NOt sure if you are just trolling FR or not....
There are alternatives to FHA and F&F,
you could change origination laws and regulations easily to reflect Canadian, Danish or Belgian mortgage laws.
you could simply change FHA loans to reflect default risk due to income loss through UE or illness. Even adding points to require UE and disability insurance for FHA loans and conforming loans backed by F&F would do wonders.
you could turn to a soviet system.
you could enter into a system as described in the book 1984 where incomes dictate class and geogrpahic segregation in housing.
you could dismantle F&F and shift the assets to a truly Federally backed Agency or Department.
the Federal government could also implement onerous regulations on the residential and multifamily construction industry that would require Federal approval for all new building projects.
The fundamental models of F&F haven’t worked since the real median wages of US households stagnated starting in the mid 1970’s.
The F&F model doesn’t work during periods of stagnant new household formation.
The F&F model doesn’t work now due to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and shifting job markets.
The very conceptual framework of the “home ownership society” has failed, F&F were the major policy tools of the American regime to enable the entrapment of American wage earners into geographic cordons...
F&F only worked due to the labor market conditions in post-WWII America and the utter devastation in Europe’s industrial capacity. As the US continues to lose overall world marketshare in industrial production there will be ever diminishing needs for property values to be priced at levels above the immediate price point availability to the working wage earners in the country.
F&F only worked due to the labor market expansion of he baby boomers, if the RRE market stagnates due to a loss of FHA backing, it allows the younger generation to buy homes at market clearing prices. F&F as it stands now is eating the young in this country.
F&F created the second largest financial bubble in the history of the world and was a contributing factor for the largest financial bubble in the history of the world. The entire bubble paradigm that F&F rode in on has turned to a new synthesis that looks very much like the problems seen in Japan.
Houses made of tickytack is no way to finance an empire.
Sorry, but you forgot one small statistic in your list.
The F&F model worked (Fannie from 1938) to about 2004, and Freddie from 1970 to about 2004. Over 60 years and over 30 years respectively. Thank you though.