The vast majority of bad mortgages from the "crisis" were not GSE conforming mortgages, they were "private label" mortgages by the big banks. Moreover, a huge

The vast majority of bad mortgages from the "crisis" were not GSE conforming mortgages, they were "private label" mortgages by the big banks. Moreover, a huge number of the failed GSE mortages during that era were fraudulently underwritten. Hence the GSE lawsuits that the big banks uniformly lost (actually the banks settled for billions in fines). I really do not understand what "lesson" was not learned. People buy houses. It's silly to have a cash market for such a big asset. Home loans are a thing. Having a regulated entity that provides liquidity into this market and sets minimum standards has greatly reduced transaction costs.