With minimal disruption to the mortgage finance system, Fannie Mae and Freddie Mac could be transformed into gsecuritization cooperativesh that would serve as gthe best possible structureh 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 Affairsf 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.