Thursday a new bill was presented to the U.S. House Financial Services Committee. It would do away with Freddie Mac and Fannie Mae in favor of a new housing loan structure bill. Rep. Maxine Waters (D) outlined a measure challenging the more conservative approach of Rep. Jeb Hensarling (R). The proposal will create a new lender-owned cooperative that would issue government-backed loans. The new plan includes government guarantees for home loans eligible to receive federal insurance.

More from Video

Immigration, Instagram and Oil - Here's What You Can't Miss Wednesday

Immigration, Instagram and Oil - Here's What You Can't Miss Wednesday

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

3 Ways to Fix Starbucks Biggest Challenges

3 Ways to Fix Starbucks Biggest Challenges

2 Things Fed Chairman Jerome Powell Just Said Upset Investors

2 Things Fed Chairman Jerome Powell Just Said Upset Investors

Jim Cramer: Oil Needs to Go Down to See Worldwide Growth Pick Up

Jim Cramer: Oil Needs to Go Down to See Worldwide Growth Pick Up