Senate panel to debate housing finance, no vote scheduled

The Senate Banking Committee will open debate on a bill to wind down taxpayer-owned mortgage financiers Fannie Mae and Freddie Mac on Tuesday, but does not plan any votes as the panel's leaders scramble for broader support. The decision to postpone any votes reflects the difficulty Committee Chairman Tim Johnson, a Democrat, and the panel's top Republican, Mike Crapo, are having rounding up the backing needed to increase the likelihood the legislation will reach the Senate floor. It aims to preserve the 30-year fixed rate loans that are at the heart of the nation's mortgage system, while protecting the taxpayers who bailed out Fannie Mae and Freddie Mac in 2008. Johnson and Crapo have been trying to secure at least 16 "yes" votes on the 22-member panel to pressure Senate Majority Leader Harry Reid to let the measure come up on the Senate floor.

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