A bipartisan group of senators led by Sen. Bob Corker, R-Tenn., is drafting legislation designed to reform the housing finance system, including a plan to wind down the government-sponsored enterprises.

The proposal has been deemed by some as an “ambitious solution” to Fannie Mae and Freddie Mac, which were seized by the government in September 2008; it is widely expected to mirror a recent proposal aired by Edward DeMarco, acting director of the Federal Housing Finance Agency.

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