Rep. Brad Miller (D-N.C.) is working to form some sort of public oversight for any deal the Federal Housing Finance Agency strikes with banks over recently alleged securities violations.
"I think there should be someone looking over their shoulder," Miller said in an interview with HousingWire Tuesday. "We could enlist the help of someone in the Senate, maybe ask the Government Accountability Office to examine potential claims. It's not out of distrust for FHFA but to reassure the public that any deal would benefit taxpayers first."
The FHFA filed lawsuits against 17 major banks last week, alleging they misrepresented loan-level data on nearly $190 billion in mortgage-backed securities sold to Fannie Mae and Freddie Mac.
Miller said the future of housing finance, whatever that will look like, hinges on whether or not investors believe in the enforceability of their claims should securities go bad.
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