Don't "Reform" Fannie, Rethink Housing Policy

Lawmakers in Congress are exhibiting a rare fit of bipartisanship and working to reform Fannie Mae and Freddie Mac. Of five separate bills attempting to address the challenge, the one furthest along is the handiwork of Senators Tim Johnson and Mike Crapo, which calls for private firms to perform the securitization role now carried out by the giant Government Sponsored Enterprises and for the eventual phase-out of Fannie and Freddie.