The battle over the future of housing finance may turn on whether whatever reforms or replaces Fannie Mae and Freddie Mac will bypass small banks, delivering more market share and power to the biggest banks.

Small banks are clearly concerned, and are pushing back against the idea — conventional wisdom to many lawmakers of both parties on Capitol Hill — that significant changes are needed. The Independent Community Bankers of America and the Community Mortgage Lenders of America have signaled they support plans that favor minor reform over a massive restructuring of the system.

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