Fannie Mae's "old" building outside downtown DC.

A group including some of the chief architects of the Obama administration's housing policy released a paper Wednesday outlining a new proposal for how to deal with mortgage-finance giants Fannie Mae and Freddie Mac.

Wall Street Journal staffer Joe Light reports on the paper here, noting that the paper reflects a shift for some of the five authors: Jim Parrott, a former Obama White House housing adviser; Moody’s Analytics chief economist Mark Zandi; Barry Zigas, director of housing policy at the Consumer Federation of America; and Lewis Ranieri of Ranieri Strategies, who co-invented the mortgage-backed security; and Gene Sperling, former director of the National Economic Council for presidents Barack Obama and Bill Clinton. Light writes:

Legislative housing-finance reform isn’t on the horizon, and nothing is likely to happen until well after the election. But the new proposal does attempt to address some of the biggest criticisms of prior legislative efforts and attempts to set a path that future policy makers could get behind.

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