For the past few years, many thoughtful people have been
engaged in a heated debate over the future of Fannie Mae and Freddie Mac, the
two government-sponsored mortgage enterprises (GSEs) that required a taxpayer
bailout in 2008. A consensus has been slowly developing on the goals of GSE
reform. While there is guarded optimism about the resulting bill, called
Johnson-Crapo, there is also a great deal of controversy over specific
sections, and many suggestions for improvement.