When the U.S. housing market cratered in 2007 and 2008, it exposed the weaknesses of Fannie Mae and Freddie Mac, the two government-sponsored entities that underpin the nation’s mortgage market. After Washington was forced to bail them out — lest their failure do even more economic damage – an array of experts, economists, politicians and pundits suggested major changes for the institutions. Most common was the idea that it was time to simply shut them down. However, none of the plans offered found enough political support to advance, and today, Fannie Mae and Freddie Mac today are buying and securitizing home loans just as they did before.…