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Johnson - GSE Reform will not begin this year

Posted on 10/21/2011

Senate Banking Committee Chairman Tim Johnson (D-SD) confirmed during a hearing yesterday that reform of the housing finance system will not be undertaken in the coming months, stating that Committee work on legislation likely will take place "next year."

"I firmly believe that we need to reform our housing-finance system but I am concerned about the unintended consequences for our housing market and economy that could result," Chairman Johnson said. "A new system that eliminates the most popular and stable mortgage product in the country would be a step backward."

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