Nov 10, 2011
Senator announces detailed 10-year housing-market plan
10 Nov 2011
Posted by Andrew Kantor
In a bill he introduced to “unwind” Fannie and Freddie, U.S. Sen. Bob Corker (R.-Tenn.) included a proposal that would create an alternative to MERS — a national mortgage registration system that would make tracking and verifying property ownership much simpler.
Corker’s other proposals in the bill include a 10-year transition plan for removing Fannie and Freddie from the mortgage market, and mortgage-performance transparency in the form of “an industry-financed database that makes uniform performance and origination data on mortgages available to the public through the Federal Housing Finance Agency.”
Details of Corker’s Residential Mortgage Market Privatization and Standardization Act are available on his Web site.