A landmark housing finance bill has brought back mortgage bankers' old fears about "mission creep" by secondary market players. Only this time, they fear large banks, not Fannie Mae and Freddie Mac, would be doing the creeping.

Small lenders are concerned the bill to wind down Fannie and Freddie, drafted by Senate Banking Committee Chairman Tim Johnson, D-S.D., and Sen. Mike Crapo, R-Idaho, would allow giant banks to play multiple roles in the new mortgage market—potentially pricing smaller companies out of the business.

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