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It is time to commit to a future housing finance system for the United States as the current uncertainty surrounding this issue is likely deterring the recovery of the housing market and the broader economy. Returning to the system in place before the financial crisis is not a suitable option, as the Government-Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac created significant problems that contributed to the financial crisis. The GSEs' pre-crisis activities also left the taxpayers with an enormous burden: as of early 2011, more than $100 billion had been put toward rescuing the GSEs and estimates suggest the total cost may be up to several times that when all is said and done.
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