Sens. Bob Corker, R-TN, and Mark Warner, D-VA, have offered a bill that takes a significant step toward developing a new structure for the mortgage-backed securities market, The Wall Street Journal reports.

 Not only is their bill broadly bipartisan, it also is consistent with the growing consensus on how to reform the mortgage-backed securities market.

Clearly the Corker-Warner proposal represents a substantial improvement over the prior system and will transform the mortgage market from one of private gain and public risk to one of private risk and public gain.