On February 11, 2011 the US Treasury published a white paper announcing the future dismantling of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.1 This white paper, “Reforming America’s Housing Finance Market,” was a result of the government bailout and conservatorship of the GSEs. While both GSEs are well known for their role in residential real estate, their recent involvement in multifamily real estate is less apparent. The purpose of this report is twofold: First to explain the role GSEs have played in the multifamily mortgage market; and second to postulate the effect their non-participation will have on the future of multifamily properties and financing.