Corker presses for synching up mortgage rules

“Forcing lenders to comply with two separate sets of rules isn’t good policy, and in this case, it would set back the timetable on doing what we absolutely must do, begin to move away from a complete dependence on the government for mortgage credit in our country,” Corker said.

“If these standards do not match those defined in the many lenders may only make loans that could be sold to Fannie, Freddie or the FHA, which would effectively regulate private capital out of the system for years to come,” he said.

The federal government back about 90 percent of all mortgage loans. federal government now standing behind over 90 percent of home loans originated in the United States, a situation that is simply not sustainable, such an outcome would not at all be healthy for our financial system.