Administration officials said the process of transitioning to a post-Fannie and Freddie world would take at least five to seven years, in part because the housing market remains too fragile.

WSJ: Obama Administration Proposes Fannie Mae, Freddie Mac Phaseout

The bad news is that a one-in-five chance of recession reflects the fact that so many significant risks threaten the still-fragile recovery.

FORBES: Connect