The Business Journals-

After a marathon markup session, the House Financial Services Committee approved legislation to wind down Fannie Mae and Freddie Mac over five years and rely on the private sector to provide a secondary market for residential real estate mortgages.

The committee approved the Protecting American Taxpayers and Homeowners Act on a party-line vote this morning after working on the bill 11 hours on Tuesday. Democrats offered numerous amendments to the bill, but all were defeated.

Besides winding down Fannie Mae and Freddie Mac, the PATH Act would limit the Federal Housing Administration’s role in housing finance to first-time homebuyers and people with low and moderate incomes.

[THE BUSINESS JOURNALS]

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