A new outline on housing-finance reform from Sen. Mike Crapo, R-ID, hands over management of the conventional mortgage market to Ginnie Mae, begging the question: Is Ginnie up to the task?

Depending on what type of Fannie Mae/Freddie Mac reform occurs in the next few years, there’s a growing concern in the market that foreign investors — and others — may shy away from their MBS unless there’s an explicit guarantee on the securities.

Acting Ginnie Mae President Michael Bright handed in his resignation this week, creating yet another vacancy in the Department of Housing and Urban Development hierarchy, and sparking discussions on what his departure might mean for reform of Fannie Mae and Freddie Mac.

Industry observers have generated a steady stream of ideas on how the agency might reform the government-sponsored enterprises administratively rather than wait for Congress.