We are now three years into the federal takeover of Fannie Mae and Freddie Mac, with a promise at that time of a 1-2 year conservatorship, but we are still no closer to a succession plan than we were in September 2008. Regularly over the course of the last few years, we have been asked by clients to update them on the status of GSE reform, and sometimes asked to predict when we will see significant progress toward GSE reform. Currently, there are more than 20 distinct bills that address Fannie Mae and Freddie Mac, and more have been proposed but not yet formally introduced. The bills are diverse—some call for discrete changes, while others call for winding down the GSEs or merging the GSEs into a single FHFA-regulated corporation without profits or shareholders. It may be too early yet to offer any informed guesses as to which of these bills will gain support, especially given the election cycle that is now underway. A summary of the bills can be found at http://www.mofo.com/files/Uploads/Images/110725-GSE-Reform.pdf.