In other action, legislation introduced by Rep. Gary Peters (D-Mich.) and John Campbell (R-Ca.) (HR-1859) would place Fannie Mae and Freddie Mac in formal receivership, wind down their portfolios within five years; and replace them with several private companies that would issue mortgage-backed securities with explicit federal guarantees. In addition, manufactured home loans would be considered “conventional mortgages,” as long as personal property can be distinguished from real property.