Dodd Planning Ambitious Housing Agenda

Sen. Christopher Dodd, D-Conn., the incoming chairman of the Senate Banking Committee, is planning an ambitious housing agenda next year that includes GSE, RESPA, flood insurance, and Federal Housing Administration reform.Sen. Dodd said he has not reviewed the compromise on the government-sponsored enterprise portfolios worked out between Treasury Department officials and his House colleagues, but he wants to reach a compromise on regulatory reform for Fannie Mae and Freddie Mac early next year. He also says he wants to work with the Bush administration to modernize the FHA single-family program. With regard to reforming the Real Estate Settlement Procedures Act, Sen. Dodd said he wants to "simplify the homebuying process so consumers don't have to wait until closing on their new home to know the terms of their mortgage." The Connecticut senator, who is considering a run for president, also said the Senate Banking Committee approved a good flood insurance bill last year and that he hopes to get it passed this year.