Is GSE reform truly dead? That’s hard to say. The rumor mill is once again running rampant with the thought that Federal Housing Finance Agency acting director Ed DeMarco will be replaced by the end of January. But even if he is, that doesn’t mean anything for actual Fannie Mae/Freddie Mac legislation. (After Congress finishes its bruising fiscal cliff talks will it have the stomach for anything more than tweaking Dodd-Frank?) In case you haven’t noticed, DeMarco – using the agency’s current powers as regulator/conservator – has reformed the two all on his own. And from what we’re hearing more changes are on the way. Just how bold will these changes be? Will it entail more than just merging their MBS platforms into one? Stay tuned?