WASHINGTON — The Mortgage Bankers Association released a detailed transition plan Thursday designed to help policymakers remove Fannie Mae and Freddie Mac from conservatorship and turn the government-sponsored enterprises into private guarantors of mortgage-backed securities.

"It provides a clear road map that first prepares the regulatory foundation that will create the infrastructure necessary to implement GSE reform and then transforms the GSEs to guarantors under new charters," said Rodrigo Lopez, the group's chairman.

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