Although Congress and the White House are betting that in time the private sector will fill the void created by a diminished Fannie Mae and Freddie Mac, a new report from Standard & Poor's predicts that any recovery in the private label market is still years away.

"The housing market downturn was one of the leading contributors to the securitization market's departure from housing finance, and housing's continuing weakness is largely why a revival in private-label RMBS is still several years away," S&P said.

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