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Senators plot demise of Fannie, Freddie

By
Mark DeCambre
Published June 26, 2013, 4:00 a.m. ET

A gang of senators yesterday sought to breathe new life into a plan to kill taxpayer-funded mortgage giants Fannie Mae and Freddie Mac — and replace them with a new government entity.

Led by Bob Corker (R-Tenn.) and Mark Warner (D-Va.), the lawmakers introduced a bill on the Senate floor that would see the wind-down of lumbering government-sponsored enterprises — which accepted a $187 billion taxpayer lifeline during the heart of the 2008 housing implosion.

“Housing finance is the last piece of unfinished business remaining after the 2008 economic meltdown,” Sen. Warner said in a statement.

The bill, which outlines a five-year plan to wind down Fannie and Freddie, is the latest push by Wall Street to reform Fannie and Freddie five years after the government was forced to extend a helping hand to entities that have become the backbone of the US mortgage system.

Outlined in 154 pages, the Corker-Warner bill would see newly created Federal Mortgage Insurance Corp., modeled after the Federal Deposit Insurance Corp., provide privately funded insurance of 10 percent against mortgage losses. Mark DeCambre