WASHINGTON — A bipartisan bill to reform the mortgage finance system being crafted in the Senate has already drawn praise from a variety of stakeholders, but the effort is almost certain to meet strong resistance from some House Republicans.

Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., are working on legislation that would unwind Fannie Mae and Freddie Mac and create privately owned insurers that buy and securitize mortgages. While the insurers would take initial losses, there would be an explicit government backstop for catastrophic losses, according to a discussion draft that leaked last week.

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