While Capitol Hill talks about housing finance reform, Fannie and Freddie’s regulator, the Federal Housing Finance Agency, is doing something. They have already repeatedly raised the guarantee fee borrowers pay to insure their mortgages are paid off should they default. Moreover, come 1/14 conforming loan limits for Fannie and Freddie mortgages may be reduced. These efforts are designed to reduce government’s oversized footprint in this market and attract private capital.