;#Faculty News;# | HBS Alumni Bulletin | 01
What's after Fannie and Freddie?
by David S. Scharfstein
Reforming the U.S. housing finance system remains perhaps the largest piece of unfinished business from the 2008–2009 financial crisis. The Obama administration in February proposed phasing out mortgage giants Fannie Mae and Freddie Mac, the two government-sponsored enterprises whose collective missteps have cost taxpayers more than $134 billion since being placed in conservatorship in September 2008.