During the 1990s, the percentage of new mortgages guaranteed by Fannie and Freddie averaged about 44% and that number rises to about 55% if you add FHA and VA loans. During 2005 and 2006, those numbers fell to historic lows of 38% and 40% respectively. Now, due to a lack of private capital those numbers are 69% and 89%! This is not a sustainable model. Private capital must be attracted.