As a bill that could bring monumental changes to Fannie Mae and Freddie Mac works its way through the Senate, some credit union executives are concerned that larger players would have too many advantages at the expense of small lenders.

The proposed GSE reform legislation sponsored by Senate Banking Chairman Tim Johnson, D-S.D., and ranking member Mike Crapo, R-Idaho, leaves open the possibility large banks could wear three hats: as originators, aggregators and guarantors of mortgage loans.

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