Paul Jackson over at Housing Wire wrote an interesting article the other day on the progress in of the housing bill circulating in the Senate. Looks like a senator from Alabama is being a real pain in the… umm… neck. Here are some excerpts:
Congressional Democrats’ efforts to push through a housing aid bill that would expand the Federal Housing Adminstration’s authority to insure refinancing of troubled mortgages hit a snag Friday morning, with Senate Banking, Housing and Urban Affairs Chairman Chris Dodd (D-CT) tabling a planned May 6 markup of his FHA bill and a long-stalled proposal to revamp regulation of mortgage finance giants Fannie Mae and Freddie Mac.
Dodd’s FHA proposal is an analog to a similar proposal by House Financial Services Committee Chairman Barney Frank (D-MA) that was approved by a 46-21 margin earlier in the week.
The roadblock in this case appears to be primarily one man: Sen. Richard Shelby (R-Ala.), the ranking Republican on the Senate Banking Committee
…
Many Republicans and the White House have softened their previously hard stance towards Fannie and Freddie amid the housing crisis — with the notable exception of Shelby, we’re told. The House long ago passed its version of GSE reform, which received White House support, but Shelby’s staunch opposition has kept the Senate’s version of the bill stuck in the Banking Committee.