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Summary of the Housing Finance Reform and Taxpayer Protection Act of 2013 (Corker-Warner)

Published on December 6, 2013

The Housing Finance Reform and Taxpayer Protection Act of 2013 (S. 1217), also known as Corker-Warner, would phase out Fannie Mae and Freddie Mac over five years and replace them with the Federal Mortgage Insurance Corporation (FMIC), which would sell federal guaranteed catastrophic reinsurance on mortgage-backed securities (MBSs), among other provisions.

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