There is widespread agreement that any substantive legislative remedy for the conservatorship of Fannie Mae and Freddie Mac won’t begin to happen until after the 2016 elections – if then – but lawmakers on Capitol Hill may manage to push through some minor adjustments in this Congress. The most likely legislation to pass would have an impact on just two individuals, the CEOs of Fannie and Freddie, who received sizable pay hikes early this year. In the Senate, S. 2036, the Equity in Government Compensation Act of 2015 would require the Federal Housing Finance Agency to suspend those compensation packages and roll them back to $600,000, their previous level. The bill was co-sponsored...