U.S. Sens. Mark Warner (D-Va.) and Bob Corker (R-Tenn.) introduced legislation Tuesday to reform America's housing finance system by replacing the government-sponsored enterprises Fannie Mae and Freddie Mac with a privately capitalized system.
"Housing finance is the last piece of unfinished business remaining after the 2008 economic meltdown," Warner said in a release.
"We have designed thoughtful reforms that will protect taxpayers from future downturns while responsibly preserving the availability of the 30-year fixed-rate mortgage for homebuyers," the Virginia Democrat said. "We believe the housing market is ready for reforms like this, and the private sector has been waiting for new rules of the road."
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