Stephen M. Ryan was quoted in the August 1 issue of the Washington Business Journal in an article regarding a July 30 federal housing law that makes explicit the government's backing of Fannie Mae and Freddie Mac and creates the Federal Housing Finance Authority to regulate government-sponsored enterprises, or GSEs. Mr. Ryan noted that while the new law makes important changes, it leaves many questions unanswered. "It's untenable to have an incomplete answer to the question: What is the relationship between the GSEs and the government? I don't think this bill answers that. It was just a Band-Aid over the implicit guarantee," he said. Mr. Ryan also responded to the call by many for Fannie and Freddie to become either fully private or fully public institutions. "They will always be hybrids, just more clearly defined hybrids," he said.