Bloomberg News
Johnson and Crapo's bill would unwind Fannie Mae and Freddie Mac and create a new explicit government backstop for the mortgage finance system.

Cheat Sheet: Details from the Johnson-Crapo GSE Bill

The bill released by Sens. Tim Johnson and Mike Crapo would create a reinsurance fund to recoup losses on securities, establish a common securitization platform for the secondary mortgage market and open access to the secondary market for smaller lenders through a cooperative.

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