The Bush administration’s public relations offensive on government-sponsored enterprise reform continued recently, with a top Treasury official suggesting the GSEs represent a “perfect storm” of enormous systemic risk. The administration has ratcheted up its policy rhetoric since the release of OFHEO’s report on Fannie Mae this spring. During a recent appearance before the Housing Policy Council of the Financial Services Roundtable, Emil Henry, Treasury’s assistant secretary for financial institutions, characterized the risk posed by the…