Tomorrow, House FinServ will mark up an array of GSE-reform bills that nip at Fannie and Freddie’s heels.  At the same time, of course, debate continues over what exactly to do with them.  The latest overhaul proposal comes from Reps. Miller (R-CA) and McCarthy (D-NY).  It embodies an approach advocated by Realtors and homebuilders, skirting the objections to the MBA’s hybrid idea by creating a new government-owned and controlled utility to take over from the two conservatorships. As an idea seriously considered by the White House and structured to address a lot of outstanding questions, the bill could have a future, although it raises a series of challenges for individual industry interests and the broader mortgage market.

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