Although today is the statutory deadline for the Obama Administration’s GSEreform proposal, all indications are that it’s on hold. However, a detailed reform proposal issued last week by the Center for American Progress is a useful proxy for where the Administration may end up or, at least, of one of its major proposals. Thus, we here assess CAP’s proposal, which is principally focused on mobilizing private capital for conventional and affordable-housing securitization. As we have previously noted, fiscal policy is the defining criterion of plausible reform, a point CAP has clearly taken to heart.

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