014.

Ascent combines focused experience with centralized operations oversite to create innovative solutions for municipal code violation negotiations, vacant building registration, and vendor management services across the entire United States.