White House Plan for the GSEs will be a Big Snooze

First, let's state the obvious: few inside the private sector really know what's going to be in the White House's master plan to revamp Fannie Mae and Freddie Mac, which is really a plan to reshape all of housing finance in America because let's face it: Fannie and Freddie buy/guarantee 70% of every home mortgage in America. By now you've heard the talk that a merger of the two is inevitable and that one option that could be proposed is a spin-out to the private sector of their multifamily business. But there is one thing mortgage bankers should keep in mind: with so many key housing officials departing from the Treasury Department the past few months, who the heck is really in charge over there and do they have a clue about what they are about to propose? We're told that the document that will be released (as part of the Obama budget, perhaps) will be a list of options more than anything else. Then again, it's all conjecture at this point. You might as well be talking about who's gong to win the football playoffs this coming weekend…