WASHINGTON Sens. Sherrod Brown, D-Ohio, and David Vitter, R-La., on Friday proposed amending pending housing finance reform legislation to prevent the biggest firms from dominating a new mortgage system.
The Senate Banking Committee is scheduled on Tuesday to consider the legislation, drafted by Sens. Tim Johnson, D-S.D., chairman of the banking panel, and Mike Crapo, R-Idaho, the ranking member, to replace the current government-sponsored enterprises with a new framework. But ahead of the markup, Brown and Vitter released nine amendments to the bill aimed at concerns about the role institutions considered "too big to fail" would play in the new structure.