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As it becomes apparent that the 115th Congress will not pass legislation to reform Fannie Mae and Freddie Mac, the authors describe the path the current administration will likely take to reform the government-sponsored enterprises administratively. They explain the perils posed by this path, including a possibly serious disruption to the housing and mortgage markets, and recommend an alternative course for reform.

This brief was updated on May 18, 2018. The maximum value of the y-axis on chart 4, which shows the share of outstanding multifamily mortgage debt held by the GSEs, was changed from 50 to 40. The text on page 3 was changed accordingly, from "now accounts for nearly half of all multifamily loans outstanding" to "now accounts for nearly 40% of all multifamily loans outstanding." In addition, Jim Parrott's bio was expanded to list the types of organizations served by Falling Creek Advisors.