At every industry event I’ve attended this year, I have continuously heard, “Thank goodness for Freddie and Fannie. They are buoying the industry right now.” That’s why, when I think about 2010, the question on my mind is not when developers will begin breaking new ground again—or even when banks will relinquish their chokehold on lending. No. I want to know if Fannie Mae and Freddie Mac will be around in six months, in a year, in two years—and if so, what form will they take?

I like having the answers. And I get frustrated when there are none. This is one of those cases. The awful truth is that the future of the GSEs isn’t certain. The stability they’ve injected into the industry isn’t guaranteed. The Obama Administration is expected to submit renewed proposals for restructuring the entities for their 2011 fiscal year. And, while most of that reform will be concentrated on the single-family side of the business, the multifamily sector will be impacted. Like all of you, I am listening to the chatter. But I can only sit back, wait, and hope the final outcome is a step in the right direction.