Fannie Mae and Freddie Mac rolled into their eighth year of government conservatorship pushing forward the two major reforms they can accomplish under their existing charters: selling off a significant portion of the credit risk on their current business and building a new MBS platform. Top officials from the two government-sponsored enterprises urged the industry to be patient about the launch of the common securitization platform and, a little further down the road, the single security for GSE to-be-announced MBS. “It will happen...