The subprime crisis, the problems with securitisation and the financial situation of the Government Sponsored Entities has led the Obama Administration to release a report entitled "Reforming America's Housing Finance Market” which outlines a need for an orderly and deliberate transition plan for Fannie Mae and Freddie Mac and a plan for a new secondary market structure.  The Administration outlined three possible options for replacing the GSEs with secondary market structures that are based on the return of private capital to the market. Congress is expected to continue the hearings it has begun and to examine the options as part of that process.

The report "Reforming America's Housing Finance Market" is available here:
www.treasury.gov/initiatives/Documents/Reforming America's Housing Finance Market.pdf