I would like to offer a brief summary of possibilities of what we can expect in both the short term and long term. Short term I would expect that the closer we get to April 29th the more vocal the opposition will be in the senate speaking out against the bill. As I have said before, and Senator Johnson concurred, it will likely get out of the committee but that’s where it will die. If indeed it does pass I think, the cheerleading from the bills supporters will be a little more muted than we have seen previously.Longer term I think the likely political result will be that Fannie and Freddie win by default. The inability of congress to agree on sweeping reforms will leave as the only option. Senator Johnson also had this to say today, “That this isn’t as broken as it was, or it isn’t as broken as people think it is, doesn’t mean we defend it, doesn’t mean we don’t improve it, but we don’t do something so complicated,” ‘replacing Fannie and Freddie may not even be necessary ‘., There are those in DC who are waking up to the fact that the protections they would like to see enacted can be much easier done with Fannie and Freddie than trying to recreate the wheel.
In closing, I would just like to ask that everyone take a step back and don’t fall victim of not seeing the forest for the trees. Although it is important to keep abreast of the days news, it is just as important to take a step back and apply the days news into the big picture.
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