After Fannie and Freddie: PATH and Corker-Warner

Last Tuesday, President Obama unveiled his new housing plan to a cheering crowd in Phoenix, Arizona—one of the cities hit hardest by the housing crisis. To the surprise of free-market enthusiasts, President Obama called for the gradual shuttering of Fannie Mae and Freddie Mac, even declaring, “I believe our housing market should operate where there’s a limited government role and private lending should be the backbone of the housing market.” Right now there are two bills in Congress, the Corker-Warner bill that President Obama supports and a bill from Rep. Jeb Hensarling championed by House Republicans. Beyond the rhetoric, what are the major differences between the two plans? Here is a breakdown.