A bipartisan group of senators has proposed replacing U.S.-owned mortgage financiers Fannie Mae and Freddie Mac with a newly created government reinsurer.
A bill to be offered by Senators Bob Corker and Mark Warner reflects a prevailing view among lawmakers that the two government-sponsored enterprises should cease to exist while a federal role in backing mortgage lending should remain. Corker, a Tennessee Republican, and Warner, a Virginia Democrat, held a news conference to introduce the measure Tuesday.
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