Fannie Mae, Freddie Mac and the Federal Home Loan Banks probably will not have to confront debt issuance limits from the Treasury Department as long as GSE reform legislation remains in play on Capitol Hill, the latest conventional wisdom now suggests. But if the November elections significantly alter the balance of political power in the nation’s capital, that could change quickly. In recent weeks, officials from Treasury have met with representatives of the housing GSEs to discuss the details of a proposed plan that would tighten...