says that lenders have tightened terms to such an extent that there is a lack of credit available which serves as an impediment to home ownership. It is critical that in order to restore the Housing Finance Market a mechanism will be required to steer funds towards housing and the market will require more liquidity. The markets might need some form of Government backstop to ensure securitization of mortgages otherwise using Government Sponsored Enterprise Loans (GSE’S) in their old form would be asking for a repeat of recent history. The markets need a clear roadmap for GSE’S and the role of Government in housing finance before the private markets can heal.