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Warner Working On Housing Reform Bill

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In this photo from 2009, Sen. Mark Warner talks on the phone with Col. Van T. Barfoot, a Richmond-area Medal of Honor winner who faces legal challenges from his community's homeowner's association over the flagpole in his yard.
Photo by Riki Parikh/Sen. Mark Warner's Office: http://flic.kr/p/7k6EV3
In this photo from 2009, Sen. Mark Warner talks on the phone with Col. Van T. Barfoot, a Richmond-area Medal of Honor winner who faces legal challenges from his community's homeowner's association over the flagpole in his yard.

There hasn't been much bipartisanship happening in today's Congress, but Virginia Democratic Sen. Mark Warner has been quietly working behind the scenes to craft a housing reform measure that's supported by four Democrats and four Republicans.

The bill would unwind housing giants Fannie Mae and Freddie Mac, while also setting up a new federal mortgage agency. It would also mandate new capital requirements, which Warner says helps protect taxpayers in the case of another housing collapse.

"The great thing about the free-enterprise system is there are risk and rewards to making any investment, but the current structure right now has all of those profits swept into the treasury," he says.

Critics say the legislation doesn't do enough to get the government out of the U.S. housing market. It's unclear if the full Senate will ever take a vote on the measure.

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