Fannie Mae, Freddie Mac Would Be Wound Down In 5 Years

A new bill to wind down Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA)  and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) and replace with a new government agency is planned to be introduced Tuesday. Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., are scheduled to introduce their highly anticipated bill to reform the mortgage finance system on Tuesday. The bill would replace the Federal Housing Finance Agency, the current conservator of Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA)  and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC), with a new government agency, the Federal Mortgage Insurance Corporation (FMIC)….