Recent public comments by President Obama and Congressional leaders have seemingly re-energized the debate over housing finance reform even though some are questioning the cashiering of the now profitable GSEs. But as lawmakers draft and/or refine dueling bills, it remains to be seen whether summer recess chatter will translate into an actionable legislative result this fall, say industry observers. In a highly anticipated speech last week, the president didn’t break much new ground in calling for Fannie Mae and Freddie Mac to be wound down through a “responsible transition.” However, Obama listed among his key reform principles that private capital should be in a first-loss position and the government should provide an appropriately priced, explicit government guaranty to ensure continued access to the 30-year fixed-rate mortgage.