With Congress unlikely to move major mortgage finance reform any time soon, the Federal Housing Finance Agency this week outlined its “strategic plan” to use the next phase of the conservatorships of Fannie Mae and Freddie Mac to build a new mortgage securitization infrastructure. The plan’s roll out comes one year and one week after the Obama administration proposed three potential options to shut down Fannie and Freddie within 10 years. No significant action has been taken since, although Treasury Secretary Timothy Geithner recently noted that the White House expects to provide more details of its...