As Congress slowly debates the future of housing finance, a group of House Republicans led by Justin Amash (R-MI) has proposed taking the government out of lending altogether using a 5-year phased plan.
A one page document summarizing H.R. 3550, The New Fair Deal Banking and Housing Stability Act of 2013, has been making the rounds on the Hill and was recently highlighted on the Confounded Interest blog:
There are a plethora of housing finance bills being written or circulating. These include the deeply flawed Corker-Warner bill, the Crapo-Johnson bill (that I have not seen), the PATH Act from the House. Now we have another House GSE reform bill, The New Fair Deal Banking And Housing Stability Act of 2013, from Representatives Justin Amash (sponsor), Jeff Duncan, Jim Jordan, Doug Lamborn, Tom McClintock, Mark Meadows, Tom Price and Matt Salmon.
Most interesting about this bill: it eliminates not only Fannie Mae and Freddie Mac, but also the FHA. Talk about getting the government out of the lending business. This is pretty much the "all-in" version of that approach.