On May 12, House Financial Services Committee members John Campbell (R-CA) and Gary Peters (D-MI) introduced the “˜”˜Housing Finance Reform Act of 2011” (HFRA), H.R. 1859. This measure would establish several private companies that would issue mortgage-backed securities explicitly guaranteed by the federal government. Prospects for the legislation are uncertain. The GSE Subcommittee Chair Representative Scott Garrett, who has long opposed any government involvement in the mortgage market, has indicated that his subcommittee is unlikely to hold a hearing or markup on that bill. Read More…