The latest white paper on housing finance reform details the governance and capitalization plan of a proposal that replaces the GSEs with a new government corporation. But smaller lenders are still uncertain what their role would be in the plan.In what can be dubbed as part two to the white paper, “A More Promising Road to GSE Reform,” published by the Urban Institute, the authors more closely examine their proposed National Mortgage Reinsurance Corp.The NMRC would take over the assets of Fannie Mae and Freddie Mac going forward, and would transfer all of the “non-catastrophic” risk on future mortgage-backed securities to the private market.