The new Corker-Warner housing finance bill admirably would dissolve Fannie Mae and Freddie Mac and bring the GSE era to an end. But in their place, the government would explicitly guarantee most of the securitized mortgage market. This will be much to the satisfaction of all parties who walk away with their cash at the closing and leave all the credit risk and house price risk to somebody else, especially taxpayers. It will appeal to foreign and domestic investors and to mortgage-backed securities traders who don't want to be bothered with any credit risk.