The Garrett bill announced with considerable fanfare yesterday has not yet been released, although his subcommittee will kick off work on it at a hearing next week.  Importantly, the legislation doesn’t do anything directly to Fannie or Freddie.  Confronting the complexity of tackling Fannie and Freddie head-on, the legislation instead tries to rewrite the rules governing RMBS to persuade private capital back into the fray.

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