Senate Bill To Replace Fannie, Freddie Faces Long Road

Law360, New York (June 25, 2013, 8:21 PM EDT) -- Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., introduced legislation Tuesday that would fundamentally reshape the mortgage finance market by eliminating Fannie Mae and Freddie Mac and setting up a new government insurance program, a proposal that will relaunch legislative wrangles over housing finance reform but may ultimately fail to win support from lawmakers.

The goal of the lawmakers' Housing Finance Reform and Taxpayer Protection Act is to protect taxpayers from future bailouts of Fannie Mae and Freddie Mac while bringing more private capital into the...
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