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Lawmakers looking to take charge of Fannie and Freddie reform

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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.  "We know our housing finance system is not sustainable in its current form, and this legislation will keep us on a path to accomplish real reforms," Warren said in a statement. The bill would prohibit the Treasury from causing the government to relinquish control of the GSEs ("government sponsored enterprises"). The Treasury currently could cut loose Fannie Mae and Freddie Mac by selling its preferred...