'Kiddie Mac' Act aimed at mortgage lenders.

The House Committee on Financial Services passed the Federal Housing Finance Reform Act of 2007 (H.R. 1427), which includes language authored by Congresswoman Carolyn B. Maloney (D-Manhattan, Queens) that would help encourage lenders to offer mortgages on low and moderate-income housing that includes child care facilities.

The Housing Finance Reform Act is expected to move to the House floor for a vote in mid-April.

Government-sponsored enterprises (GSEs) such as Freddie Mac and Fannie Mae purchase existing mortgages made by banks and other primary lenders, thereby helping replenish the supply of money available to primary lenders to make new mortgages. Rep. Maloney's "Kiddie Mac" measure would give incentives to GSEs for purchasing mortgages made to Americans who provide child care in low or moderate-income housing, which would in turn encourage banks to offer more mortgages to child care providers.

"Many child care providers in low and moderate-income areas operate out of their homes," said Rep. Maloney. "In my congressional district, more than half of all women with preschool-age children are in the workforce and desperately need help finding child care. My 'Kiddie Mac' legislation would help solve the shortage of available, affordable child care facilities."