Comments on "Are the government-sponsored enterprises (GSEs) justified?"

Ingrid Gould Ellen, Mark Willis

Research output: Contribution to journalArticlepeer-review


In "Are the Government-Sponsored Enterprises (GSEs) Justified?" the authors conclude that the benefits delivered by the GSEs (as structured prior to conservatorship) are minimal and do not exceed their costs. While many of the arguments made in the article have merit and raise serious questions about the structure of the GSEs prior to 2008, the article overlooks several important benefits and costs. More significantly, no one is arguing for a return of the GSEs as they were structured prior to conservatorship. Rather than debate the merits of a model that has already been rejected by policymakers, we argue that the far more important question is what the housing finance market should look like in the future.

Original languageEnglish (US)
Pages (from-to)149-152
Number of pages4
JournalHousing Policy Debate
Issue number2
StatePublished - 2012


  • Government-sponsored enterprises
  • Housing finance
  • Mortgage-backed securities
  • Secondary market

ASJC Scopus subject areas

  • Development
  • Urban Studies
  • Management, Monitoring, Policy and Law


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