How has the housing finance system evolved since the crisis and where is it headed? Both a keynote conversation and a policy panel addressed postcrisis developments in housing finance. In the keynote conversation, Atlanta Fed president Raphael Bostic interviewed Freddie Mac chief executive officer Donald Layton. Layton made the point that prior to the crisis, the housing related government-sponsored enterprises (GSEs) "had lots of problems that needed fixing." However, he argued that "almost every one of them [the big weaknesses] has been addressed … in a reasonable way." 2 As one example of a problem that had been addressed, Layton summarized some of the progress that has been made on reducing the GSE's credit risk via the use of CRT (credit risk transfer). In particular, for about the last year, Freddie Mac has put "almost all the catastrophic risk out to investors."