Jim Parrott, Lew Ranieri, Gene Sperling, Mark Zandi, and Barry Zigas propose to merge Fannie Mae and Freddie Mac into a government corporation that pushes its credit risk into the private market. The authors believe that putting the infrastructure that the market depends on into the public domain and creating a broad and deep market for credit risk will replicate the benefits of the current system while ending its reliance on a too-big-to-fail duopoly.