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On September 7, 2008, as a substantial breakdown in the American housing market left Fannie Mae and Freddie Mac (the Government Sponsored Enterprises or GSEs) in financial turmoil, the Federal Housing Finance Agency (FHFA) moved to place the GSEs into conservatorship. Today, more than a decade later, the financial crisis is long over, but the GSEs remain in conservatorship. To end this conservatorship, a new vision for the secondary mortgage market is outlined in the document below by the National Association of REALTORS® in collaboration with Susan Wachter, the Albert Sussman Professor of Real Estate and Professor of Finance at The Wharton School of the University of Pennsylvania, and Richard Cooperstein, head of Risk Management at Andrew Davidson and Company, Inc.

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