Fannie Mae and Freddie Mac would be put into “irrevocable receivership” with the Federal Housing Finance Agency tasked as their receiver no later than 18 months after enactment of a bill introduced in the Senate this week.Sen. Johnny Isakson, R-GA, introduced the Mortgage Finance Act of 2011 to “get the American taxpayer out of the business of bailing out the mortgage industry.” The bill would wind down Fannie and Freddie while creating a new regulatory framework for “high-quality” mortgage securitization for both single-family and multifamily mortgages.