Resolving the long-running conservatorships of Fannie Mae and Freddie Mac is drawing a lot of attention, but policymakers and industry groups don’t seem any closer to a consensus. For the most part, the executive branch and many groups representing large financial institutions want Congress to tackle the problem through legislation. Investors and some groups representing smaller lenders say the Federal Housing Finance Agency and Treasury could do more to pave the way. Motivating the debate is...