Senator Warner joined Senator Bob Corker (R-TN) and Zillow Chief Economist Stan Humphries to talk about the Senators’ legislation to address housing finance. 

Senator Corker said his and Senator Warner’s shared background in the business world led the Senators to work together on commonsense, bipartisan legislation.

“This is the one last piece of financial regulation that hasn’t been addressed yet,” Senator Corker said. “This will transition us away from a broken system and to a more competitive and modern system. It will also keep in place 30 year mortgage and upfront risk by brokers.”

Senator Warner agreed, saying, “When you step back and look at what we had in the past. I don’t think anybody would have designed it this way…the notion that we had a company, Fannie and Freddie, that had private sector shareholders when things were going great, they made a lot of money and when stuff hit the fan, we the taxpayers picked up those losses… It makes no long term sense. 

“I think we’ve got a good starting point. There are certainly things that we can improve and we’ll do that as part of the legistlative process,” said Senator Warner. “When you have 10 co-sponsors on the Senate Banking committee that is a great start.”