The Obama Administration’s white paper on the future of the GSEs may have muddied the issue as much as it clarified it.

Because while it put forth five different options for the future of Fannie Mae and Freddie Mac (and immediately dispensed with two of them), there will still be debate over which of the three options the government should eventually adopt. And that is the key word, eventually, because any definitive action is not likely until 2012 (and some say even after the next presidential elections will a decision be made).

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