Senate Banking Committee Chairman Tim Johnson and Sen. Mike Crapo, the panel's top Republican, laid out a preliminary bipartisan agreement Tuesday on housing finance reform after months of deliberation.

The highly anticipated plan would wind down Fannie Mae and Freddie Mac and establish an explicit federal backstop for the secondary mortgage market, building on legislation released last summer by Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va.

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