In a long-awaited report on the future of the two companies - key cogs in the nation's housing-finance system - the Treasury Department on Feb. 11 included both short-term moves as well as three longer-term reform options, which would require major legislative changes - something that is likely to take years to realize.

NAR's position is that continued government participation in the secondary mortgage market at some meaningful level is essential to ensure the flow of affordable and available home mortgages to qualified consumers when private lenders withdraw from the market - as happened during the financial crisis. Go here to see NAR's recommendations for restructuring the GSEs.

For more information, go to www.kcrar.com/fanniefreddie-reform.