The Federal Housing Finance Agency wants to use parts of the existing MBS programs at Fannie Mae and Freddie Mac to build a new mortgage securitization platform that could be used by a variety of issuers under a new plan to wind down the government-sponsored enterprises. The FHFA this week submitted to Congress a strategic plan to “update and extend the goals and directions” of the GSEs, which have been under government conservatorship since September 2008 with “no near-term resolution in sight.” Many of the initiatives are already underway. “This plan envisions actions by the enterprises that will...