When last we visited Sallie Mae, it was to suggest that its privatization shouldn’t necessarily serve as a case history for Fannie Mae and Freddie Mac, a review planned at the time for a late April FinServ hearing. Perhaps thinking better of it, the hearing never occurred. Now, as Sallie restructures itself into an oldco and newco operation, the student lender remains an instructive case for those contemplating a new path for the housing GSEs.

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