8 a how to reFo r M Broken systeM 132 As the housing and mortgage markets recover, the Fed's support for the GSEs will end, and private capital will return. Fannie and Freddie should not then be allowed to revert to their old form, crowding out private competition and putting taxpayers on the hook for failure while share- holders benefit from success. . . . At a minimum, the GSEs should be restructured to eliminate the systemic risk they posed. An easy way to address this is to shrink them by