Former undersecretary of state and founding executive director of the George W. Bush Institute James Glassman called the mortgage system that would be assembled under the Crapo-Johnson proposal for GSE reform “the Obamacare of real estate” for taking a top-down approach to reshaping nearly one-sixth of the US economy.
There’s no question that the Crapo-Johnson plan is complex. It would create a new platform for securitizing mortgages, the Federal Mortgage Insurance Corporation (FMIC) to regulate that platform, a co-op so that...
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