It has been over a decade since the peak of house prices in the US was attained, and while
there has been a concerted regulatory response to the subsequent collapse, the two
Government Sponsored Enterprises (GSEs) remain in conservatorship. While this action
served to forestall a deeper crisis at the time, over the past several years risks related to the
system of mortgage finance can be seen building across several dimensions that need to be
addressed. While reforms to the GSEs are an important part of dealing with these
concerns, this paper argues that broader changes need to be made across the entire
mortgage landscape to stabilize the system, even before the final state of the GSEs is fully
determined.
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