NEW YORK ( TheStreet) -- Let the debates over how to fix Fannie Mae ( FNMA) and Freddie Mac ( FMCC) begin.
Congress is expected to debate the future of government-sponsored enterprises (GSEs) and the future of U.S. housing finance in January. The Obama administration is supposedly planning to unveil a plan for the overhauled system by the end of this month and once the proposal is in play politicians are likely going to take a whack at it. Analysts have suggested the debate over the two entities could last months. Barclays ( BCS) analysts have estimated that it could take up to 20 years for changes to take effect, once a plan is set in place in order to prevent a shock to the economy. In addition, the issue of mortgage put backs is sure to draw a lot of debate in the banking industry, especially now that Bank of America ( BAC) has agreed to pay back $2.6 billion in put backs. Several other banks such as JPMorgan Chase ( JPM) could be on the line to buy back as much as $120 billion of troubled mortgage-backed securities. Politicians are not alone in expressing varying opinions over the future of the GSEs. Several well known investors, as wells as banking, private equity and hedge fund executives have also expressed their views. Below are some personalities that we think offer or could offer some interesting insight on the future of Fannie and Freddie.