The Housing Market is not ready to float on it's own right now. As for the past two or three years, it still needs a life preserver in order to survive.
Without Fannie, Freddie or Ginnie, the housing market would come to a complete stop. The private market is not ready to take the reins from the GSE's. If Fannie and Freddie were released from government care, the housing market would become as slow as molasses runs during winter.
Prior to the new Congress being elected, there was political talk that suggested Fannie & Freddie should not be ran by the government, and should be returned as private companies. Now that the new members have been elected, and power has shifted in the House, it appears there are second thoughts about dissolving the relationship between the government and the GSE's. At least for the near future.
And that's a good thing...
According to the article written by The Atlantic online website