Sen. Sherrod Brown (D-Ohio) predicted the plan to revamp the U.S. housing finance system sponsored by Sens. Tim Johnson (D-S.D.) and Mike Crapo (R-Idaho) would not become law this year. The proposed legislation would phase out Fannie Mae and Freddie Mac in five years and replace them with a government re-insurer. The bill requires support from key Democrats on the banking panel, including Brown, before moving on to the Senate, where it will need to attract broad backing among Democrats to persuade Majority Leader Harry Reid (D-Nev.) to schedule a vote. Brown said the current bill is too complicated and doesn’t do enough to address too-big-to-fail concerns or to provide assistance for affordable housing, and he questioned whether eliminating Fannie and Freddie was necessary.