This is a little bit of understatement, no?
Britain has survived for many years without a Fannie and Freddie-style system designed to guarantee mortgages. The Government may insist that any mortgage guarantee plan would be temporary but so too did the politicians who dreamt up the US system. It lived on for decades and leaves in its wake a truly disfigured market.When the Government gets involved in a market, it lessens the incentives for private operators, which in turn makes the market more staid, less efficient and, ultimately, worse value for consumers.
Given the way the chickens have come home to roost for Freddie and Fannie, very much understated, no?