“It’s not solved yet, but the paths to solving it are pretty clear,” he said.
The White House has threatened to veto the measure because it says the government-backed loans would amount to an unfair subsidy for lenders that helped cause the mortgage crisis.
The measure also calls for the establishment of an independent regulator to oversee Fannie Mae and Freddie Mac, the government-sponsored companies that finance mortgages.
And the bill would create a trust fund, financed by annual contributions from Fannie Mae and Freddie Mac, to be used for the construction of affordable rental housing.
cThis article is based in part on wire service reports.