With minimal disruption to the mortgage finance system, Fannie Mae and Freddie Mac could be transformed into gsecuritization cooperativesh that would serve as gthe best possible structureh to deliver private capital and promote stability to the mortgage market, an expert told lawmakers last week. Testifying before the Senate Banking, Housing and Urban Affairsf Subcommittee on Securities, Insurance and Investment, Andrew Davidson, president of Andrew Davidson & Co., noted that Freddie began as an originator-owned cooperative whose goal was to grant its members access to the securitization market. Davidson suggested that senators look to the past as they grapple with a future role for the GSEs.