(RECAP: Remember when the mortgage loan industry nearly brought down the global economy? Virginia Senator Mark Warner says we haven’t fully recovered from that, and he’s working to make long-term change. Warner says the housing market is patched together with Band-Aids and bailouts. And, he says, all that federal money that went to Fannie Mae and Freddie Mac to help homebuyers finance buys is still on the line. Frank Shafroth at George Mason University says it’s a mistake to return the housing market to what it was before. But, he says, the government can’t continue to own such a large part of the market. Warner has already joined forces with Republican Senator Bob Corker of Tennessee to draft the Housing Reform and Taxpayer Protection Act. But, he says, he doesn’t expect the lame duck Congress to take it up. That means that it’s likely to be a huge issue early in the next administration.)

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