Sens. Mark Warner (D-Va.) and Bob Corker (R-Tenn.) introduced legislation June 26 that would reform America's housing finance system by replacing the government-sponsored enterprises Fannie Mae and Freddie Mac with a privately capitalized system.

According to a release from Warner's office, the bill would ensure institutions of all sizes, including credit unions, would have direct access to the secondary market despite dissolving the GSEs.

However, NAFCU President/CEO Fred Becker said in a statement that while the bill is a good first step in the housing finance debate, he has "some concerns about how the proposal would impact small financial institutions.

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