WASHINGTON - A coalition of advocacy groups announced their opposition Friday to a bill by Senate Banking Committee leaders to overhaul the housing finance system, citing concerns about market access for low-income and minority families.

Sens. Tim Johnson, D-S.D., chairman of the banking panel, and Mike Crapo, R-Idaho, the ranking member, unveiled legislation last week that would unwind Fannie Mae and Freddie Mac and install a new housing system of mortgage securities backed with a government guarantee.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.