Financial Services Committee Approves PATH Act

This story appeared in Bank Digest.

The House Financial Services Committee marked up and approved legislation that would reform the mortgage securitization process in the United States. The Protecting American Taxpayers and Homeowners (PATH) Act, H.R. 2767, is designed to be a comprehensive proposal to create a sustainable housing finance system by ending the federal government's domination of the housing finance market and giving consumers more choices in determining which mortgage product best suits their needs. The bill was reported out of committee by a partisan vote of 30-27. Reaction to the committee vote fell along party lines.

• H.R. 2767, the Protecting American Taxpayers and Homeowners (PATH) Act of 2013.

• Press Release.

• Committee Memorandum.

• Opening Statement Rep. Jeb Hensarling (R-Texas).

• Opening Statement Rep. Maxine Waters (D-Calif.).

• Waters (D-Calif.) Statement.

• Garrett (R-N.J.) Statement.

• Hurt (R-Va.) Statement.

• Perlmutter (D-Colo.) Statement.

• Moore (D-Wis.) Statement.

• Lynch (D-Mass.) Statement.

• Hultgren (R-Ill.) Statement.

• Stutzman (R-Ind.) Statement.