Housing finance reform is an issue that Congress can solve, but likely not until at least late next year, as lawmakers are currently locking horns over the budget and the debt ceiling, says Tim Pawlenty, president and CEO of The Financial Services Roundtable. "I'm not overly worried about how long it's taking, in the sense that this is a massive potential change with potentially massive consequences. So you want to measure twice and cut once," he said. "I'd be a little concerned if this group of policymakers rushed in and crammed a GSE reform bill through."

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