Sen. Bob Corker (R-Tennessee) introduced a bill Wednesday aimed at winding down the GSEs by gradually reducing their portfolios bring uniform standards to the industry. Corker also hopes to bring uniformity to the mortgage market through his Residential Mortgage Market Privatization and Standardization Act. Coker’s bill aims to gradually reduce the amount of new mortgage backed securities (MBS) issued by Fannie Mae and Freddie Mac over 10 years. At the end of the 10 year period, the MBS market would be completely private.
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