WASHINGTON (7/25/13)--House Financial Services Committee members on Wednesday approved the "Protecting American Taxpayers and Homeowner (PATH) Act of 2013" (H.R. 2767) on a 30-27 vote that mainly split along party lines. The bill may now be considered by the full U.S. House.
Technical amendments were added to the original bill during the markup process, which began on Tuesday. Importantly for credit unions, the approved bill contains regulatory relief provisions strongly supported by the Credit Union National Association, including a provision to delay the mandatory implementation of all Dodd-Frank Act mortgage rules for an additional year.
The PATH Act also would:
Phase out government-sponsored enterprises Fannie Mae and Freddie Mac within five years;
End the federal government guarantee and reduce government involvement in the housing finance system; and
Give consumers more choices in determining which mortgage product best suits their needs.