Sen. Mark Warner Leads Proposal To Reform Fannie Mae And Freddie Mac | WAMU 88.5 - American University Radio

WAMU 88.5 : News

Filed Under:

Sen. Mark Warner Leads Proposal To Reform Fannie Mae And Freddie Mac

Sen. Mark Warner is one of two senators behind a proposal to reform housing finance.
http://www.flickr.com/photos/99781513@N04/13126140905/
Sen. Mark Warner is one of two senators behind a proposal to reform housing finance.

Virginia Democratic Senator Mark Warner is helping lead a proposal through the upper chamber to overhaul Fanny Mae and Freddie Mac.

After the great recession, Democrats ushered through the Dodd-Frank Wall Street reform, which put restrictions on big financial institutions. But Senator Warner says that act fell short because it didn't focus on the housing market.

"The last part of financial reform is trying to make our housing finance system adequate for the 21st century," Sen. Warner says.

Warner says the current system allowed private shareholders to make money when times were good but put taxpayers on the hook for more than $180 billion during the economic downturn. The new plan that has bipartisan support in the Senate calls for unwinding Fannie Mae and Freddie Mac, which Warner says is necessary.

"Make sure that there's more private capital up front so when the downturns come, private capital takes the first hit rather than the taxpayers," Warner says.

Warner and Tennessee Republican Senator Bob Corker helped draft the initial proposal that's now been tweaked and signed off on by the heads of the banking committee.

NPR

Raising A Birthday Glass To Comics King Jack Kirby

This Thursday is comics legend Jack Kirby's birthday; the creator of Captain America would have been 97. Comics stores and creators all over the country are hosting celebrations in his honor.
NPR

How Foster Farms Is Solving The Case Of The Mystery Salmonella

Foster Farms has been accused of poisoning its customers with salmonella bacteria. But in recent months, the company has become a leader in the poultry industry's fight against the foodborne pathogen.
NPR

Colo. Democrats Bet On Immigration To Boost Udall's Re-Election Bid

Sen. Mark Udall's campaign has been hitting Republican Rep. Cory Gardner hard on the issue, and the state's Latino community is once again thought to be the constituency that could decide the race.
NPR

Science Crowns Mozzarella The King Of Pizza Cheese

Why do some cheeses melt and caramelize better than others? Researchers used high-tech cameras and special software to figure it out.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.