Corker-Warner bill a triple threat to recovery, trio says

Washington DC Consumer Credit Counseling Service | (800) 254-4100 Corker-Warner Bill Introduced Today Home / Legislative Updates / Corker-Warner Bill Introduced Today Today, Senators Bob Corker (R-TN) and Mark Warner (D-VA) introduced legislation that, if passed, would have a direct impact on the real estate investment world.

Senators Bob Corker (R-TN) and Mark Warner (D-VA) were interviewed as part of the New York Times "TimesTalks" series. They talked about bipartisanship. Other topics included Republican efforts to overhaul the federal tax code. Senator Corker (R-TN) said he would vote no on the tax reform bill if he feels that it would add to the deficit. close.

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The Corker-Warner bill does a creditable job certainly the best of any current proposal for a government-backed system in insulating the taxpayers from risk. But Congress has to face the fact, made plain by what happened with Fannie Mae and Freddie Mac that any plan in which the government covers "catastrophic losses" is fatally flawed.

Achieving housing finance reform received a major boost when Senate Banking Committee Chairman Tim Johnson (D-SD) and ranking member Mike Crapo (R-ID) recently unveiled their long-awaited reform proposal. Over the past year, Senators Johnson and Crapo have convened an extensive series of hearings examining the key elements of a new housing finance system.

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