``what if Fannie and Freddie fall victim to the same sort of crisis of confidence that has utterly paralyzed the private-party market? What if losses continue to mount, and the GSEs are forced by Congress to take on riskier and riskier loans? The idea that the GSEs might not be enough seemed almost laughable even one month ago; yet now, it’s that thought that most often sits in the back of nearly every industry participant’s mind.''

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