The GSEs and the Secondary Mortgage Market—Three Questions I Wish I’d Been Asked During the Hearing

Norbert Michel

On February 11, 2026, I testified before the House Financial Services Committee in a hearing titled “Homeownership and the Role of the Secondary Mortgage Market.” I was the only witness who argued that Congress should move America away from the existing housing finance system.

The existing system is dominated by federal guarantees of all kinds, including those in the secondary mortgage market through Fannie Mae and Freddie Mac. Prior to the 2008 financial crisis...