The last remaining piece of reform after the financial crisis and Great Recession is how to structure the secondary mortgage market, including the role of Fannie Mae and Freddie Mac. While there is broad agreement that reform of these government sponsored enterprises (GSEs) is necessary to ensure a strong and stable housing economy, there continue to be fundamental disagreements on a range of key issues.
This paper details key objectives any reform or restructuring of the secondary mortgage market system must focus on. Over the past year, NHC convened a broad range of experts on housing finance to inform this paper.