Improving U.S. Housing Finance through Reform of Fannie Mae and Freddie Mac: Assessing the Options

For several decades, Fannie Mae and Freddie Mac, were the largest players in an American housing finance system that provided effective mortgage financing for many millions of Americans.  Since early 2008, the firms’ near-insolvency has called their future into question.  This paper lays out criteria for evaluating the different proposals for reform of the two firms.