The financial regulatory reform billis all but getting in a cab to the White House, and that has housing watchers convinced that the next big item on the Administration/Congressional agenda will be the Government Sponsored Enterprises reform.
We all know Fannie and Freddiecan't stay the way they are; we just don't know what to do with them.
Still, for the past few weeks, in anticipation of this day, I've been getting dozens of pr pitches from folks representing folks who claim to be "experts" on this particular subject.
Well not so fast.
According to an Administration official, "There will be no bold declarations" about GSE reform before next year. We knew that already, but he went on: "We are not that far removed from a time when the market was in panic. We have to be extra guarded, perhaps overly guarded."
The Administration is saying in no uncertain terms that it is not ready for any clear public articulation of its Fannie/Freddie strategy, but what's so interesting is the fact that they seem so very afraid of the market reaction to any strategy right now. "That could potentially be extremely destabilizing," the official said of floating any reform ideas now.