House Republicans unveiled sweeping legislation to unwind Fannie Mae and Freddie Mac and overhaul the mortgage finance system on Thursday — a plan that, as expected, contrasts sharply with bipartisan legislation pending in the Senate.

The Protecting American Taxpayers and Homeowners Act, authored by Reps. Jeb Hensarling of Texas, Scott Garrett of New Jersey, Randy Neugebauer of Texas and Shelley Moore Capito of West Virginia, calls for ending the conservatorship of the government-sponsored enterprises within five years, narrows the mission of the Federal Housing Finance Agency and calls for the development of a National Mortgage Market Utility to develop common standards for private mortgage origination, servicing and securitization.

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