The Milken Institute suggests simply amending the charters of Fannie Mae, Freddie Mac, Ginnie Mae and the Federal Housing Finance Agency for a smooth transition toward a new secondary mortgage market. Those changes include turning the government-sponsored enterprises into mutuals owned and operated by their seller-servicers and making Ginnie Mae a stand-alone government corporation. Amending the charters could accomplish a wide range of objectives that have eluded legislators and policymakers since the conservatorships, the authors said. Michael Bright, director in the Milken Institute’s Center for Financial Markets, and Ed DeMarco, senior fellow at the institute and former FHFA acting director, said...