The Massachusetts Mortgage Bankers Association (MMBA) has come out in support of the Corker-Warner Housing Finance Legislation. If passed, the bill would replace government-owned mortgage financiers Fannie Mae and Freddie Mac with a newly created government reinsurer.

The bi-partisan bill, filed by U.S. Senators Bob Corker of Tennessee and Mark Warner of Virginia, calls for liquidating Fannie Mae and Freddie Mac within five years, when they would be replaced by a new organization called Federal Mortgage Insurance Corp. The new entity would help small lenders issue securities and assume existing multifamily loan guarantees from Fannie Mae and Freddie Mac.

The Mortgage Bankers Association of America said it a statement that it believes the bill "creates a vibrant secondary market capable that works for lenders of all sizes and business models so they can support both the owner-occupied and the multifamily rental housing markets."