Senate Banking Committee leaders Tim Johnson (D-S.D.) and Mike Crapo (R-Idaho) have announced an agreement on legislation to wind down government-owned mortgage financiers Fannie Mae and Freddie Mac. Under the plan the financiers would be replaced with a new government reinsurer called the Federal Mortgage Insurance Corp. The senators also plan to replace affordable housing goals that Congress had given Fannie Mae and Freddie Mac with new housing-related funds to ensure the availability of affordable rental properties. To create space for community banks in the system, the senators said they would seek to establish a "mutual cooperative jointly owned by small lenders" to offer a cash window for eligible loans while allowing the institutions to retain mortgage servicing rights.