Kirk Joins Banking Committee Senators on Bill to Transform Fannie Mae and Freddie Mac, Improve Housing Finance System

WASHINGTON, D.C. – July 10, 2013 – (RealEstateRama) — U.S. Senator Mark Kirk (R-Ill.) today announced his support for the Housing Finance Reform and Taxpayer Protection Act, S. 1217, led by U.S. Senators Bob Corker (R-Tenn.) and Mark Warner (D-Va.) and supported by a bipartisan group of eight members on the Senate Banking, Housing and Urban Affairs Committee. The bill would establish a new housing finance system—one void of the government-sponsored enterprises Fannie Mae and Freddie Mac that take all the private gain while exposing taxpayers to all the risk. Under the proposed legislation, the new housing finance system would be based on a greater reliance on private capital, while shielding taxpayers from loss, and maintaining a liquid mortgage marketplace