Towards A Fannieless Future Or Maybe Not

Well the Obama administration’s proposal(s) for remaking the country’s mortgage finance system has finally arrived. It, to my mind, is both a reminder of the paucity of leadership we currently enjoy as well as an important document around which to frame, hopefully, a private system which delivers unsubsidized mortgages.

As with health care, Obama has once again displayed his preference for allowing Congress to bang out the nuts and bolts of a major policy. He has perhaps taken it a step further this time by offering up a menu of possible structures, lest he be tagged with advocating something that might need a defense in the 2012 elections.

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