The Senate Banking Committee's attempt to bring private capital back into the secondary mortgage market gives high hope that, after five years of political inertia, meaningful government-sponsored enterprise reform is finally within reach.

Unfortunately, we've seen this play out before: plan after plan gains interest, but fails to muster the broad support it needs. Sens. Tim Johnson, D-S.D., and Mike Crapo, R-Idaho, now run the risk of proposing a second-rate solution for the market to gain mass support for the new legislation. Their forthcoming bill, however, presents a real opportunity to get housing policy right. As we await the latest version of GSE reform, what should we look for to determine whether it is landmark legislation?

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