Bloomberg reports – rightly, we believe – that Treasury is drafting a new Administration statement on what to do with Fannie and Freddie. We expect the plan to have more specifics than the 2011 paper – how could it have less – but not to offer a real blueprint for action or spark any before the election. As before, the key to near-term action is the power Treasury has at hand for systemic designation and other restructurings FHFA has under way under current law.

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