2013-07-15 — mortgagenewsdaily.com
``The bill, which is still in draft form, is sponsored by Republican members of the House Financial Services Committee led by its chairman Jeb Hensarling (R-TX). It would wind down Fannie Mae and Freddie Mac (the GSEs) over a five year period and replace them with a non-profit securities platform. The platform would act as a utility for the private sector to package individual mortgages into pools, securitize them, and sell the securities to investors. Unlike a somewhat similar proposal from the Federal Housing Finance Agency (FHFA), the mortgage-backed securities would not carry a government guarantee. ''
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