Following up on a story we published May 13, the Manufactured Housing Association for Regulatory Reform (MHARR) released a paper entitled “GSE Reform Legislation” documenting how a bill introduced in the House of Representatives would replace government-sponsored enterprises (GSEs) with five government-guaranteed, but ultimately private enterprise entities, and likely be acceptable to both parties.  Sponsored by Rep. Gary Peters (D-Mich.) and John Campbell (R-Calif.), H.R.1859 would continue to support the fixed-rate 30-year mortgage that allows middle-class borrowers to attain home ownership.  Noting $150 billion will be needed to rescue Fannie Mae and Freddie Mac, the legislation would end bailouts, require lenders to keep a healthy capital reserve, as well as contribute to a catastrophic reinsurance fund.  Rep. Peters said, “The status quo is unacceptable, but eliminating any government role in the mortgage market would undermine the fragile housing recovery and essentially eliminate the 30-year fixed rate mortgage.”