Lawmakers looking to take charge of Fannie and Freddie reform

Bill would guard against abrupt privatization or nationalization

A bipartisan coalition of four Senators on the Senate Banking, Housing and Urban Affairs committee introduced a bill today that many industry experts say could pave the way for reforming bailed-out mortgage giants Fannie Mae and Freddie Mac.

The "Jumpstart GSE Reform Act," unveiled by Senators Bob Corker, R-Tenn., Mark Warner, D-Va., David Vitter, R-La. and Elizabeth Warren, D-Mass., would erect barriers that would prevent the companies from abruptly exiting government conservatorship or morphing into government "cash cows," as one expert put it.