It's not on the table today, but the chief executive of Fannie Mae says policymakers should consider creating a single national regulatory agency to oversee the entire housing finance system. "I think we need a more unified approach to housing finance policies," Fannie Mae CEO Daniel Mudd told an American Enterprise Institute forum. He also said policymakers should consider a "Mortgage Reinvestment Act" to reward banks for making loans that help keep troubled borrowers in their homes, similar to the way banks receive Community Reinvestment Act credit for making loans in their communities. However, he criticized proposed changes to bankruptcy laws that would allow courts to "cram down" the amount of a secured mortgage, saying that tampering with the home loan contract will inevitably shrink the pool of capital available for housing finance in the future.

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