The Obama administration finally released it's "white paper"on how to eventually wind down Fannie Mae and Freddie Mac. Really no surprises. They offer three scenarios and don't throw their weight behind any one in particular.
Option 1: Privatize the mortgage market entirely, and limit the government's role to FHA, VA and USDA for "narrowly targeted groups of borrowers."
This as the paper also says FHA's downpayment could be raised to 5% and insurance costs raised.
Option 2: Privatize as in option 1 with FHA, VA, USDA, but add a government guarantee "to scale up during times of crisis."
Of course all the new regulations on the mortgage market are supposed to avert the type of crisis the market just endured, but I guess that's besides the point.