Senator Warner joined CNBC earlier today to talk about the need for a bipartisan and commonsense approach to reforming our housing financial system, which is crucial to our continued economic recovery. Senator Warner commented that many in the industry, as well as elected officials and affordable housing advocates, agree that the current system is unsustainable.

As a former venture capitalist, Senator Warner said he encourages private capital investment in housing, but “a system where there’s only private side upside and the downside [is] absorbed by the public doesn’t pass the smell test.”

He argued that the bipartisan, privately-capitalized housing system introduced in Senator’s Warner and Corker’s Housing Finance Reform and Taxpayer Protection Act, is a necessary step in the right direction which would protect taxpayers and preserve the availability of affordable mortgages for Virginia families.