While Congress has been unable to pass housing finance reform, Fannie Mae and Freddie Mac have done a good job of adhering to some of the spirit of recent bipartisan legislation, according to Mark Zandi, chief economist at Moody's Analytics.

Speaking at a Ginnie Mae conference on Monday, Zandi said he was "disappointed" when the Senate failed last year to pass a reform bill from Sens. Tim Johnson, D-S.D. and Mike Crapo, R-Ida., that have would unwound the government-sponsored enterprises and created a new system.

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