Policymakers looking for a model to replace the government-sponsored enterprises should look no further than the non-agency jumbo market, according to Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee. “We don’t have to look overseas to see a well-functioning housing market without GSEs,” he said at a hearing this week. “Prior to the housing bust, the jumbo market was approximately 20 percent of the total housing market. There was capital, liquidity, competition ...