The Senate Banking Committee will consider a measure on Thursday that would eliminate government-controlled mortgage giants Fannie Mae and Freddie Mac.
The bill, which was delayed two weeks ago in an effort to attract more Democratic support, is expected to pass the committee with a smaller majority than hoped by its backers.
Housing industry leaders last week expressed surprise and frustration that six committee Democrats said they weren't prepared to vote for the long-delayed legislation in its current form.
They said they had hoped Democrats would continue working on making changes, such as ensuring that underserved populations aren't left out and big banks don't control the mortgage market, up until the panel considered the measure.
The latest bipartisan version authored by Senate Banking Committee Chairman Tim JohnsonTim JohnsonCourt ruling could be game changer for Dems in Nevada Bank lobbyists counting down to Shelby’s exit Former GOP senator endorses Clinton after Orlando shooting MORE (D-S.D.) and top Republican Mike CrapoMike CrapoRyan lights Capitol Christmas tree Ex-Im faces new problems with Trump GOP debates going big on tax reform MORE (Idaho) is expected to get votes from 12 long-standing supporters of the 22-member panel.
But late last week the group of Democrats — Charles SchumerCharles SchumerSenate Dems hold out on spending deal, risking shutdown Dems see ’18 upside in ObamaCare repeal Confirm Gary Richard Brown for the Eastern District of New York MORE (N.Y.), Robert MenendezRobert MenendezThe right person for State Department is Rudy Giuliani Warren, Menendez question shakeup at Wells Fargo Democrats press Wells Fargo CEO for more answers on scandal MORE (N.J.), Jack ReedJack ReedBudowsky: Did Putin elect Trump? This Week in Cybersecurity: Dems press for information on Russian hacks A Cabinet position for Petraeus; disciplinary actions for Broadwell after affair MORE (R.I.), Elizabeth WarrenElizabeth WarrenPressure grows on Perez to enter DNC race The Hill's 12:30 Report AFL-CIO endorses Ellison for DNC chair MORE (Mass.), Sherrod BrownSherrod BrownSenate Democrats dig in as shutdown approaches Overnight Energy: Fight over miners' benefits risks shutdown | Flint aid crosses finish line in House Overnight Finance: Senate Dems dig in as shutdown looms | Trump taps fast-food exec for Labor chief | Portland's new CEO tax MORE (Ohio) and Jeff MerkleyJeff MerkleyOvernight Energy: Fight over miners' benefits risks shutdown | Flint aid crosses finish line in House Senate sends annual defense bill to Obama's desk Dem senator: Trump’s EPA pick is ‘corruption’ MORE (Ore.) — said they couldn’t support the measure.
The major concern is that without a supermajority on the committee, probably around 17 votes, that the bill won’t have enough momentum to pass the Senate and put pressure on the House to act.