Bill: Fannie Mae, Freddie Mac to be Replaced by New Mortgage Guarantor
New Senate bill, the Housing Reform Taxpayer Protection Act, would wind down Fannie Mae and Freddie Mac and replace them with a new mortgage guarantor, the Federal Mortgage Insurance Corporation (FMIC); winding down process would take five years and mortgage lenders would not be required to submit loans to FMIC unless they want the government guarantee. [6/26]