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The 113th Congress has seen several developments in the effort to reform the housing finance system. In the House, the Protecting American Taxpayers and Homeowners Act of 2013 (PATH Act; H.R. 2767) was ordered to be reported out of the House Financial Services Committee on July 24, 2013. This report will briefly explain the different approaches to housing finance reform offered by these legislative proposals, focusing on efforts to replace Fannie Mae and Freddie Mac and reform FHA. The report does not describe every provision of the proposals but discusses major concepts and themes.

This report provides background on the government-sponsored enterprises (GSEs) reform issue, summarizes the provisions of H.R. 3221 and the Senate Banking Committee bill.

This report examines housing-related issues that have become prominent in the 110th Congress. Possibly the most visible issue is the prevalence of subprime loans and growing mortgage default and foreclosure rates. Congress has responded with numerous hearings and legislative proposals both to change the way in which the lending and home-buying industry is regulated and to assist borrowers who are facing default and foreclosure.