Fannie Mae, Freddie Mac Replaced With FMIC In Senate Bill Proposal

Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) announced the broad outlines of their plan to eliminate Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) last week, and today they made the draft proposal available online. It still has a long way to go (it’s still in committee, to say nothing of wrangling in the full Senate or with the House), but this is still the first look at what could be the future of the US mortgage market.