2011-11-11housingwire.com

Corker included the MERS redux proposal in his Residential Mortgage Market Privatization and Standardization Act, a bill introduced this week to outline the mortgage finance market's transition from dominance by government-sponsored enterprises to a privatized system.

The bill sets benchmarks for winding down the government-sponsored enterprises and aims to replace the qualified residential mortgage and risk retention rule with a 5% down-payment and a full mortgage documentation requirement.



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