Senators, Bob Corker (R-TN) and Mark Warner (D-VA) introduced a bill on June 25th that would eliminate government-sponsored Freddie Mac and Fannie Mae.  Over a five-year phase out, the institutions would be replaced by a new government reinsurer, a Federal Mortgage Insurance Corp (FMIC). Originally reported by National Mortgage News, the structure of the FMIC would be similar to the Federal Deposit Insurance Corp, collecting premiums from industry participants and maintaining an insurance fund.  Only after a “substantial amount” of private capital had been exhausted would its backing kick in.  FMIC would cover a greater share of losses during “unusual…