The Federal Housing Finance Agency continues to implement significant changes — albeit quietly — to the structure of Fannie Mae and Freddie Mac, even while the Obama administration and Congress have yet to get serious about housing finance reform.

The latest move came in March, when the agency released its goals for this year and Acting Director Edward DeMarco delivered an update on the progress the FHFA has made so far. The result was a raft of headlines that largely discussed just one aspect of DeMarco’s talk — the creation of a joint securitization platform by Fannie and Freddie that will eventually become independent from the mortgage giants.

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