What would the House bill do? The GOP plan, which is co-sponsored by Rep. Scott Garrett, R-N.J., and others, would effectively take the government out of the housing market. It would unwind Fannie and Freddie in five years, while simultaneously reducing the role of the FHA in the mortgage market. Before Fannie and Freddie would be dismantled, the bill would require the portfolios of the two government-sponsored enterprises to fall by 15% per year until they hit a floor of $250 billion. Fannie and Freddie would also have to share 10% of the credit risk from new business every year with the private market.