With the administration's blueprint for overhauling the GSEs due in January, Barclays Capital has offered its own vision.

In a December report, analysts with the firm wrote that an industry proposal to replace Fannie Mae and Freddie Mac with bank-owned cooperatives that would create MBS carrying an explicit federal guaranty would not solve "the problem of privatizing profits and socializing losses," even if the destination of the privatized profits would change.

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