Representative Maxine Waters (D., CA) has introduced a draft proposal that would eliminate Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) and replace them with a government regulated cooperative empowered to issue mortgage backed securities with an explicit government guarantee, similar to the structure that has been proposed in the recent Crapo-Johnson proposal in the Senate, reports Margaret Chadbourn for Reuters.
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