A coupla weeks ago, we told you that Virginia senator Mark Warner — along with his colleague Bob Corker — was going to introduce a bill to essentially liquidate Fannie Mae and Freddie Mac. The two have now formally introduced the bill, which also has the backing of six other members of the Senate Banking Committee. (The tally is four Democrats and four Republicans, in case that matters to you.)

We applaud the efforts of senators Corker and Warner, as well as senators Hagan, Heitkamp, Heller, Johanns, Moran, and Tester for taking the first step to begin a substantive discussion of housing finance reform.

We believe that the framework outlined in the "Housing Finance Reform and Taxpayer Protection Act" contains the necessary building blocks for establishing a new housing finance system for today and tomorrow.