WASHINGTON (7/22/13, UPDATED 4:15 p.m. ET)--The Protecting American Taxpayers and Homeowners--or PATH--Act, unveiled by House Financial Services Committee Chair Jeb Hensarling (R-Texas) on July 11, has now been formally introduced in the House.
It was introduced by Rep. Scott Garrett, a Republican representing New Jersey.
The housing finance reform bill, now H.R. 2767, was subject to a Financial Services Committee hearing last week and is scheduled for markup starting tomorrow morning at 10:15 a.m. (ET).
During last week's hearing, it was clear that there was a partisan divide regarding support for the bill. Republican committee members mostly hailed it as the way to "create a sustainable housing finance system." Many Democrats expressed worry that it would kill availability of the traditional 30-year, fixed rate mortgage for many Americans.
Also on housing, on the Senate side, Credit Union National Association Chief Economist Bill Hampel is scheduled to testify Tuesday before a Senate Banking subcommittee on the topic of "Creating a Housing Finance System Built to Last: Ensuring Access for Community Institutions."