NEW YORK ( TheStreet) -- The Obama Administration will release a belated report to Congress today on reforming the country's housing finance system and dealing with legacy issues pertaining to Fannie Mae ( FNMA.OB) and Freddie Mac ( FMCC.OB).

The report is expected to outline three possible solutions for revising the way Americans get access to funding for homeownership.

One would wind down Fannie and Freddie and have the government exit the funding market completely. Another would turn the government into a "guarantor of last resort," stepping in only during times of crisis. The last would allow the government to continue backstopping mortgages but to a lesser extent, using pricing mechanisms to encourage the private market to gradually step in.

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-- Blog written by Lauren Tara LaCapra in New York.
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