Federal Reserve Chairman Ben Bernanke referred to mortgage-finance giants Fannie Mae and Freddie Mac as a “platypus,” saying they were “neither fish nor fowl.” He suggested strongly that the companies should be privatized during his appearance before the Senate Banking Committee.

Mr. Bernanke didn’t specifically direct Congress to privatize the government-sponsored firms, but did go as far as saying it was an “interesting direction to go,” which in Fedspeak often means something.