(RECAP: Once on government life support, the two GSEs have become spectacularly profitable and valuable. They have paid back the $188 billion taxpayer-funded bailout from 2008, and they are poised to post multi-billion dollar quarterly profits for the foreseeable future. Despite this turnaround, some policymakers are approaching GSE reform as if it were still 2008. The value Fannie and Freddie have built up over the years should be recognized and preserved in the private sector, not confiscated by the federal government. Unfortunately, that’s exactly what would occur if the Senate were to pass the bill sponsored by U.S. Sens. Bob Corker and Mark Warner.)