Rep. Maxine Waters, D-Calif., unveiled a new plan Thursday to overhaul the housing finance market, entering what's becoming a crowded field of proposals to restructure the mortgage system.

The discussion draft, titled the Housing Opportunities Move the Economy Forward Act, would unwind Fannie Mae and Freddie Mac, like many of the competing plans in both the House and Senate. Unlike the other bills, the Waters proposal would replace the government-sponsored enterprises with a new lender cooperative that would issue government-backed securities. It would also establish a new regulator, the National Mortgage Finance Administration, to oversee the cooperative and the Federal Home Loan Banks.

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