The report also noted that while the GSEs dominate the for-sale housing market, they don’t hold the bulk of multifamily loans. As such, FHFA suggested different approaches to reforming the two businesses. Specifically, an analysis would be done of Fannie and Freddie’s multifamily operations to see if they could operate without government backing and instead, through private capital investments. That’s a lofty goal, since at this point—or any time in the near future—there are serious doubts that the private sector has the wherewithal to back the mortgage giants.

At this juncture, it’s at least a good sign that Fannie and Freddie’s multifamily businesses aren’t lumped into their overall operations—score one for the apartment market. But until a definitive move is made to find a solution, we can’t claim victory. Ultimately, it’s in Congress’ hands, and being an election year, it’s doubtful that anything will be done in the near future. Plus, any reforms will require further investment, and with the GSEs already eating up over $180 billion in taxpayer dollars since going into conservatorship in September 2008, it’s unlikely that the public will allow more funds to be sent their way without opposition.

But that doesn’t mean those in the industry are waiting idly for things to happen at on the Hill. In conversations I had at the recent RealShare Apartments East conference in DC, several people related that there’s a lot of behind-the-scenes activity occurring among borrowers to prepare for financing alternatives should anything drastic happen with the GSEs, such as trying to find alternative sources of capital—both debt and equity. While many weren’t forthcoming—at least, not on the record—about specific details, it was clear that this kind of preparation is widespread.

And that, dear readers, is a great thing. After all, as Benjamin Franklin said, “By failing to prepare, you are preparing to fail.”