Rep. Gary Miller, R-Calif., has drafted a GSE reform bill that would merge Fannie Mae and Freddie Mac and convert them into a secondary market utility that issues government-backed mortgage securities.

This privately capitalized utility would be regulated by the existing Federal Housing Finance Agency, which would ensure its market share doesn’t exceed 50% of the mortgage market, according to the Wall Street Journal.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.