``The legislation will be proposed by Gary Miller (R-CA) and Carolyn McCarthy (D-NY). The Miller-McCarthy proposal would create a federal entity that would buy mortgages which would then be securitized. The securities would be backstopped by the government. This is in many ways what Fannie and Freddie are now, except there would be an explicit guarantee of the mortgages and the new entity would be explicitly run by the government... This new proposal is interesting because it flies in the face of the idea of reducing the role of the government in housing finance. '' -- What more would we expect from Gary Miller, reprising his questionable role supporting seller-funded FHA downpayment grants?

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