(RECAP: Multifamily is the foundation of America’s housing system and for many, the first step into homeownership. The support for multifamily housing finance remains central to the GSEs’ public purpose. Reforming the multifamily housing market first will help lead the way to the housing finance system of the future where private capital takes first-loss risk and uses its ingenuity to serve all markets at all times with responsible lending products. This will make us face up to our obligations to support affordable housing for all Americans while preserving and enhancing the role of private capital.)