Senators Reach Bipartisan Agreement on FHA Reform Bill

Senate Banking Committee chairman Tim Johnson, D-S.D., and Sen. Mike Crapo, R-Idaho, have reached an agreement on a measure to shore up the Federal Housing Administration, which they plan to release next week.

“After months of hard work we have reached bipartisan agreement on a path forward to give the FHA the tools it needs to get back on stable footing,” the senators said a joint statement. Crapo is the ranking Republican senator on the banking committee.

“We believe we have found solid common ground and are optimistic that we will be able to move this bipartisan legislation forward expeditiously,” they said.

Rumors were circulating that Johnson would release a FHA reform bill Thursday. However, it appears their staffs are still working out the details.

“We are in the process of finalizing the text of our bipartisan bill and plan to release details publicly next week,” according to the joint statement.