Hagan Co-Sponsors Bipartisan Bill to Modernize and Reform Broken Housing Finance System

Washington, DC – July 16, 2013 – (RealEstateRama) — U.S. Senator Kay Hagan is introducing bipartisan legislation with eight of her Senate Banking Committee colleagues to modernize and reform the country’s broken housing finance system. The Housing Finance Reform and Taxpayer Protection Act winds down Fannie Mae and Freddie Mac-two government sponsored enterprises that have been in conservatorship for almost five years – and replaces them with a system that preserves liquidity in the mortgage market and protects taxpayers from future economic downturns.