Commentary: Senate's housing overhaul proposal is misguided

Peter Wallison of the American Enterprise Institute writes that the Senate's Corker-Warner bill that seeks to eliminate Fannie Mae and Freddie Mac would just lead to more of the same mistakes that led to the previous housing bubble. The bill would create another agency, the Federal Mortgage Insurance Corp., to replace Fannie and Freddie but would not protect that agency from poor-quality mortgages, Wallison writes.

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