Agency Debt Undisambiguation Required Immediately

"The Treasury's strategy of postponing any substantive announcements concerning Fannie Mae and Freddie Mac until at least '11 combined with Congressional dithering on the future of US mortgage finance has failed utterly to generate an adequate level of confusion. Markets are wringing unambiguity out of the continuing silence and now regard the top tiers of America's debt structure to be converging, so that an explicit guarantee on agencies is nearly a fait accompli."