Senate's housing finance overhaul could be slowed by government shutdown

Fannie and Freddie were taken under government control during the financial crisis more than five years ago. 

While a broad bipartisan deal has remained elusive momentum started to build this summer and into the fall before the shutdown turned the focus entirely to fiscal issues. 

So far, Johnson and Crapo have not produced their own draft. But it is expected to incorporate ideas from the central Senate bill crafted by Sens. Bob Corker (R-Tenn.) and Mark Warner (D-Va.), which has collected some bipartisan support from the White House and in the upper chamber.

About a month ago, Johnson and Crapo announced that they would undertake an "in-depth process with the goal of reaching agreement by the end of the year."

The panel has two hearings on the issue planned for next week — the government guarantee and affordability issues. 

Across the Capitol, the House Financial Services Committee approved a bill in July that dramatically reduces the government's mortgage guarantee limiting that support mostly to the Federal Housing Administration and a couple of other federal agencies. 

That bill has yet to gain any Democratic support and doesn't have the full backing of the House GOP, either. 

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