The government has three plans to replace the two institutions; in any event, they probably won't be dissolved quickly, as this would create a shock in the mortgage market. Regardless, this will mean the private market will step into the mortgage business and getting a mortgage will be more expensive.
First of all, with rates at 5%, while not at an all-time low, they are low by historic standards, perhaps this would be a good time to buy a house. Please see my entry on March 7th, 5 Gauges to Use When Buying A House. Mortgate rates have been ticking up lately, so that just adds on to the monthly cost of home ownership.
In addition to that, currently Freddie Mac and Fannie Mae originate almost 90% of new mortgages, according to Tim Geithner, the Secretary of the Treasury. The idea of the three plans that are being considered is to have the government pull out of the market slowly. One of the plans is to have Feddie and Fannie charge higher fees. That would definitely bring more private (non-government) lenders into the fold and reduce the governmental presence.
Third, in order to qualify for a loan, you may have to put up to 20% down on a home. That will drive many folks out of the market. So, if you're sitting on the fence, this may be the time to get off of it.
Let me know if you're in the market for a house and how much percentage-wise you'll be required to put down.